The UAE is one of the biggest stands of the world tourism industry that grabs the attention of millions from every corner of the planet towards its natural and man-made beauty. Situated in the northernmost corner of the Emirates, Ras Al-Khaimah (RAK) is the sixth most populous city in the UAE that acts as a tourism spot. The city keeps an eye on the long-term tourism target that is 3 million tourists by 2025. This widens the business opportunity of tourism and hospitality sectors to a great extent.
Journey in 2018
The destination experienced a wide number of tourists from January to September 2018 for a total of 2.53 million guests. There has been a massive growth and it is expected that RAK’s tourism sector GDP Contribution would be 10% by 2025 for which a new destination strategy is being built, which is to be implemented by Q4 of 2018. Moreover, the destination hub is also focusing on the hospitality sector. The increasing number of tourist would have a direct influence on hospitality services. The Emirate is on the way to identify new hotels who would help them to achieve a count of almost 5000-6500 rooms. Some of the global hotel brands who are considered as a part of the long-term plan include Movenpick, Marriott, Intercontinental, Hilton etc. These plans have been held strongly by the UAE government and RAK Tourism department. Let’s have a look.
Ras-Al-Khaimah Tourism Department Authority (RAKTDA) is the governing body that looks into the tourism sector in RAK. It is the base upon which the tourism department stands today. RAKTDA is one strong pillar that contributes towards the development of the sixth Emirate. It enhances the tourism department, allowing foreign tourists to explore RAS, creates employment, contributes to the GDP growth, attracts foreign investment, and diversify the tourism sector in all possible.
Business Opportunities in RAK
If we have a closer look, the future of tourism can be seen at a peak level. The growth opportunities provoke investors to invest in setting up their business in RAK. Since the demand for tourist is leveraging on a higher side, the demand for other industries is also on a higher side. This platform can be a great start to the following businesses:
- Travel and Tourism
- Manufacturing Industries
Now, let’s have a look at the benefits that an investor can avail by investing in RAK.
Benefits of Investing in RAK
- No personal or corporate tax
- No trade barriers
- Business-friendly framework
- 100% return on capitals and profits
- Best platform for the tourists
- 100% Ownership of the firm
- A wide range of industrial facilities
When you possess a strong belief of establishing and implementing an idea, multiple opportunities lie ahead. Tourism industry not only boosts its domain but also opens a broad spectrum of opportunities for several domains and this is the best time to give a kick-start to your business ideas to transform them. Now, coming on to the establishment stage of a business entity in RAK, an investor has got different platforms like free zones, mainland, and offshore to implement their business idea. Each of them has got their own pros and cons and you can choose the one which is suitable for your business. To proceed further, it is highly recommended to have a word with a business consultant who is well-versed with the incorporation process. We at Commitbiz deal with the same. Our aim lies in transforming business ideas into reality. Our one-stop package includes the establishment process, accounting, taxation, legal, visa processes etc. To initiate your first step, do contact us. We’d be happy to assist.