The Ras Al Khaimah Economic Zone (RAKEZ) has announced the launch of its Dual Licence structure, which allows investors to operate in both free zone and mainland jurisdictions without the requirement for a separate mainland facility.
The economic zone, in partnership with the Ras Al Khaimah Department of Economic Development, has unveiled the new structure (RAK DED).
With a free zone licence issued by RAKEZ and a 'Branch of a Free Zone Company' licence issued by RAK DED, dual licence holders will be able to distribute products and provide services in both free zone and mainland areas. The one-of-a-kind dual licence structure grants investors 100 percent foreign ownership as well as the ability to bid on government contracts.
"We are always striving to give the best solutions for our clients." We created the Dual Licence structure to provide them with the best of both free zone and mainland privileges without the need to form a separate corporation. "Basically, this package opens up a new market for their business and significantly improves their accessibility and reach, all while eliminating the red-tape requirements of the past," said RAKEZ Group CEO Ramy Jallad. "We are pleased to have partnered with RAK DED on another project that stems from our common goal of enhancing Ras Al Khaimah's thriving economy."
"We are glad to partner with RAKEZ on yet another fantastic project for the benefit of worldwide investors that choose Ras Al Khaimah as their base of operations," said Dr Abdulrahman Alshayeb Alnaqbi, Director General of RAK DED, in response to the initiative. We'll keep working together to improve Ras Al Khaimah's investment environment and make it even more welcoming and dynamic than it is now."