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UAE: New trading license to allow holders to operate in both freezone and mainland
It also allows investors to have 100% foreign ownership and the eligibility to bid for government contracts
Ras Al Khaimah Economic Zone (RAKEZ) has unveiled its Dual Licence structure, which allows investors to operate in both free zone and mainland jurisdictions, without the need to have an additional facility in the mainland.
The new structure has been launched by the economic zone in collaboration with Ras Al Khaimah Department of Economic Development (RAK DED).
Dual Licence holders will be able to distribute products and offer services in free zone and mainland areas with a free zone licence issued by RAKEZ and a ‘Branch of a Free Zone Company’ licence issued by RAK DED. The unique dual licence setup entitles investors a 100 per cent foreign ownership and the eligibility to bid for government contracts.
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“We are always keen to provide our clients with the best solutions. We launched the Dual Licence structure for this very reason – to offer them the best of both free zone and mainland benefits, all without the need to incorporate a separate company. Basically, this package opens up a new market for their business, and substantially expands their accessibility and reach; all whilst reducing the red-tape requirements of the past,” said Ramy Jallad, RAKEZ Group CEO. “We are glad to have teamed up with RAK DED for another initiative that roots from our shared goal of further developing Ras Al Khaimah’s vibrant economy.”
Commenting on the initiative, Dr Abdulrahman Alshayeb Alnaqbi, Director General of RAK DED, said: “We are pleased to collaborate with RAKEZ on yet another great initiative for the benefit of global investors who chose Ras Al Khaimah to base their operations. We will continue to work together to further elevate Ras Al Khaimah’s investment landscape and make it even more welcoming and dynamic than it is today.”
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