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Ras Al Khaimah allows international investors to incorporate the local companies August 23,2021

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The "Ras Al Khaimah International Center", which is the authority of international companies registration in Ras Al Khaimah, announced signing of a memorandum of understanding with the "Department of Economic Development", which is concerned with issuing the licenses for the local companies in the emirate, aimed to open the field for investors of the international companies to expand and conduct the scope of their business activities inside the Emirate, by establishing subsidiaries licensed by the Department.

Sheikh Mohammed bin Kayed Al Qasimi, Chairman of the Department of Economic Development in Ras Al Khaimah, and Sheikh Mohammed bin Humaid Al Qasimi, Chairman of the Board of Directors of the Ras Al Khaimah International Center, witnessed conclusion of the memorandum of understanding signed by Dr. Samir Al Ansari, CEO of the Ras Al Khaimah International Center and Dr. Abdul Rahman Al Shayeb Al Naqbi, Director-General of the Department of Economic Development in Ras Al Khaimah.

The cooperation between the two entities allows the companies registered in the “Ras Al Khaimah International Center” to corporate subsidiaries licensed by the “Department of Economic Development” in Ras Al Khaimah in order to carry on their business activities inside the emirate, and to benefit from the advantages of the international and local companies, whereas the owners of these companies can benefit from the tax exemptions imposed on the income of individuals and companies, to ease of movement of capital, to collect the profits and the reduced customs fees, and to lift restrictions on the currencies. Owners of these companies shall also have options for the office spaces, ability to open corporate bank accounts, freedom of the global trade and investment, and eligibility to obtain residence visas for investors and employees in the United Arab Emirates.

Sheikh Mohammed bin Kayed Al Qasimi expressed his optimism for the cooperation with the department and the "Ras Al Khaimah International Center" in order to achieve the aspirations and strategic vision of the Emirate of Ras Al Khaimah for making the emirate's land as fertile and attractive land for investments and to facilitate the investors to manage their projects successfully and dynamically with a number of grants and advantages offered by the department to them.

Sheikh Mohammed bin Humaid Al Qasimi emphasized the importance of this partnership between the Center and the Department of Economic Development in the Emirate of Ras Al Khaimah as it will help to enhancing the competitiveness of the emirate and its ability to attract the investors from all over the world to take advantage of the available opportunities, advanced infrastructure and innovative solutions that support business on its way to the excellence.

From his part, Dr. Abdul Rahman Al Naqbi stated: “The memorandum of understanding is a coronation of the partnership efforts between the two entities in order to enhance the attraction of foreign investment, and grant the investors registered in the Ras Al Khaimah International Center opportunity to carry on their economic activities in the emirate with flexibility and easiness, and to enjoy the benefits that the department will provide them with, in a way to enhance the stimulation of the economic sector in the emirate.

Dr. Samir Al-Ansari explained that signing the memorandum represents a milestone which opens up prospects of the cooperation for supporting the customers in order to meet all requirements of realistic economic activities. He also expressed his hope that companies shall benefit from the available opportunities and benefits offered, in cooperation with the Department of Economic Development in Ras Al Khaimah to expand the scope of their business within the Emirate of Ras Al Khaimah.

Conclusion of the Memorandum of Understanding between the “Ras Al Khaimah International Center” and the “Department of Economic Development” in Ras Al Khaimah enhances the existing concept of cooperation between the various government agencies, which work to achieve a common objective for the benefit of the customers and advancing the economic development in the Emirate of Ras Al Khaimah.