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 Hundreds of companies in Ras Al Khaimah which were licensed to operate in the emirate’s free zone have been put under closure notice.

The Ras Al Khaimah Free Trade Zone (RAK FTZ) has placed more than 500 companies from different sectors under the process of strike off.

A notice released late last week has advised creditors and investors to take necessary actions to settle or protect their interests immediately within 30 days by contacting the company through the respective registered agent.

“The Registrar of Companies, RAK International Companies being an international registry located in Ras Al Khaimah Free Trade Zone, Ras Al Khaimah does hereby formally notify that the following international business companies under process of strike off from the register.

"Creditors and investors are advised to take any necessary action to settle/protect their interests immediately hereof within 30 days from the date of this publication by contact the company through the respective registered agent,” it said in a local press advertisement.

A home to more than 8,000 active companies from over 100 countries and over 50 industry sectors, RAK FTZ claims to offer tax-free status to its clients, 100 per cent foreign ownership and unrestricted repatriation of profits.

Named one of the Top 10 Small- and Mid-sized Global Cities of the Future by London-based Financial Times’ fDi Magazine in 2011-12, the emirate’s free trade zone has been touring different countries to woo more foreign players into the country.

As part of its efforts to bring more foreign players, RAK FTZ officials recently have held roadshows in Japan, Australia, the Philippines, the US and Italy.