RAK (RAS Al Khaimah) – A dramatic expanse that comprises of scenic mountains and fertile plains, interspersed with the vastness of the desert that extends into the Gulf of Hormuz. Steeped in history; with a firm grip over the world’s foremost trade routes, RAK (RAS Al Khaimah) is now setting records as it continues its growth-story into the coming centuries.
Headed by a government that is fully committed towards assisting and drawing fresh investments into the Emirate, it has one of the most investor-friendly business environments in the region. Over the years, the progressive leadership has rolled out many incentives to promote an investor-friendly image. These measures include policy initiatives such as allowing 100% repatriation of profits, foreign ownerships, absence of labor quotas and zero taxation or levies. Ably supporting the liberal policy environment is an infrastructure network that is unmatched in terms of costs or quality, elsewhere in the region.
H.H. Sheikh Saqr Bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah forged into existence the Ras Al Khaimah Investment Authority (RAKIA) via Emiri Decree No. (2)/ 2005. It has been entrusted to be the enforcing and initiating agency as the Emirate ratchets up its efforts towards sustained high-output performances in social as well as economical spheres of influence. Rising up to its challenges, RAKIA has succeeded in recording a two-third increase in the Emirate’s Gross Domestic Product (GDP), measured from 2005-2009. Such outstanding performance hasn’t gone unnoticed and RAKIA has been raking in the accolades. The Financial Times London declared in 2007 that Ras Al Khaimah (RAK) was the ‘Most Cost-Efficient FDI Destination’. Two years later, FDI Magazine which is also a part of the esteemed Financial Times Group, christened Ras Al Khaimah (RAK) as the Best Foreign Direct Investment Destination in the Middle East. Standard and Poor’s - the ratings stalwart with over a decade and a half of experience and perhaps, the most trusted name in the world of credit-ratings, has consistently given an ‘A’ rating in the long term to Ras Al Khaimah (RAK) and declared it to be ‘Stable’ in Outlook.
Not one to rest on its laurels however, Ras Al Khaimah (RAK) has been active in its support towards helping investors grow their business above and beyond. One of the most recent examples of investor confidence towards this commitment has been the fact that not a single company that has its business setup in RAK, downed its shutters during the recent economic downturn that ravaged other emirates in the region.
- RAKIA KEY INCENTIVES AND ENABLERS
- 100% income and corporate tax exemptions
- 100% capital and profit repatriation
- 100% ownership in free zones
- No import or export taxes
- No income, sales or wealth taxes
- No foreign exchange control
- No restrictions on hiring expatriates
- Avoidance of double taxation with many countries
- Good logistic support
- Excellent port facilities
- Easy access to GCC countries
- Strategic location being near to large markets
- Zero corruption and minimum bureaucracy
- Stable government and investor friendly policies
- Quality lifestyle at affordable cost