In the meeting.

Ras Al Khaimah Department of Economic Development authorized to issue documents on behalf of Ministry of Economy

: Thursday, July 10 - 2014 @ 14:44

The Ras Al Khaimah Department of Economic Development has been authorized to issue limited liability, general and limited partnership documents and collect fees on behalf of the Ministry of Economy for companies operating in the emirate.

The landmark decision was take through the signing of an agreement at the Ministry’s headquarters in Dubai. The agreement was signed by His Excellency Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary, UAE Ministry of Economy, and His Excellency Ahmed Obaid Al Tunaiji, acting General Director, RAK Department of Economic Development. The cooperation agreement seeks to improve the business environment in the UAE and attract investments to the country.

His Excellency Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary, UAE Ministry of Economy, underlined the ministry’s keenness to enhance corporate competitiveness and achieve sustainable development in line with the Federal Government’s strategy and the UAE National Agenda of 2021. Within this framework, the ministry prioritizes the need to build partnerships with public and private entities. The agreement, which further strengthens cooperation between the Ministry of Economy and the Ras Al Khaimah Department of Economic Development, will help achieve the ministry’s strategy and ease processes for the business community.

His Excellency Ahmed Obaid Al Tunaiji, acting General Director, RAK DED, expressed confidence that the agreement would boost the ministry’s efforts and help achieve its goal of strengthening the investment environment in Ras Al Khaimah, positioning the emirate as an attractive commercial center that meets global standards of business competiveness.

According to the agreement, the Department of Economic Development will receive applications for opening branches of limited liability, partnership and limited partnership companies on behalf of the Ministry of the Economy. The department will also send data related to the companies mentioned in the agreement to the Ministry of Economy. The information includes information on licensing and capital.

The agreement also allows DED to collect fees, issue and amend documents for opening of branches of limited liability, partnership and limited partnership companies in Ras Al Khaimah on behalf of the Ministry of Economy via the E-Dirham system. DED has also been mandated to transfer income arising from collection between accounts, in accordance with the instructions of the Ministry of Finance.

The agreement stated a fee of Dhs3,000 will be charged for the issue of official documents to limited liability companies. The fee for issuing documents of partnership or limited partnership companies has been set at Dhs2,000, while the fee for issuing any amendment for the above-mentioned companies is Dhs1,000. The fee for issuing documents for the opening of a new branch is Dhs1,000.

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Thursday, July 10- 2014 @ 14:44 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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