Ras Al Khaimah: A Unique Opportunity In The Offshore World

The city is divided into two parts by a creek

The city is divided into two parts by a creek. The western part, known as Old Ras Al Khaimah, comprises government departments, educational institutions, shopping malls, hotels as well as residential areas and new construction projects. The eastern part, known as Al Nakheel, houses the Emiri Court, some government departments, markets, exhibition center, hospitals and residential areas housing the majority of the city's population. A bridge and a network of modern roads link the two parts of the city.

Previously affiliated with Sharjah, Ras al khaimah become separate sheikhdom under British protection in 1921. After some hesitation, the sheikhdom joined the United Arab Emirates on 11th February 1972.

Ras al khaimah formed RAKIA under the leadership of H.H. Sheikh Saud bin Saqr Al Qasimi the Crown Prince and Deputy Ruler of Ras Al Khaimah. The International Offshore Centre known as RAK Offshore is a freezone regulated by the RAK Investment Authority or RAKIA. The mandate for the Authority is to work towards reinforcing the investment climate in the Emirate and to promote its various economic sectors.

RAKIA is a Government Body, with a clear mandate to promote industry, trade, commerce, and tourism in the region. The objective is to achieve balanced economic development and improve the quality of living.

Coming to Rak offshore, it is the simplest fastest and inexpensive instrument to create an offshore company in the region. RAK Offshore was set up with an objective to provide non-resident individuals, entrepreneurs and corporations the advantages that were available only to resident entities. It is the first offshore centre in the Middle East to have its own registrar of companies.

The registrar of companies is the production unit of Rak offshore and is responsible for establishing business relationships incorporating offshore companies through licensed registered agents and regulations are strictly adhered to. Rak is a truly tax free environment. It is the only offshore centre to offer zero tax and zero vat for residents and non-residents whereas other reputed centres tax up to 30% their corporate or non-corporate residents.

A wide range of comprehensive services and structural facilities are provided to non-residents through RAK Offshore. For investment purposes, full and universal freehold ownership is offered in a tax-free environment. Modern amenities and an infrastructural facility complemented by the ideal location have caught the eye of many offshore investors. Moreover it also benefits from one of the most comprehensive lists of non-double taxation treaties in the world with China, India, France and Germany.

by: Ramapati Singhania

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