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RAK FTZ was established in May 2000 by an Emiri Decree. His Highness Sheikh Ahmed bin Saqr Al Qasimi is its chairman. [4] RAK FTZ has four free zone parks in Ras Al Khaimah – a Business Park for office clients, an Industrial Park for heavy manufacturing, a Technology Park for trading and light manufacturing, and an Academic Zone for ...
It was introduced in 2017 [6] and is one of the 37 free zones across in the United Arab Emirates that are overseen by the Ras Al Khaimah Investment Authority. Situated in the emirate of Ras Al Khaimah, RAKEZ caters to a diverse range of industries, including manufacturing, trading, and services.
The UAE has a number of free zones across Dubai, [1] Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al-Khaimah and Umm al-Quwain. Free zones may be broadly categorized as seaport free zones, airport free zones, and mainland free zones. Free-trade zone exemptions are: [2] 100% foreign ownership of the enterprise. 100% import and export tax exemptions.
Ras Al Khaimah Economic Zone (RAKEZ) is an Emirati free-trade zone in Ras Al Khaimah in United Arab Emirates. In January 2020, Entrepreneur reported the free zone to have 14,000 companies across 50 industries.
The emirates of Abu Dhabi, Dubai and Ras Al Khaimah have local court systems, while other emirates follow the federal court system. [4] Some financial free trade zones in Abu Dhabi and Dubai have their own legal and court systems based on English common law ; local businesses in both emirates are allowed to opt-in to the jurisdiction of common ...
The judicial system of the United Arab Emirates is divided into federal courts and local courts. The federal justice system is defined in the Constitution of the United Arab Emirates, with the Federal Supreme Court based at Abu Dhabi. [1] As of 2023, only the emirates of Abu Dhabi, Dubai and Ras Al Khaimah have local court systems, while all ...
Ras Al Khaimah Investment Authority (RAKIA) is a United Arab Emirates investment authority in the Emirate of Ras Al Khaimah. It issues licenses to operate within RAKIA owned special economic zones, provides business facilities and warehouses and provides investment funding. RAKIA supports developments that include industrial parks, education ...
The current standard VAT rate in the country is 5%. [2][3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [4] The standard rate of corporate tax is 9%, some exempt businesses and those with net annual profits under AED375,000 (US$102,100) qualify for a rate of 0%, and ...