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Dubai is well-known amongst the enterprise neighborhood for being a hot-hub for entrepreneurs, however of the opposite seven emirates that make up the UAE there’s one other vacation spot that’s arising within the ranks – Ras Al Khaimah.
Ras Al Khaimah (or RAK because it’s mostly referred to) is now acknowledged as one of the crucial engaging industrial and enterprise locations within the Center East with over 7,000 corporations from across the globe placing down their roots in RAK. Solely a forty five minute drive from Dubai, it provides the identical Free Zone advantages of its neighbours but in addition comes with low dwelling prices – good for overseas traders who wish to search out new territories.
The Advantages
Listed below are some extra the reason why entrepreneurs are establishing their enterprise in RAK:
- 100% tax exemptions – no company or private tax
- 100% repatriation of capital and earnings
- 100% overseas possession of corporations
- Aggressive lease charges
- No restriction on hiring expatriates
- Fastened alternate price towards the US greenback
- Inexpensive workplace and warehouse area
RAK additionally provides a Non-Free Zone choice which is well-liked amongst export corporations who wish to profit from customized responsibility free commerce with international locations inside the Gulf Cooperation Council and Higher Arab Free Commerce Space.
Industrial Parks
RAK has two industrial parks – Al Hamra and Al Ghail. Al Hamra is appropriate for gentle industries and with its shut proximity to town and its dwelling and leisure services (together with a golf course, purchasing malls and waterpark) it’s a no brainer selection for a lot of overseas entrepreneurs. For traders with larger initiatives, Al Ghail is ready to cope with larger-scale operations together with land plots of 5000m², 25 yr leases plus the potential of establishing warehouses, workplaces and employees’ lodging.
Visas
As regards to workers, RAK gives visa sponsorship providers. Relying on the scale of the corporate and sure necessities, 3-year visas may be organized for traders, companions and shareholders. Employment visas are legitimate for two years and household visas may be issued so long as the household don’t stay exterior the UAE for six consecutive months.
Enterprise Advantages
Corporations from all around the world have gone by the RAK system as a way to efficiently develop and broaden their enterprise. For instance, Saverglass – a French firm that makes luxurious glass bottles – selected to arrange their manufacturing plant in Al Hamra park in 2013 because of its shut proximity to key delivery locations; Eternity Applied sciences – a UK based mostly firm that makes batteries – got here to RAK in 2011 due to the prepared availability of land, expert manpower and the safe energy provide; and Korean-based Younger Kwa Building & Engineering Ltd positioned to RAK again in 2006 for the low operation and lodging prices.
So with all these advantages, it’s no marvel RAK is changing into the area of selection for a lot of entrepreneurs. For extra info on opening what you are promoting in RAK or the United Arab Emirates, contact the Euro Begin Entreprises workforce by the contact web page.