Ras Al Khaimah
Rakicc Business Companies
- The Ras Al Khaimah International Corporate Centre (RAKICC) has been recently established and it is the only institution responsible for the creation of offshore Companies in the U.A.E. Ras Al Khaimah has the repute of being a transparent, tax-free, corruption-free and no-red tape to do business choice.
- RAK Offshore is making it possible for non-resident corporations, entrepreneurs and individuals worldwide to enjoy all the advantages which were available only to resident entities.
Advantages Of Rak Offshore Company
- 100% foreign ownership
- No restriction on repatriation of capital and profits
- 0 taxes and duties
- Company can hold an account in a bank in the UAE and internationally
- Simple accounting requirements
- Protection of information
- No Tax Information Exchange Agreement with any country
Restrictions On Trading
- This type of Company is not allowed to do business within the UAE, have an office or get visas. Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Share Capital
- The minimum share capital is AED1,000 and it should be fully paid up.
Directors
- A minimum of one director is required for a RAK Offshore Company. Director can be of any nationality and need not be resident in the UAE. Corporate directors are permitted.
Shareholders
- A minimum of one shareholder is required for a RAK Offshore Company.
Accounting & Audit
- No audit is required and accounts are not filed.
Administration
- A RAKICC Business Company must have a Registered Agent in the UAE, and a Registered Office which must be maintained by the Registered Agent in the UAE to which all official communications and notices to the company must be addressed. The Registered Agent must maintain the particulars of the beneficial owners of the company.
Rak Economic Zone Companies
Ras Al Khaimah Economic Zone (RAKEZ) is the industrial hub and one of the largest economic zones. There are entities which are eligible for business such as free zone company comprising of two or five shareholders and even free zone establishment which is a limited liability company with one shareholder. Some prohibited activities are banking and investment.
- Residency visas are required for shareholders and employees for RAKEZ companies following acquisition of the licence. The residence permit is valid for three years for the shareholders and for two years for employees.
Advantages
- 100% foreign ownership
- 100% repatriation of capital and profits
- 0% corporate and personal tax
- Low labour cost
- Hi-tech facilities including office, warehouse and land availability
- Competitive government prices on incorporation and visa
- Cheap energy