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RAK Free Zone Sends Delegation To Philippines

by Mary Swire, Tax-News.com, Hong Kong

05 February 2015


The Ras Al Khaimah Free Trade Zone (RAKFTZ) in the United Arab Emirates (UAE) recently sent a delegation to the Philippines to promote the zone's investment opportunities for Filipino investors.

Peter Fort, the free zone's CEO, conducted a series of high-level meetings with key Government and investment bodies in Manila over a two-day period from January 26 to January 27, 2015.

Fort said: "Filipino investors can set up trading, marketing, and sales offices, regional headquarters, as well as trading and logistics hubs at RAKFTZ that will allow them to easily access key global markets with their products and services, while maintaining the option to keep their base of operations in the Philippines. There is a huge potential to grow the [Gulf Cooperation Council] market with Filipino products and services and expand their businesses, particularly in food and beverages, furniture, and agriculture."

The business incentives offered by RAKFTZ include zero percent tax on corporate and personal income, 100 percent foreign ownership, tax-free repatriation of capital and profits, and exemption from import and export duties.

The free zone said that it is currently home to 19 active Filipino companies. These include O.W.H International Trading FZC, Pro-C.E.S.S. FZE, and Tucay Roman Law FZE.

TAGS: United Arab Emirates | tax | investment | business | export duty | corporation tax | Philippines | food | import duty | Gulf Cooperation Council | trade | individual income tax | free trade zone | services | Ras Al Khaimah

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