His Higness Shaikh Saqr Bin Mohammad Al Qasimi, member of the Supreme Council and Ruler of Ras Al Khaimah, issued a decree systematizing the registration and licensing of travel and tourism companies in the emirate. According to the new decree, the registration procedures will be effective from march 1, 2008. The decree disclosed that AED 300,000 will be the minimum capital for a travel or tourism company. Also, the company should provide AED 40,000 bank guarantee for every tourism activity, and this money will be used by the emirate's authorities to sort out disputes with the company's clients. The decree also stipulates that the license for all types of travel or tourism activities will be issued only in the name of an Emirati who holds a university degree. The decree states that the companies will be responsible for the tourists they bring in the U.A.E. and made it compulsory for these companies to send their tourists out of the country once their visit time is over.