Did you know thar RAK Offshore is one of only two Offshore Jurisdictions in the whole of the United Arab Emirates? Dubai and the Jebel Ali Free Zone Authority (JAFZA) became the first offshore tax haven in 2003. Global Money Consultants S.A. became one of the first professional providers of JAFZA Offshore formations back in 2003 and has successfully incorporated individual Clients and Corporate Entities from around the globe.
After immense success, Ras Al Khaimah Investment Authority (RAKIA), the most northerly of the United Arab Emirates, became the second Emirate to take on the role of Offshore IBC Formations in February 2007. Again Global Money Consultants S.A. became one of the first management consulting firms to provide Ras Al Khaimah Offshore IBC’s (International Business Companies). From that point, the response has been hugely sucessful and our firm is pleased to be on the cutting edge when it comes to offering professional assistance and structuring to Clients, Corporate Entities and other IBC providers around the world.
Confidentiality is King!
Today, no Financial Services Jurisdiction can hope to succeed unless it is well regulated and transparent. RAK Offshore sets the bar very high in terms of internal, local, federal and international compliance yet keeping Customers’ confidentiality at the heart of the system.
Day-to-day operations are managed by the Registrar, under the control of the RAK Investment Authority (RAKIA), and the independent and dedicated RAK Financial Services Authority (RAFSKA), as well as the Central Bank of the United Arab Emirates. In delivering its functions and in considering applications by organizations and individuals wishing to establish business within or through RAK Offshore, the Registrar and RAFSKA aim to adopt a firm and flexible regulatory approach.
Ras Al Khaimah – Quick Facts:
Languages: Arabic, English, German, Hindi, Urdu, Farsi
Currency: AE Dirhams pegged to the US Dollar
Time Zones: GMT + 4 hours
Ras Al Khaimah International Airport: 15-minute drive from RAK Offshore
Sharjah Airport: 30-minute drive
Dubai Airport: 40-minute drive
Saqr Port: Eight 200-metre long deep water berths, serves 1,400 vessels annually
Al Jazeera Port: New multipurpose Port
RAK Port: Historical Trading Port
Why Incorporate in Ras Al Khaimah?
– RAK is fast becoming a force to be reckoned with as a major Offshore Jurisdiction
– The “offshore authorities” have a professional team on hand to provide a full and efficient service
– Document processing is much easier
– The process is far quicker
– The price for incorporation is very competitive
– There is no minimum capital requirement with RAK Company formation
– RAK Company formation allows 100% Foreign Ownership
– A minimum of only one (1) Shareholder and one (1) Director is required
– There is no Register of Shareholders or Directors
Main features of UAE Offshore Company are:
– It cannot carry on business within the UAE
– It does not need to have physical offices in the UAE
– It may have non-UAE resident as director or shareholder
– It may own real estate in the UAE, with prior authorization from RAK Investment Authority
– It may not do banking and insurance business without special license
– It may maintain bank accounts and deposits in the UAE or worldwide
– It is not obliged to maintain its books and records
– It may hold shares in other UAE and worldwide companies
– Complete “remote” set up
On top of being investor friendly and uncomplicated in setting up, RAK Offshore is also subject to 0% tax rates.
RAK Offshore has also signed double taxation prevention treaties that are aimed at making the UAE a more attractive territory.
At this time, RAK Offshore currently holds double-tax treaties with over 30 countries. These agreements prevent individuals and corporations from being susceptible to paying tax on the same item during the same time period.
Companies that set up in RAK Offshore are entitled to the following:
– Reduced Dividends Tax.
– Exempting Deposits from Tax
– Exempting Capital gains from Tax- 0%
– Exempting national air carriers and shipping companies working in international traffic from taxes and fees
– Exempting Government Sector Establishments from Taxes on Dividends, Interest and Capital Gains
– The Significance of the Tax Agreements to the Foreign Investor and the Investment funds
– Impact of the Tax Agreements on attracting Foreign Investments and capital Movements
– 100% income tax exemption
– 100% corporate tax exemption
– 100% capital and profit repatriation
– 100% ownership in Free Zones
– 0% Withholding tax
The UAE is not a member of the Organization for Economic Cooperation and Development (OECD) and therefore not on the OECD list of tax havens (nor the FATF blacklist).
RAK Offshore has long enjoyed a reputation as a secure, tax-free jurisdiction for international banking and company incorporation. With international trading benefits, it could be the ideal vehicle for your clients.
Setting Up a Company in Ras Al Khaimah:
- Individuals who wish to become 100% shareholder OR a collection of individuals who wish to become co-owners need only provide the following documents:1. Original Bank ReferenceTwo (2) original copies for each one Shareholder (no photocopies). One copy is required for incorporation of the company and the other one for opening of a Bank Account.2. C.V (Curriculum Vitae’s)
For each one of the Shareholders
3. Proof of Residence
Any utility bill such as Electricity, Water, Telephone bill which has a residential address or perhaps a Driver’s License
4. Notarised Passport Copies of all Shareholders (Notarised by a Notary Public)
- Corporate Entities that wish to become Shareholders of a new RAK Company need to produce the following documents:
- Certificate of Incorporation (Notarised & Apostilled)
- Certificate of Good Standing (Notarised & Apostilled)
- Memorandum & Articles of Association (Notarised & Apostilled)
- Board Resolution – Calling for the establishment of a RAK IBC (Notarised & Apostilled)
- Power of Attorney (Notarised & Apostilled)
Opening of a Bank Account for your Ras Al Khaimah Company:
Our firm is able to assist you with the opening of an Offshore Bank Account with any of the following UAE Banks:
ABU DHABI COMMERCIAL BANK
STANDARD CHARTERED BANK
EMIRATES NATIONAL BANK OF DUBAI
Offshore Accounts combine several advantages. The most important one is the reduction of taxes. Tax Offices for example will tax all funds as soon as they run through a local Bank Account. The authorities do not mind whether the money is intended for a local or foreign company nor whether the taxes are already paid in another country. You can avoid all this trouble by simply opening an Offshore Bank Account for your RAK Offshore Company at any of the above UAE Banks. Our Offshore Banking Service offers multi-currency service, phone banking, internet banking, cheques, ATM and credit cards. There is no check on your credit card history. Offshore Banks offer the highest level of privacy protection and are tax-free!
We need 3-5 days for a standard incorporation (provided all applicable supporting documentation is being duly received) plus another week to 10 days for setting up the Bank Account with any of the above UAE Banks.