RAK FTZ Free Trade Zone Committed to Expand Business Range
Oxford Tax Solutions
05 November, 2015
Recognized as one of the United Arab Emirates (UAE) leading free zones, Ras Al Khaimah Free Trade Zone (RAK FTZ) is now shifting its focus on expanding its business range across the UAE as well as internationally. Besides recently establishing an offshore business hub in Dubai, RAK FTZ is seeking to attract foreign companies to set up within the free zone, primarily from China and the Philippines.
The small-sized emirate, Ras Al Khaimah is home to RAK FTZ. RAK FTZ is a large-sized free zones located very close to Dubai, both features that have helped in establishing the free zone as one of the most significant free zones across the UAE. Not long ago, RAK FTZ launched a Business Centre in the city of Dubai, with the intention of boosting and promoting its services. The new Business Centre is found in one of Dubais most developed areas, next to Dubai Mall and Burj Khalifa. RAK FTZs bold move is considered as a significant move forward. RAK FTZs Dubai-based Business Centre was launched as a support centre targeting offshore companies that already conduct business activities within the free zone. The Business Centre also provides new clients with valuable information and advice.
The new Business Centre provides multiple services to offshore companies including license renewals, issuance of licenses as well as registration of companies. RAK FTZ officials refer to the new Business Centre as a One-Stop Shop as it allows companies to set up and expand quickly.
The RAK FTZ Business Centre in Dubai is one of the many ways in which the emirate is actively attempting to expand its business range. The recognized trade zone seeks to expand its horizon and industry sectors. For this reason, it focuses on attracting and entering foreign markets. Recently, RAK FTZ has been focusing on China and the Philippines.
The Philippine government showed interest in setting up an offshore with RAK FTZ following their delegation that took place recently. At present, RAK FTZ is home to approximately 20 well-established Philippine companies including, Pro-CESS and OWH International Trading FZC.
RAK FTZ officials are also incredibly interested in expanding within the Chinese market and attracting Chinese investors. After a recent delegation between the two parties, RAK FTZ officials accentuated the benefits Chinese companies would benefit from if they set up offshore companies within RAK FTZ. RAK FTZ is the ideal location for offshore companies as they are not subject to tax; they enjoy 100% foreign ownership and are offered a complete range of business set-up services as well as support services. All the features RAK FTZ provides companies guarantee their business success.
Multiple Chinese companies have already set up their offshore bases within RAK FTZ. Amongst the most renowned companies are Hinloon Trading and Stimes Fabric and Steel Structure. Currently, RAK FTZ is home to more than 8000 companies, as the free zone is considered one of the top destinations for offshore companies throughout the Middle East.
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