Ras Al Khaimah’s economy is to expand by boosting tourism

by commitbizadmin 16, Jun 2020

Ras Al Khaimah’s economy is to expand by boosting tourism

Ras Al Khaimah is renowned for the Arabian Gulf beaches, which is situated in the northernmost part of the United Arab Emirates. Also, with over 7000 years of protecting and maintaining their history and culture, Ras Al Khaimah is absolutely an escape from daily life. A centuries-old fort is taken care under the National Museum of Ras Al Khaimah. Their attractive terracotta desert planes, appealing coastlines and beautiful landscapes has led people to appraise this as the most UAE's most authentic destination.As it attracts a lot of tourists the Government has decided to boost its tourism for the enhancement of the economy and better prosperity.

Tourism Industry in Rak

Ras Al Khaimah is one of the cities which are expeditiously expanding their tourism market in the UAE. International visitors have risen more than 14 per cent in the first half of this year stating this as an adventure tourism spot. This expansion defeats the World Tourism Organisation's four per cent tourism growth prophecy. As Ras Al Khaimah lacks the resource of hydrocarbon, it led impeccable stress on tourism, trade, hospitality sectors in raising the economy and contributes to GDP as well. Hotel performances also sustain actively with an excellent occupancy rate which is consistent at around 73 per cent and generally room rates rising at around 5.5 per cent over the period of time which is quite stable. RAK as a tourist station has always been favoured by the Russians but it has been seen that in past four years there's an escalation in terms of the number as the German has been making their journey to RAK. Over the past three years, the hotel occupancy in an average rate has hit to 87 per cent. RAK as a tourist destination has already been popular for some time with Russians, but for the past four years, an increasing number of Germans have been making the journey to RAK. Over the past three years, the average hotel occupancy rate has hit 87%. More hotels are coming up, and existing hotels are expanding rapidly. The upcoming plan is adding more than ten thousand jobs in the stream of hospitality Ras-Al-Khaimah is on the way to add five thousand rooms more to it. As Sheikh Tariq puts it "RAK has the highest point in the UAE”

Sheikh Saud’s views on this matter.

Sheikh Saud Bin Saqr Al Qasimi, being the ruler of Ras Al Khaimah, states that his time on earth might be limited, but the success and progression of Ras Al Khaimah should be endless as Al Khaimah will surely captivate three million visitors this year and three million visitors by the end of 2025, which will surely boost their tourism high.As he highlighted the fact that 15 years back They only had one five star hotel, but now they have many. Tourism by then will have doubled its share of Ras al Khaimah’s GDP to 10%,he added. From the past eight years, Sheikh Saud Bin Qasimi has been working for establishing entities like the (RAIKA) Ras Al Khaimah investment authority. He has introduced some government and legal reforms to boost tourism business and commerce infrastructure.His main motive is to build a diverse economy, which maintains sustainable growth through attracting businesses.

Process of Setting up Business in RAK

Following is the process of setting up a business in Ras Al Khaimah.

  1. Determine the local authority Apply for company's registration
  2. Registering the trade name
  3. Acquire company’s Memorandum of Association (MOA) notarized.
  4. Get approval from Name board
  5. Apply for an establishment card
  6. Fulfil the licencing requirement
  7. By submitting the company's documents to DED and Chamber of Commerce and industry to obtain a trade license

Documents required

  • Trade name certificate Photocopies of visa, no objection letter
    passport and residency certificates
  • Technical evaluation report licence form and signboard
  • Certification of partnership contract from a public notary
  • Tenancy contract’s certified copy

Benefits of Setting up a business in RAK

  • Complete Foreign ownership
  • No Control on currency
  • Absolute privacy and protection of assets and information
  • Fast corporation
  • No requirement of auditing and accounting
  • Repatriation of capital and profit
  • Taxation and double taxation avoidance agreement
  • Lawsuit protection  A particular person can act as a director or secretary
  • Licence form and sign Board

Commitbiz has been one of the leading consultants in the Middle East. It's a one-stop solution provider to the ones who want to start their business at Ras Al Khaimah. We will not only help you set your business but will also fulfil the requirement of both the legal and necessary documents. Contact us for further details or any query. We would be happy to assist you.