RAK

Why invest in RAK?

Ras Al Khaimah has developed a favorable business environment which has led to some of the region’s largest companies either operating or being based in Ras Al Khaimah. It is strategically located in the Arabian Gulf between the east and west. In addition and there is no corporate, income or export tax. The establishment and maintenance of companies is simple, convenient with no restrictions to the number of shareholders, directors and capital. Furthermore there are no restrictions on capital repatriation, foreign exchange controls, trade barriers or quotas.

General Information

Population

RAK is one of the  Persian Gulf Arab Sheikhdoms forming the United Arab Emirates. The current population is approximately 250,000 but this is expected to rise to 400,000 by 2017. Over 50% of the population is expatriates.

Political Structure

Prior to 1971 each of the sheikhdoms of the UAE (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaima, Sharjah and Umm Al Quwain), previously known as the Trucial States, had its own existing institutions of government. The Rulers agreed to draw up a provisional Constitution (“the Constitution”) which provided for the establishment of the Supreme Council of the Rulers of all the Emirates as the foremost authority in the Federation and a Council of Ministers as the Executive Branch of the Federation. Federal Ministries of Foreign Affairs, Defence, Justice, Public Health, Communications, Information Interior, Finance and Industry, Economy and commerce, Education, Public Works, Agriculture, Labour and Social Affairs and Planning were established. As a Muslim country, one of the fundamental principles in the Constitution provides that Islamic Law (Sharia) is the main source for the legislation in the UAE. The main aim of the UAE Government Strategy is to ensure sustainable development and a high quality of life for all UAE Nationals.

Currency

The official currency of RAK is the Dirham, with a current rate of 5.7 Dirhams = €1

Bank System

Islamic banking in its primitive stage first began with the worldwide celebration of the advent of the 15th Hijra Century (Islamic calendar) in the mid ‘70s.

In 1974, the world’s first development bank in compliance with the Sharia, the Islamic Development Bank, was established. 

Company Law

The RAK International Company Law is based on the model of the successful International Company regime of The British Virgin Islands. A unique feature RAK Company Law is that it allows The shareholders to elect their choice of proper Law (e.g. English, BVI, Delaware) to decide matters concerning, among others, disputes between the shareholders, and any other matters.

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