Blessed with a strategic location that is perfectly perched at the crossroads of major trade routes connecting the East with the West, Ras AL Khaimah (RAK) has in a short time climbed to the top of the ‘regions favored by investors’ list. The fourth largest Emirate in the UAE, has flourished under a government that is pro-development and offers investors with some of the best infrastructure support around the globe. Such a progressive leadership has transformed the Emirate into a growth-driven economy that’s rewriting the record books year after year. The Ras AL Khaimah Investment Authority (RAKIA) constituted by Emiri decree has been instrumental in rolling out a host of measures that are helping the Emirate in achieving its development and investment goals.
Investors looking for a business setup with RAKIA are offered a bouquet of advantages that they’d be hard-pressed to find elsewhere in the UAE. Functioning as single point of contact, it functions as a one-stop-shop that facilitates the offering of various licenses, visas and permits, required by investors. It has pioneered the online registration facility that speeds up the entire business setup process. Some of the key advantages of RAKIA are as follows:
– Complete exemption from corporate taxation and tax on income
– Businesses can transfer back all the profits generated from operations. Additionally, they are also permitted to take along the entire capital amount invested by them
– There are specially demarcated free zone areas where expats are offered 100% ownership of the units
– A business cannot compete in the international market without resorting to import and export of raw materials and goods. RAKIA does not levy import or export taxes in an attempt to encourage greater trade and revenue generation
– There is a conspicuous absence on various taxes like: Income-Tax, Wealth Tax & Sales Tax
– Foreign exchange norms are quite relaxed to facilitate the raising increased access to international funding for businesses
– Unrestricted employment access to encourage expatriates to come and share their intellectual expertise, thereby improving the quality of business and social life in the Emirate
– Double Taxation treaties with multiple countries to facilitate tax compliance on a global scale
Additionally, RAKIA clients enjoy allied benefits resulting from the strategic location and the support from the Authorities. These include the provision of a world-class port, easy access to other nations in the GCC, non-existent corruption and minimal bureaucratic hassles, investor friendly policies and a lifestyle that offers maximum bang for the buck. It is the superiority of the advantages as discussed above that gives RAKIA business units the edge over their competition in every corner of the globe.