RAKIA inaugurates new charter flights from Copenhagen to Ras Al Khaimah
Ras Al Khaimah Investment Authority (RAKIA) has announced that global interest in the business and tourism potential of Ras Al Khaimah has further intensified with the increasing number of European visitors arriving in the emirate. RAKIA revealed that a charter flight from Copenhagen arrived on (Friday, October 9, 2009) in Ras Al Khaimah to mark the opening of regular charter services offered by Atlantis Rejser, a leading independent Danish tour operator.
RAKIA revealed that H.H. Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, has implemented key infrastructure development projects to enhance the airport facilities and several tourist amenities, which have helped make the emirate a highly attractive destination for international tourists. His Highness has also collaborated with Sheikh Salem Bin Sultan Al Qasimi, Chairman of RAK Civil Aviation Department, in initiating programs to boost the service level of the emirate’s airport as well as the sea ports and other access points to the emirate.
Hilary McCormack, Manager, RAK Tourism said, “This is an important achievement in our mission to reach out to high-potential niche markets in Europe. The new charter flights open a new avenue for European travellers to enjoy Ras Al Khaimah’s world-class hospitality and experience the emirate’s unique culture. We intend to build on this important milestone to further strengthen Ras Al Khaimah’s growing status as an international business and tourist destination.”
The agreement to open new charter flights between Copenhagen and Ras Al Khaimah was sealed during RAKIA’s participation at the ITB 09 exhibition in Berlin wherein Dr. Khater Massaad, CEO of RAKIA, explored various tourism and hospitality business prospects with leading industry players from Europe.
“Ras Al Khaimah is attracting several of the leading tourism firms in Europe that are looking to explore more interesting destinations for European tourists. The recent groundbreaking achievements of the emirate, including the widely publicised successful bid to host the America’s Cup 2010, have definitely contributed in making Ras Al Khaimah a major tourist hotspot and a new target for investors and business organisations worldwide,” added McCormack.
RAKIA also revealed that the new charter flight has been realised in conjunction with the Hamra Hotels & Resorts Sales Team, which has been targeting and campaigning in niche markets with high-revenue potential. The Hamra Hotels & Resorts Sales Team has been collaborating with RAK’s major ports facilities to offer value-added services to tourists arriving in the emirate as part of an ongoing thrust to attract more tourists into Ras Al Khaimah.
Atlantis Rejser has been a leading player in the MENA tourism industry as it is responsible for bringing the largest volume of visitors from the Scandinavian market to Egypt. The company, which boasts of an 80 per cent retention of repeat clients, has revealed that Ras Al Khaimah will play a key role in its expansion program as the emirate offers an authentic cultural experience and provides a variety of world-class tourist facilities.
Ras Al Khaimah will be hosting the prestigious 33rd America's Cup sailing competition in February of 2010, marking the first time that the race will be held in the Middle East. The competition will be held in Al Hamra Village, where a 22-hectare island within Al Hamra Village lagoon will serve as the base for the sailing event. The island will accommodate the team bases and facilities for the media, the sponsors and the viewing public.
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Ras Al Khaimah’s growing reputation as key business and tourist destination extends to Scandinavian markets
So what is the difference?
Other jurisdictions around the globe have become ‘tax havens’ by design.
Over the years governments have allowed various locations within their sovereignty to offer ‘tax havens,’ as a form of ‘shelter,’ therefore offering a facility for wealthy individuals or corporate clients to ‘move’ their finances away from tax authorities. An army of pin striped, suited lawyers or city accountants would work to protect their clients from the payment of taxes, by moving their interests to ‘tax havens,’ designed for this purpose.
Choose your NEW jurisdiction with care...
Always be mindful when choosing your new ‘tax haven,’ as many jurisdictions have now been ‘redesigned’ and do not offer the security that they once provided.
Safety and security.
In the G20 Summit held in February 2009, there has been a crackdown on non – cooperative tax havens, forcing major companies to look for safer, yet more pragmatic locations to carry out their future business operations. It is important to note that, in accordance with the latest international best business practices, the UAE is NOT black or gray listed from any international organization such as the Organization for Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF.)
Since the inception of offshore company formations in early 2003, the UAE has rapidly emerged as the business hub of choice in the Middle East region and is proving itself to be well placed to being one of the most dynamic and fastest growing business and International Financial Centers worldwide.
Given the UAE’s continued stance on ZERO tax’s and duty exemptions, there is little wonder why more and more individuals and International Companies are now choosing the Emirates as, not only their business head quarters, but also in many cases their primary choice of residence too.
In early 2003, Jebel Ali Free Zone Authority (JAFZA,) Dubai’s foreign ownership Free Trade Zone, became the first location in the UAE to provide offshore company formations. In February 2007 Ras Al Khaimah Investment Authority (RAKIA,) located in the most Northerly region of the Emirates, expanded their already thriving Free Zone to include offshore business formations, often known as International Business Companies (IBC’s.) Due to the excellent operational service methods adapted by RAKOFFSHORE, the offshore incorporation division of RAKIA, coupled with the clear documentation process and lower incorporation fees, RAKOFFSHORE has stepped into the driving seat of offshore formation within the UAE.
