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31 August, 2020

Mainland Ras Al Khaimah allows 100% FDI

Ras Al Khaimah Free Zone (RAKEZ) authorities announced 100% Foreign Ownership in mainland companies belonging to specific sectors.

The UAE Government issued a cabinet decree allowing 100% foreign ownership in 122 categories. The “positive list” allowed businesses belonging to specific sectors to have a full ownership and control over their businesses.

With over 15,000 companies hosted under its jurisdiction, the RAK EZ has placed a special focus on attracting foreign investment to its Emirate especially in industrial, agricultural, and services sectors. While the initial screening, necessary approvals, and the trade name reservation would be provided to applicants by the RAK Department of Economic Development (RAK DED), the final issuing of the license and necessary documentation would be done by the RAK EZ.

Some other benefits include the ability of such businesses to add investors, to transfer ownership, and the retention of confidentiality in information pertaining to financial, technical, and economic nature. 100% FDI businesses will be considered national, and are also eligible to make financial transfers outside the country for project returns.

The announcement is expected to bring in increased investment into the Emirate as a result.

 

Source: Khaleej times

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