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RAK free zone sets up court
DUBAI — The Ras Al Khaimah Free Trade Zone (RAK FTZ), which is the first in the UAE to introduce "Bearer Shares" for international companies, yesterday announced the setting up of a court of law at the free zone to handle disputes and inheritance related matters.
As per Decree No. 6 of 2006, the investor can choose at the time of incorporating the company the jurisdiction under which disputes and inheritance matters may be handled for the company.
RAK FTZ also announced the launch of International Registry that allows foreign investors to register offshore companies in the free zone and benefit from the zone's tax free status without the need to establish a physical presence in the emirate.
The International Registry — a project aimed at widening the horizons of foreign investors by offering more flexible investment options than other offshore company jurisdictions in the UAE— is the latest global investor facility from one of the regions' fast growing zones recording 160 per cent growth in the past nine months.
Oussama El Omari, CEO for RAK FTZ, said the new measures signified a great step forward for the zone in its ambitious plan to make it one of the best in the region with diversified investment vehicle opportunities.
"The scheme will help businessmen and investors to develop new business models," he said at a seminar inaugurated by RAK FTZ Chairman, Shaikh Faisal bin Saqr Al Qassimi.
"The RAK FTZ International Companies Registry gives more flexibility than other offshore company jurisdictions in the UAE. For example international companies will be able to own an interest in properties designated for free-hold sales, anywhere in the UAE and there are no restrictions on the types of business other than those set out by public policy and local regulatory requirements of the licensing authority," El Omari said.
"Today's event is important as it allows us to introduce our new scheme directly to UAE-based business prompters, such as lawyers, accountants and auditors that can act as registered agents with RAK FTZ to represent the interests of those offshore companies which may be keen to take up the offer."
According to a leading investment consultant, the most innovative measure by RAK FTZ is the establishment of a free zone court. "At the time of incorporating the company, the investor can choose the law under which disputes and inheritance matters shall be handled for the company. In case, the same is not chosen, UAE law shall be applicable," said Raju Menon, Managing Partner Morison Menon Chartered Accountants.
He said the bearer shareholding, which is allowed in a restrictive manner, provides a major advantage for the investors. "However, the registered agent is responsible for keeping track about the final beneficiary owners of the company. The registered agent also needs to maintain records on the changes in the beneficiary owners."
Menon said RAK international companies regulations also allow issuing different class of shares. "This would enable effective fund mobilisation for projects, wherein part of the shares can be redeemed. Rights and preferences for different classes of shareholders can be specified and restricted."
In the opening remarks, Shaikh Faisal said the UAE economy has enjoyed unprecedented growth in recent years and the country is now one of the major economic powerhouses in the region attracting investment from around the globe.
"The emirate of Ras Al Khaimah has shared in this economic success story and the Ras Al Khaimah Free Trade Zone now has worldwide recognition as an attractive destination for international companies keen to penetrate regional and international markets. RAK FTZ has witnessed significant economic growth during 2006 and this success looks set to continue. We at Ras Al Khaimah Free Zone are open for joint ventures and partnerships with private investors for projects that give added value for the emirate as whole and which create more economic growth, development in real estate and employment opportunities for both nationals and expatriates."
"Today's event is important as it allows us to introduce our new scheme directly to UAE-based business prompters, such as lawyers, accountants and auditors that can act as registered agents with RAK FTZ to represent the interests of those offshore companies which may be keen to take up the offer," said El Omari.
El Omari said clients at RAK FTZ benefit from 100 per cent foreign ownership, 100 per cent tax exemption, residence visas for staff plus a range of facilities including modern offices and warehouses, the latest IP communications technology, excellent sea, air and road transport links and access to promotion centres in Dubai and Abu Dhabi.
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