UAE Offshore Company
UAE Offshore - RAK Offshore
We provide offshore services in Ras Al Khaimah, UAE because it is by far the most confidential and secure offshore location today. Ras Al Khaimah represents a unique opportunity in the offshore world today. It has a number of key advantages over other locations which, when combined, provide clients with the most confidential and secure offshore solution available anywhere.It has a state of the art banking sector to service its wealthy indigenous, expatriate and offshore clientele.
OFFSHORE COMPANY FORMATION IN RAK
• Ras Al Khaimah (RAK) is one of the fastest growing emirates in one of the fastest growing economies in the world, the UAE.
• The International Offshore Centre (known as "RAK Offshore") is a freezone regulated by the the RAK Investment Authority (RAKIA).
• The freezone was established in 2006 offering the establishment of International Business Companies along the lines of the traditional offshore jurisdictions.
• Incorporating as an IBC in RAK can be done much speedier than in the other UAE freezones and lacks the requirements that are typical in these freezones.
• The freezone will be located physically in RAK Financial City which is currently under construction. A 40 minute drive north from Dubai international airport.
MAIN FEATURES OF RAS AL KHAIMAH IBC's
• No local taxes
• International business company: may only have customers outside the outside UAE
• Business: all types except insurance, banking, financial institution, registered agent (unless licensed)
• Quick incorporation (1-2 days)
• Can benefit from tax treaty benefits under some of the 24 tax treaties it has concluded
• Can open local bank account, invest in securities or funds tax free, obtain mortgage for investment in UAE property
• Can own property in UAE freezones (after approval)
• Might be able to rent office space in RAK Financial City when available; and employment visas might be available
RAK IBC features
• Corporate directors possible: yes
• Minimum number of directors: 1
• Secretary: optional
• Common seal: required
• Directors & Secretary: filed with Registrar of Companies
• Redomiciliation: possible in and out
• The registers kept by the Registrar of Companies are not available for public inspection
• Name of company must end with "Ltd"
• These words shall not be included in the name: "Bank", "Trust Company”" or "Trustee Company", "Assurance" or "Insurance", "Chamber of Commerce", "Municipal" or "Municipality", "Emirate" or "Emirates"
RAK IBC shares
• Shares without par value: possible
• Minimum authorised share capital: none
• Minimum issued number of shares: 1
• Share capital: any currency
• Instruments of transfer to be filed with Registrar of Companies
• Beneficial owners: RAK Offshore files passport copies
• AGM required: no; shareholders representing more than 33% may call a general meeting
RAK IBC - accounts
• Requirement to keep accounting records: yes
• Annual accounts: P&L & B/S should be prepared (but do not have to be filed with the Registrar of Companies)
• Audit required: no
UAE bank accounts
• Efficient banking system: internet banking, credit cards etc
• Security of a safe haven where banking can be conducted with privacy
• No exchange controls
• No withholding taxes
• A broad range of investment & wealth management solutions: asset management, credit products, mutual funds
Incorporation can be achieved in 3 to 4 days from receipt of funds.
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