Adding to the potential of an already buoyant property market, Associate Director, Leevyn Isabel evaluates the news that companies registered in the Ras Al Khaimah International Corporate Centre (RAKICC) will now be authorised to hold property in Dubai, following an agreement with the Dubai Land Department.
The landmark measure brings more flexibility to property holding in the emirate of Dubai as previously the Jebel Ali Free Zone (JAFZA) Offshore Company was the only offshore structure available to those looking to own freehold properties in Dubai.
Responsible for the registration and incorporation of International Business Companies, RAKICC also provides a full suite of registry services related to International Business Company activity and has been repeatedly innovating in order to respond to the growing needs of companies engaged in global business.
The latest addition to RAK ICC innovations follows a recent Memorandum of Understanding concluded with the Dubai Land Department (DLD). As per this agreement, any RAKICC registered company will now be authorised to own freehold property in any one of Dubai's twenty-three existing freehold areas, including well sought-after locations such as Palm Jumeirah, Dubai Marina and Downtown Dubai.
A real catalyst
The new measure is expected to give a boost to the local real estate market as RAKICC companies can now be used as holding structures for Dubai properties. There is no need to hold a Dubai trade/commercial license to be able to do so.
To further ease access to property, a simple procedure will apply. Companies will only need to request a 'No Objection Certificate' from RAKICC before presenting it to the DLD to register their newly acquired property.
Nina Auchoybur, Managing Director at Ocorian UAE commented:
"This new measure comes at a time when the property market in Dubai is gaining importance as an alternative asset class. It will no doubt bring additional impetus to the local property market while complementing the full suite of solutions provided by the RAKICC to the International Business Companies."
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