Indian firms form 37% of new registrations at UAE freezone

Indian firms led the tally of new registrations at the Ras Al Khaimah (RAZ) free trade zone (FTZ) in the UAE last year, accounting for 37 per cent of the total number of the companies registered, a top official of the trade zone has said.

The UK companies cornered the second largest 12 per cent stake in total 1,935 new registrations at the free trade zone in 2009, RAK FTZ CEO Oussama El Omari said.

Backed by legislations allowing 100 per cent foreign ownership, a tax-free environment, transparent laws and 100 per cent capital and profit repatriation, the free-trade zone is well positioned for global commerce.

The free trade zone also offers a range of unique services, which include legal, human resources and marketing assistance.

"The progress we made in 2009 can be attributed to the fact that we knew the financial reality we were facing and strategised based on that reality. We drew and implemented action plans that saw us through the crisis," Omari said.