RAKICC to hold Cyprus roadshow

RAS AL KHAIMAH, The Ras Al Khaimah International Corporate Centre, RAKICC, will explore new business opportunities and structures, and highlight the opportunities available in the emirate during a two-day road show to Cyprus next week.

In an announcement today, the RAKICC said that companies will be encouraged to move their domiciles to the Centre.

The mission will hold seminars in Nicosia on 9th March and in Limassol on 10th March, which will be open to experts from a wide range of fields, including law firms, audit firms, management consultancies and corporate service providers, as well as owners of businesses, private clients and family offices.

Discussions at the seminars will also explain why the recent economic substance regulations are an advantage for the UAE, the announcement said.

These regulations, which came into practice in key offshore finance centres at the beginning of last year, require entities carrying on specific types of business to demonstrate adequate economic substance in the jurisdiction where they are registered.

RAKICC was formed in 2015 through the consolidation of two company registries in Ras Al Khaimah; namely RAK International Companies (formerly part of RAK Free Trade Zone) and RAK Offshore (formerly part of RAK Investment Authority).

It is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business Company activity.

Source: Emirates News Agency