:: Why choose The Emirates?
There is a very significant difference between the ‘safe haven’ of The Emirates and other worldwide ‘tax shelters.’ The Emirates and other GCC countries of The Middle East are ‘tax free’ jurisdictions by nature and NOT by design.
So what does this mean?
The Emirates, in its very nature, has always been a ‘tax free’ country; A jurisdiction that has NO TAX.
NO corporation taxes.
NO capital gains taxes.
NO VAT.
NO personal taxes.
NO death duty taxes.
In short; it is, and has always been, a country WITHOUT tax!!
:: So what is the difference?
Other jurisdictions around the globe have become ‘tax havens’ by design.
Over the years governments have allowed various locations within their sovereignty to offer ‘tax havens,’ as a form of ‘shelter,’ therefore offering a facility for wealthy individuals or corporate clients to ‘move’ their finances away from tax authorities. An army of pin striped, suited lawyers or city accountants would work to protect their clients from the payment of taxes, by moving their interests to ‘tax havens,’ designed for this purpose.
Choose your NEW jurisdiction with care...
Always be mindful when choosing your new ‘tax haven,’ as many jurisdictions have now been ‘redesigned’ and do not offer the security that they once provided.
Since the inception of offshore company formations in early 2003, the UAE has rapidly emerged as the business hub of choice in the Middle East region and is proving itself to be well placed to being one of the most dynamic and fastest growing business and International Financial Centers worldwide.
Given the UAE’s continued stance on ZERO tax’s and duty exemptions, there is little wonder why more and more individuals and International Companies are now choosing the Emirates as, not only their business head quarters, but also in many cases their primary choice of residence too.
In early 2003, Jebel Ali Free Zone Authority (JAFZA,) Dubai’s foreign ownership Free Trade Zone, became the first location in the UAE to provide offshore company formations. In February 2007 Ras Al Khaimah Investment Authority (RAKIA,) located in the most Northerly region of the Emirates, expanded their already thriving Free Zone to include offshore business formations, often known as International Business Companies (IBC’s.) Due to the excellent operational service methods adapted by RAKOFFSHORE, the offshore incorporation division of RAKIA, coupled with the clear documentation process and lower incorporation fees, RAKOFFSHORE has stepped into the driving seat of offshore formation within the UAE.
Free Trade Zones have been set up with the specific purpose of facilitating investment. The procedures for investing in the zones are relatively simple.
The Companies operating in the Free Zones are treated as being offshore, or outside the UAE for legal purposes.
The free zones are suitable for companies intending to use UAE as a regional manufacturing or distribution base, with the bulk of their business outside the UAE.
Free Zone Incentives
- 100% foreign ownership
- Exemption from all import duties
- 100% repatriation of capital and profits
- Freedom from corporate taxation for 50 year
- Inexpensive energy
- Efficient recruitment procedures ensuring the availability of a skilled and experienced workforce
- A high level of administrative support.
Simplicity of Operation
Apart from certain types of business – such as: Financial Services companies banking which are internationally regulated, the Emirates make it very simple and highly attractive for Offshore Companies to operate with a varity of activities.
Holding Companies
Offshore Holding companies can handle dividend receipts from a spread of subsidiaries. This allows a group to centralize its resources and maximize tax benefits. Careful use of tax treaties is necessary to obtain the best results. Offshore Holding Companies can be used, whereby the holding company can fund subsidiaries in a tax-efficient manner. Legal fees are often significantly reduced and publicity can be avoided for high-profile individuals and families.
Investment Companies
An Offshore Company is often used to make Investments and accumulate wealth. Just as an onshore company can invest in stocks, shares, property or commodities. The major difference is that the offshore company does NOT have to pay tax on its profits, nor does it have to pay inheritance tax when it is passed on to heirs. In many jurisdictions, withholding Tax is levied on income remitted out of the jurisdiction, but the careful use of double-tax treaties can reduce or even eliminate tax on the investment income.
This may enable the Investor to make investments in high-tax countries from an Offshore base with minimal tax liability. Most importantly, the use of an Offshore Company also protects the identity of the ultimate beneficial owner. Anonymity comes automatically with Offshore Companies, and is respected by the law in the Offshore world.
FIRST Offshore is able to assist you with the opening of an Offshore account. Offshore accounts combine several advantages, the most important one is the reduction of taxes.
Tax offices for example will tax all funds as soon as they run through a local bank account. The authorities do not mind whether the money is intended for a local or a foreign company nor whether the taxes are already paid in another country.
You can avoid all this trouble by simple opening an offshore checking account. The Offshore account also provides the highest level of service, phone banking, internet banking, cheques, ATM- and Credit cards. There is no check on your credit history. Offshore banks offer the highest level of privacy protection and are tax free.
Facilities available when opening a corporate bank account.
When establishing a corporate account you will be able to obtain the following facilities;
- Corporate debit cards.
- i banking facilities.
- Fax and telephone banking.
- Cheque book.
In most cases a bank account can take approximately 3 days to open and 7 further days to obtain corporate debit cards and i banking information.
