Keen interest among local businesses to venture into UAE

RAK Investment Authority, the investment promotion agency of Ras al-Khaimah, United Arab Emirates (UAE) said Sri Lankan businesses have expressed keen interest in venturing into the Middle East having gained confidence in guaranteed returns.

“A Lot of interest has been observed in the Sri Lankan business community to come explore investment opportunities in Ras al-Khaimah. This is a good sign for us,” said RAKIA Vice President Marketing and Brand Development Aseeb Abdul Khader while addressing a forum jointly organized by the International Chamber of Commerce Sri Lanka (ICCSL) and RAKIA, in Colombo.

He shared that having met with a number of organizations and decision makers, RAKIA is confident of increased number of local businesses setting foot into Middle East markets in the near future. RAK Investment Authority affirmed it is committed to providing a pro-business environment, regulatory stability and robust infrastructure in the emirate of RAK in the UAE. Comprised of two dedicated industrial parks, a combined area of 30-million square metres, Khadir emphasised RAKIA provides hassle-free business setup, state-of-the-art facilities and economical solutions to help clients compete regionally and globally.

The Government of Ras Al Khaimah as the owner or RAKIA raises funds from financial markets and passes this borrowed money on to RAKIA. “RAKIA presents a wide range of solutions and services, adhering to constantly meeting the requirements of its clients. Owing to the strategic advantages and investor-oriented policies, RAKIA is home to over 500 manufacturers and thousands of SMEs,” shared the RAKIA official. According to Khadir, investment opportunities in the Emirate are in the area of real estate, tourism, building materials, manufacturing high-tech industries, agriculture and fisheries, and the service sector. Advantages in investing in Ras Al Khaimah, include; choice of free zone or non-free zone, low cost of business set-up and operations, 100 percent tax exemptions (no corporate or personal taxes),

100 percent foreign ownership in free zone companies, 100 percent repatriation of capital and profits, easy access to strategic markets in the MENA region, proximity to express highways, seaports and airports, and access to 31 percent of world’s population in 4-hour flying radius. It was pointed out that new legislation and regulations in the emirate favours international investments. “The combination of security and confidentiality is ensured to entrepreneurs. An international company may only have foreign customers and is not liable for paying local taxes,” shared Khadir. He added that foreign business will be able to open a local bank account, make investments tax-free, and obtain mortgages for investing in UAE assets. “Employment visas are available. When approved, this type of company can own property in UAE freetrade zones. “No income, sales, or wealth taxes are payable by individuals. No corporate taxes are charged. In addition, there are no exchange controls, no withholding nor import or export taxes, elaborated the official.