ANNOUNCEMENT 04 Aug 2020
In August 2020, the government announced a 100% foreign ownership of companies in Ras Al-Khaimah emirate.
NUMBER OF INTERVENTIONS
Ras Al Khaimah Economic Zone (RAKEZ), RAKEZ WELCOMES 100% FOREIGN OWNERSHIP IN MAINLAND WITH FDI COMPANY SET-UP, 4 August 2020.
Available at: https://rakez.com/en/Media-Centre/News-Detail/ArticleID/237/rakez-welcomes-100-foreign-ownership-in-mainland-with-fdi-company-set-up
On 4 August 2020, the government issued an announcement permitting 100% foreign ownership of companies in the region of Ras Al Khaimah. In collaboration with the Ras Al Khaimah Department of Economic Development (RAK DED), companies will enter into the positive list permitting 100% foreign ownership upon application.
The RAK DED Director General Dr Abdulrahman Alshayeb Alnaqbi stated: "The UAE continues to be a progressive country and the introduction of 100 per cent foreign company ownership in the mainland is a significant move that strengthens its commitment to providing a supportive platform to international investors. We are glad to work closely with RAKEZ in helping businesses take advantage of this opportunity, which will make Ras Al Khaimah's investment landscape more welcoming and dynamic. "
On 4 August 2020, the government issued an announcement that foreign and local companies in the Ras Al Khaimah region will be treated equally. In this context, foreign companies be granted the right to claim confidentiality in economic, technical and investment-related information. Additionally, FDI companies will be eligible to make financial transfers outside the United Arab Emirates (UAE) for project returns and their assets will be protected from being claimed by the state.
In this context, the Group CEO of Ras Al Khaimah Economic Zone (RAKEZ) Ramy Jallad said: "The easing up of foreign ownership procedures in the mainland is definitely a game-changer in the UAE and Ras Al Khaimah's investment landscape, offering enhanced ease and freedom for investors when setting up their businesses. As always, we are here to embrace great developments as such, hence, we are happy to introduce FDI company set-up to the range of solutions that we offer. to further increase Ras Al Khaimah's appeal as a regional investment hub and we are excited to welcome new ventures across different sectors. "