Ever since its independence in 1971, the United Arab Emirates has been driven almost single-mindedly towards a path of accelerated growth and development. Since its inception, the economy has grown over 230 times. But where the UAE truly stands out among its partners in the GCC is through policies of wide-ranging diversification that have been injected into the economy over these decades.
Diversification – the Beginning
What was once an economy dependent entirely on oil; it is now rising boldly to whole-heartedly embrace globalization and entrepreneurship. UAE has opened its doors for businesses from all over the world looking to operate inside and outside the country. RAK or Ras al-Khaimah, with its easy registration and licensing procedures and facilities, has emerged as one of the best locations to set up offices in the UAE.
Ras Al Khaimah Free Trade Zone
Ras Al Khaimah Free Trade Zone, one of the most flourishing free trade zones in the UAE, has been elected the Best Emerging Free Zone three years in a row. Just 45 minutes from Dubai International Airport, RAK FTZ offers state-of-the-art facilities like expansive warehouses, office spaces, accommodation facilities and flexi-desks at low start-up costs. The incorporation procedures are efficiently streamlined, cutting through unnecessary red tape and bureaucratic barriers. Today, RAK FTZ is home to more than 7,500 companies.
Offshore Company Formation
Another rare and remarkable facility that Ras al-Khaimah offers investors is the opportunity for offshore company incorporation. Prudent investors can set up offshore companies in RAK to work as flexible financial instruments that can be employed for tax planning and handling trusts and global transactions.
RAK – Strengths
RAK permits 100% foreign ownership of such companies, in a tax-free environment, with total repatriation of capital and profits. The region has a well-established communication and banking infrastructure and access to a large pool of highly-qualified and trained professionals. An RAK offshore company can be incorporated and maintained with a very low expenditure. RAK offers absolute privacy, confidentiality and protection of assets and information. English is a primary language in the region and is the medium of communication and business transactions. RAK also maintains a comprehensive Double Taxation Treaty with over 40 countries around the globe.
With this remarkable number of benefits, it is not hard to see why RAK is one of the best places to set up a business in the UAE. Building on the foundation of a fast growing and diversifying economy, RAK’s welcoming policies towards global investors and new businesses will shape the growth of the UAE in the new millennium.