RAK FTZ's new client registrations rise nearly 30 per cent
The Ras Al Khaimah Free Trade Zone Authority ( RAK FTZ ), one of the fastest-growing and most cost-effective free trade zones in the UAE, today announced that its new client registrations increased by nearly 30 per cent over the previous year.
To accommodate the rising demand for its award-winning services and world-class facilities, the RAK FTZ plans to build a new office tower in its Business Park that will accommodate more than 700 new clients. It will also construct 100 new warehouses in its Technology Park, for clients doing business in trading and light manufacturing.
"The RAK FTZ continues to grow rapidly, attracting top companies from emerging and established markets around the world, and this is why we need to build more first-class offices and quality warehouses to accommodate them," said Peter Fort, Chief Executive Officer of the RAK FTZ . "Our substantial increase in client registrations reflects the investors' confidence in our cost-effective, award winning, business-friendly company setup services and high quality facilities."
Two thousand nine hundred new companies registered with the RAK FTZ during 2013, an increase of nearly 30% over the 2012 tally of 2,300.
The new office tower will have retail shops and restaurants on the ground floor; other floors will be outfitted with offices in a range of sizes to satisfy client demand. The tower will be designed as an environmentally responsible and resource efficient building.
Complementing the five existing business centre office buildings, the new tower will increase the overall footfall and commercial activity in the Business Park, creating a dynamic business hub that will serve the entire emirate of Ras Al Khaimah.
Last year, most of the new investors who took advantage of the RAK FTZ 's business-friendly benefits, including zero taxes and no restrictions on profits or capital repatriation, were from the Middle East, India, Pakistan, Turkey, the UK, France and the US. The clients benefit from the RAK FTZ 's ideal geographical positioning as a gateway to the sizeable markets of Africa, Europe, the Middle East and South Asia.
The total number of licence renewals at the free zone in 2013 reached 5,100, reflecting the high level of tax-free, cost-effective company set-up solutions that existing clients continue to receive.
"The secret of our rapid growth lies in the fact that we offer unmatched benefits at lower cost to our clients, including a range of facilities to suit each investor's needs," Mr Fort said. "Not only do we offer cost-effective, tax-free and easy to set up business packages, but we also extend ongoing support services to our clients, to help them set up and operate their businesses in a profitable manner. This year, we aim to make the RAK FTZ customer experience even better, with expanded facilities and an enhanced customer relations department that will provide even more services. These improvements, combined with the anticipated economic growth resulting from the Expo 2020, have prompted more enquiries from investors who want to maximise their profits in the RAK Free Trade Zone."
The increase in new client registrations was not the only area in which the free zone achieved exceptional results last year.
The RAK FTZ also received numerous awards during 2013, including the Ideal Partner award at the Ministry of Interior Awards and the Ease in Doing Business award under the Free Zones Category at the Trade and Export Middle East Excellence Awards ceremony. Additionally, in recognition of its innovative environmental protection initiatives, the RAK FTZ received the prestigious Environment
Emirate: Ras Al Khaimah
Date: Mar 24, 2014
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