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100% Foreign ownership for Ras Al Khaimah mainland companies
By UAE TAX August 9, 2020 0 588
100% Foreign ownership for Ras Al Khaimah mainland companies: Ras Al Khaimah offers 100% foreign ownership for mainland companies.
Ras Al Khaimah Economic Zone announced its latest addition to company set-up offer
100% Foreign ownership for Ras Al Khaimah mainland companies: Ras Al Khaimah Economic Zone (RAKEZ) announced its latest addition to company set-up offerings, Foreign Direct Investment (FDI). The new formation structure allows a 100 per cent foreign ownership of companies in Ras Al Khaimah’s mainland, enabling investments in various booming sectors, such as industrial, agricultural, and service sectors, while owning and controlling all shares in non-free zone companies.
The list covered key sectors agriculture; manufacturing; transport and storage; hospitality and food services; information and communications; science and technology; healthcare; education; art and entertainment; and construction.The FDI formation structure is going to further increase Ras Al Khaimah’s appeal as a regional investment hub and are to welcome new ventures across different sectors.
Companies setting-up under this FDI structure will be considered national companies, and will have full confidentiality of technical, economic and investment information. FDI companies will also be eligible to make financial transfers outside the country for project returns, and will have their assets protected from being claimed by the state for public use or benefit through a guaranteed no expropriation.
RAKEZ will be collaborating with Ras Al Khaimah Department of Economic Development (RAK DED) in the setting up of FDI companies where RAK DED will receive and approve applications ensuring that they fall under the ‘positive list’ of eligible sectors issued by the UAE Cabinet under FDI Law, where 100 per cent foreign company ownership is permitted. RAK DED will then reserve the trade name and issue the FDI licence, according to the mechanism set by the UAE Cabinet. After which, RAKEZ will issue its licence and documentation to the investor.
Courtesy: Gulf News
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