|
On this Page:
- Ras Al Kaimah Executive Summary
Ras Al Kaimah Executive Summary
Ras Al Kaimah is the northern-most
of the emirates in the UAE. Its coastline runs
for 65 kilometres along the eastern end of the
Arabian Gulf with an area of 1,680 square kilometres.
It is the fourth-largest emirate with a population
of about 240,000, about 50% of which are UAE citizens.
Arabic and English are the dominant languages.
Petroleum has traditionally dominated the economy
of the UAE, but with few oil and gas deposits
Ras Al Khaimah’s wealth has largely been
built on manufacturing. The emirate is one of
the region’s largest producers of cement
and it exports ceramic products to more than 135
countries.
Assisted by the Ras Al Khaimah Free Trade Zone,
which is home to more than 5,000 companies, the
economy surged ahead in 2005, growing almost 20%,
while foreign trade has almost doubled in the
meantime.
The emirate is strategically located between Africa
and the Middle East and between the Far East and
Europe making it a gateway to over 1.5 billion
consumers located in countries surrounding the
Red Sea and the Gulf.
Ras Al Khaimah International Airport operates
passenger traffic to destinations across the Middle
East, Africa, Central Asia, India and the Far
East. It is equipped to handle all types of cargo
planes and facilities include a 3,760m runway
and a 3,000 square meter cargo terminal with state-of-the-art
facilities with room for expansion.
Saqr Port, located in the industrial area of Khor
Khuwair provides bulk and container services from
12 deep water berths, eight of which are owned
by the government.
Apart from the oil industry and domestic banking,
there are no income or capital taxes in Ras Al
Khaimah, and no withholding tax. Through the UAE,
Ras Al Khaimah has a number of double tax treaties
with high-tax countries and can be used by major
corporations for tax planning purposes.
Ras Al Khaimah belongs to the unified customs
area of the Gulf Co-operation Council which came
into effect on January 1, 2003 and covers Kuwait,
Qatar, Oman, Saudi Arabia, Bahrain, and the United
Arab Emirates (including Dubai).
The Ras Al Khaimah Investment Association launched
an offshore companies registry in 2007 offering
international investors a high degree of confidentiality
rivalling any traditional offshore financial centre.
By 2010, 2,000 entities had registered there.
A modern complex known as the RAK Financial City
is under development, which is intended to become
the home of the RAK Investment Authority’s
offshore facility, specializing in trusts, foundations,
insurance business, funds and other financial
and legal services which are in demand from global
investors. Developed on an area of 320,000 square
meters, it will include 12 towers ranging from
25 to 65 floors designed for both office and residential
use.
Back to top
|
Lowtax Network Portal
Front Page
Tax Jurisdictions
Featured Content
