The Municipality Department of Ras al Khaimah (Land and Properties Sector) continues to introduce key legislative changes, intended to further diversify and grow RAK’s economy. One key focus has been on the introduction of measures that increase the UAE’s attractiveness as a destination for foreign direct investment (FDI). A significant measure has been taken through a signed memorandum between the Municipality department and ICC (Ras al Khaimah corporate center), a world-class corporate registry. 

This memorandum supporting the entrepreneurial ecosystem in the region and fostering creative and innovative 

SMEs and giving a helping hand and pushing aspiring youths to qualify for their startups. This aligns with the objectives of 2021 through which they need these young minds and talents are needed. 

His Highness Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAK ICC said: “Our collaboration with RAK SME is another example to showcase the strong bonds between governmental entities in Ras Al Khaimah. We share a common goal which is increasing business opportunities for investors and businesses in the Emirate and we will continue to widen our circle for the sake of promoting the ease of doing business in the Emirate.”

Through increasing foreign ownership is to be permitted, boosting potential advantages of a growing real estate sector. Creating the appropriate and easing the real estate investment conditions which involve RAK ICC taking responsibility for the registration and incorporation of International Business Companies registration and incorporation of International Business Companies, along with offering a full suite of Registry services related to International Business Company activity. Most importantly, those supported are provided with a range of licenses and customizable facilities as well as first-class support services such as visa facilitation. 

Moreover, Dispute resolution for the settlement of commercial disputes, Open bank accounts locally and internationally, conducting business without corporate/personal taxes, and Protecting investments in other foreign countries are some of the advantages the memorandum arranges for foreign investors. 

Yousef Mohammed Ismail, President of the High Commission of RAK SME, stated: “This MOU helps us achieve the vision and strategy of our leadership by supporting UAE youth’s projects to contribute to the development of the national economy and aiming to develop a corporate platform for the SMEs, benefiting from the various corporate and legal features available at RAK ICC”. This is a remarkable step aiming to support and bring entrepreneurs to RAK, which is notably an attractive destination for investment, due to its High potential growth expected.