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RAK ICC appoints three global experts to board

RAS AL-KHAIMAH, September 23, 2019

RAK International Corporate Centre (RAK ICC), a corporate registry based in Ras Al Khaimah, UAE recently announced the appointment of new global experts to join its board of directors to strengthen Ras Al Khaimah’s status as global business hub.

The three new board members are tasked with spearheading the organisation’s transformation to an international world class and fully compliant registry. The appointments bring with them a wealth of international experience from many corners of the globe.

“There is a clear shift away from traditional offshore centres to newer highly compliant jurisdictions such as RAK ICC. Clients are conscious of reputational risk and will only want to be associated with jurisdictions that are leading the drive to higher standards of regulations and compliance,” said Michael Fay QC, one of the three newly appointed board members.

Fellow board member Ernest Zheng, former China CEO of Vistra, the world’s largest corporate services provider, said: “China and Hong Kong have traditionally been huge drivers of offshore registrations especially for jurisdictions such as Cayman and the BVI but RAK ICC is perfectly positioned to win a large part of the business going forward.

“The UAE’s geographic location and favourable time difference, great infrastructure and ease of travel and doing business as well as wide network of Double Taxation Treaties (DTT) and investment bilateral treaties make it an ideal partner for Chinese and Hong Kong companies.”

The third member of the RAK ICC board, David de Buck, former CEO of Intertrust noted: “The new global Economic Substance Requirements (ESR) provide the UAE and RAK ICC with a great opportunity to attract companies from all over the world including many thousands of re-domiciliations from other jurisdictions that would struggle to meet ESR. The UAE has the infrastructure and more importantly the deep pool of professionals and advisors to satisfy the most demanding requirements.”

This internationally assembled and vastly experienced board is in line with RAK ICC’s global expansion plans. The registry currently serves over 30,000 companies with shareholders from 160+ countries.

RAK ICC’s chairman Sheikh Ahmed bin Saqr Al Qasimi said: “We are delighted to welcome the three new members to our board. They bring a wealth of complimentary global relevant experience as well as the network needed for our future expansion plans.” – TradeArabia News Service


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