Business News

Now, you can own and register property as a corporate entity in Ras Al Khaimah


Dubai: Property investors in Ras Al Khaimah can from now on purchase and register their units under a RAK International Corporate Centre entity. This follows a deal the corporate registrar struck with the emirate’s Municipality Department (Land & Properties Sector).

It will also allow investors to structure their holdings as a RAK ICC entity. “There is tremendous interest from international investors and expats in the emirate – our collaboration will make it possible for us to partner various developers in the emirate,” said Dr. Sameer Al Ansari, CEO of RAK ICC. “And create opportunities for international investors to hold assets with a RAK ICC entity.

“Acquiring an estate under this type of corporate structure benefits global investors in many ways. It allows them to own one or more properties and/or other types of investments without impacting each other, protects them from personal liabilities as well as offers a simplified and more streamlined transfer of property ownership in terms of inheritance and asset planning.”

Investors also get to access:

* The eligibility to open a bank account for rental income and payment purposes;

* A simplified book-keeping and taxes through the proper segregation of properties under the structure; and

* Flexibility of transferring shares upon selling the property.


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