AMRITSAR: Pegging itself as a cost-effective destination for setting up operations, Bissoon Surnam, India representative of (Ras Al Khaimah Free Trade Zone), RAK FTZ said it is growing consistently and close proximity to Abu Dhabi and Dubai is turning it into a business hub during a seminar on “Investment opportunities in RAK FTZ” organized by PHD Chamber on the second last day of PHD-Punjab International Trade Expo, PHD-PITEX, 2011 at Ranjit Avenue, Amritsar.

Strategically located, RAK FTZ makes it best destination for investment.

 

Setting up an office or industry in RAK FTZ, he shared, costs three to four times less money than in Dubai, he said, adding that the zone allows 100 percent repatriation of profits and provides all utilities 24 hours a day with peaceful environment. 

Investors in Ras Al Khaimah enjoy a full range of business incentives, including 100 per cent income, personal and corporate tax exemptions and absence of value-added tax (VAT); 100 per cent capital and profit repatriation; 100 per cent ownership in free zones; no foreign exchange control; liberal labour laws; up to 30 per cent lower cost of doing business compared to other locations in the region; and ease in establishing and registering companies, shared Surnam.

Key economy sectors being manufacturing, construction, trading, and real estate, the RAK FTZ offers special advantages making it conducive for trade and investment. These advantages, he informed include, 100% foreign ownership, 100% income tax and corporate tax exemption, 100% capital and profit repatriation, no import and export duties among others.

He shared that starting with a humble15 Indian companies in the year 2000, the number of registered Indian companies in 2010, has risen to 9702 with a projected growth of 15% in terms of new companies each year.

Earlier R S Sachdeva, Co-Chairman, Punjab Committee, PHD Chamber said that with facilities like an easy access of information through international promotion offices, and proximity to many of the world’s emerging markets, RAK FTZ could be a new niche investment area.

Representatives from various industry associations from Punjab, and exhibitors and visitors showed keen interest in the trade opportunities in RAK FTZ>