RAS AL KHAIMAH / RAK

RAS AL KHAIMAN / RAK - Overview - Offshore companies

Ras Al Khaimah (RAK) emirate is one of the seven emirates forming the UAE federation. Ras Al Khaimah, located 85 km distance from Dubai and 45km from Sharjah, is fast becoming the investment destination by choice of investors from across the globe. It has already developed into a world-class business hub with state-of-the-art infrastructure and hi-tech facilities for industrial growth and development in less than ten years of its inception, being able to offer customized support services to its investors. Ras Al Khaiman is the most cost-effective free zones in the UAE region and most importantly, it offers an absolutely trouble-free, customer-friendly environment, which is very important for the success of any enterprise. There are more than 4,500 companies registered that originate from 106 countries worldwide: Middle East, Europe or North America&Asia.
The International Business Company concept was launched in January 2007 by RAK Investment Authority (RAKIA). According with the laws all offshore companies established in UAE are required to have a registered agent and a registered office.

Some of the most important benefits of a offshore company formation in RAK are: the offshore company will be exempt from all corporate and income taxes, there are no foreign currency restrictions; full repatriation of offshore companies profits and capital is allowed; the setting-up cost are less that of an onshore company; only minimum capital is required to set-up an offshore company; the offshore company can own interest in real estate in UAE and can act as a Holding; strong appreciating and fully convertible currency, low inflation and easy funding from International Banks. Regarding the benefits, we have: 100% ownership in free zones, no trade barriers or quotas, easy licensing procedures, simple import and export policies, liberal labor laws and no restrictions on hiring expatriates.

There are also other jurisdictions in UAE: Dubai Airport Free Zone Authority (DAFZA), Jebel Ali Free Zone Authority(JAFZA- Dubai, RAK FTZ Promotion & Innovation Centre in Abu Dhabi Mall (Abu Dhabi), Sharjah Airport Free zone(SAIF), Hamriyan, Ajman Free zone, Fujairah FZ. In present UAE has Double Taxation Avoidance Agreements (DTAA) with several countries, more than 40.

 

RAS AL KHAIMAH INTERNATIONAL COMPANY (RAK IC)

General Information

Statutory description of private limited company

International Business Company (IBC).

Political stability

Excellent

Disclosure of Beneficial Owner

No

Migration of Domicile Permitted

No

Corporate Taxation

Nil

Language of name

English or Arabic

Time to Incorporate

1-2 weeks

Corporate Requirements

Minimum number of shareholders/members

One

Minimum number of directors/managers

One

Corporate directors/managers permitted

Yes

Usual authorized capital

Dhs 1,000 (minimum)

Minimum paid up

Fully paid

Local requirements

Registered Office/Agent

Yes

Local partner

(UAE National  or Company owned by UAE National) No

Local directors

No

Local meetings

No

Government Register of directors/managers

Yes

Government Register of shareholders/members

Yes

Annual requirements

Annual Return

Yes

Submit accounts

Yes

Recurring Government Cost

Minimum Annual Tax/License Fee

AED 2,000

Annual Return filling fee

AED 1,500

RAS AL KHAIMAH Incorporation Costs

Company registration including license fee

5,000 Euro

Bank account

390 Euro

Annual Tax( from 2nd year)

1,500 Euro

Optional/Additional costs

*Seychelles Nominee Director & Shareholder /year

1,200 Euro

Certificate of Good Standing

300 Euro

Power of Attorney

150 Euro

Apostil/document

300 Euro

Company seal / rubber stamp

50 euro

Courier Delivery

80 Euro

 

*optional