Ras Al Khaimah (RAK), is one of seven emirates of the United Arab Emirates (UAE). RAK is regarded to have the highest degree of industrialization in the UAE. This location is a prospective destination for a large number of foreign investors and business owners because of the recent favourable legislation for foreign holding and financial companies. The RAK enacted a law allowing for the formation of foreign owned International Business Companies (IBC) called the “Ras al Khaimah International Corporate Centre Business Companies Regulations of 2016”.