Ras Al Khaimah Economic Zone (RAKEZ) has unveiled a dual licence structure, which allows investors to operate in both free zone and mainland jurisdictions.
The move which means investor don’t have to set up an additional facility in the mainland, is part of efforts to increase foreign investment in the emirate.
The new structure has been launched by the economic zone in collaboration with Ras Al Khaimah Department of Economic Development (RAK DED).
Dual licence holders will be able to distribute products and offer services in free zone and mainland areas with a free zone licence issued by RAKEZ and a Branch of a Free Zone Company licence issued by RAK DED.
The dual licence set-up entitles investors a 100 percent foreign ownership and the eligibility to bid for government contracts, a statement said.
“We are always keen to provide our clients with the best solutions. We launched the dual licence structure for this very reason – to offer them the best of both free zone and mainland benefits, all without the need to incorporate a separate company. Basically, this package opens up a new market for their business, and substantially expands their accessibility and reach; all whilst reducing the red-tape requirements of the past,” said Ramy Jallad, RAKEZ Group CEO.
Dr Abdulrahman Alshayeb Alnaqbi, director general of RAK DED, added: “We are pleased to collaborate with RAKEZ on yet another great initiative for the benefit of global investors who chose Ras Al Khaimah to base their operations. We will continue to work together to further elevate Ras Al Khaimah’s investment landscape and make it even more welcoming and dynamic than it is today.”
In July, Ras Al Khaimah Tourism Development Authority (RAKTDA) announced a high-impact investment programme that aims to position the emirate as one of the most preferred tourism destinations in affordable luxury.
Endorsed by the government of Ras Al Khaimah, the new initiative, SelectRAK, was rolled out in partnership with Arton Capital, a government advisory company that focuses on promoting public-private partnerships that energise economies around the world.
SelectRAK focuses on providing an array of benefits to investors, including long-term residency based on criteria outlined by the government.
Follow us on
