If you are intending to set up a business in Ras al-Khaimah, you will do well to understand that this is one of the emirates that make up the United Arab Emirates.
This emirate forms the northernmost part of the United Arab Emirates, 90km north east of Dubai (45-60min drive) and covers an area of 1,686 square kilometers with a population of approx. 265,000 people.
Even in 2009 when all the world suffered from the financial crisis Ras Al Khaimah experienced 9% growth in GDP with the Financial Times awarding it the “Most attractive investment destination in the Middle East for FDI”. In the past three years Ras Al Khaimah was able to cement this positive development!
2011 the government decided to focus on more economic diversification and proved to be so successful that Standard & Poor’s sovereign credit rating 2011 the government adopted the process of economic diversification successfully so that RAK´s Standard & Poor’s sovereign credit rating reached A/A-1.
Just as is the case in Dubai, investors who wish to establish their businesses in this emirate are welcome to do so under the free trade zone policies. For starters, free trade zones refer to those special areas where trade barriers like quotas and tariffs do not apply while other bureaucratic requirements are also loosened with the aim of attracting more foreign investors.
In return, investors stand to gain in various ways because they can claim 100 percent ownership of their businesses. They are also exempted from paying corporate as well as income tax. Thirdly, there are no profit or capital repatriation limitations.
This coupled with the fact that Ras al-Khaimah is strategically located with access to a market of 1,2 billion consumers makes it an awesome place to set up business.
In summary, doing business in Ras al-Khaimah has been made easy by the elimination of trade barriers.
You do not necessarily have to know someone in this emirate in order to successfully set up your business as EuroConsult´s corpoate services consultants will take care of all the steps.