Also in the news...
Paul Beare Wins IR Global Member Of The Year
Paul Beare has been named Member of the Year at this year’s IR Global Conference in Amsterdam.
The Biggest Problem With Running A UK Payroll
We explore the biggest problem with running a UK payroll, together with the required functions of payroll calculations and net salary.
Taking It For Granted: How The UK Government Helps Growing Firms
In the UK, a number of government agencies offer a range of grants to help smaller firms to grow and prosper. The grants are typically designed to support innovation, encourage job creation, and underpin growth. In the last few years, a number of new initiatives have emerged, including grants aimed at boosting green technology and digital transformation.
Start-ups Wasting Over 2 Weeks And £37 Billion A Year On Admin
UK start-ups and microbusinesses are wasting over two working weeks every year on admin tasks, including managing mobile phone contracts, choosing energy providers, and buying insurance – according to new research.
The Costs For International Businesses Employing In The UK
In an ever-globalising business landscape, expanding operations to the United Kingdom can be a strategic move for international companies seeking new opportunities.
RAK Customs Signs MOU With RAK Airport
RAK Customs has signed a MOU with RAK Airport, to support companies operating in the RAK FTZ.
Some essential information courtesy of RAK.
We would like to share some good news for Ras Al Khaimah Free Trade Zone clients! RAK Customs has signed a MOU with RAK Airport, to support companies operating in the RAK FTZ. RAK Customs has agreed not to cash the customs duty deposit cheques or activate deposit bank guarantees for 10 working days after the shipments exits RAK FTZ, if the exporters meet the below conditions:
The shipment’s final exit point is RAK International Airport. The exit documents are submitted to RAK Customs within 10 working days, starting from the day the shipment exits RAK FTZ.
Activation
To activate this facility, please write to RAK Customs with subject “RAK Airport - Ref No AOGEN1945/CEOMSFA/270709 691”
Agreed Procedure – Holding of Cheques
1. The customer must write to RAK Customs referencing “RAK Airport - Ref No. AOGEN1945/CEOMSFA/270709-691” and requesting RAK Customs to activate this facility and hold their deposit according to the terms of the MOU.
2. If the exit point for cargo leaving any of the Free Zones in Ras Al Khaimah is specified as RAK International Airport, RAK Customs will accept a cheque for the customs duty deposit; RAK Customs will hold the cheque and for a period of 10 working days from the date of transfer from the Free Zone; and
3. If the cargo is exported from RAK International Airport prior to the end of the 10th working day after the goods are transferred from the free zone, RAK Customs will return the cheque to the customer; or
4. If the cargo is not exported from RAK International Airport prior to the end of the 10th working day after the goods are transferred from the free zone, RAK Customs may cash the cheque.
Agreed Procedure – Holding of Bank Guarantee
1. The customer must write to RAK Customs referencing “RAK Airport - Ref No. AOGEN1945/CEOMSFA/270709-691” and requesting RAK Customs to activate this facility and hold their deposit according to the terms of the MOU.
2. If the exit point for cargo leaving any of the free zones in Ras Al Khaimah is specified as RAK International Airport, RAK Customs will accept an unconditional bank guarantee for the customs duty deposit; RAK Customs will not activate this guarantee for a period of 10 working days from the date of transfer from the Free Zone; and
3. If the cargo is exported from RAK International Airport prior to the end of the 10th working day after the goods are transferred from the Free Zone, RAK Customs will release the customer from the bank guarantee; or
4. If the cargo is not exported from RAK International Airport prior to the end of
the 10th working day after the goods are transferred from the free zone, RAK Customs may call up on the bank guarantee.
For any further details, please contact RAK Airport – Marketing:
Tel. + 971 7 244 8111, Dir. +971 7 207 5205, Fax. +971 7 244 8199, marketing@rakairport.com
A summary of criteria:
1. Cargo must be transported from the free zones in Ras Al Khaimah; and
2. Cargo includes any commodity of any value; and
3. The terms are applicable for transhipment or transit cargo; and
4. The Cargo must be exported through RAK International Airport; and
5. RAK Customs has the full discretion to cash the customs duty deposit cheque or call upon the bank guarantee if cargo is not exported from RAK International Airport within 10 working days from the date of transfer from the free zone.