Alongside with its status as a flexible offshore jurisdiction, RAK government's proactive approach accomplished to put into life the best regulatory environment and legal framework with tax exemption, 100% foreign ownership, no foreign exchange controls, trade barriers or quotas and absence of audit requests.
The RAK Free Zone authorities have set up the regulations to incorporate International Companies in RAK. The regulation predefines that the company registration shall be done over a registered agent. Such registered agent are professional consulting firm and law firms which are duly approved and licensed for that purpose by the respective authorities and RAK FTZ and, under such licenses, are permitted to provide the corresponding corporate services to their clients.
RAK offshore companies are permitted to open and operate bank account on the territory of UAE – in local and international banks. These companies can also have contacts with legal consultants, lawyers and auditors in UAE.
They are not permitted to:
- Carry on a banking business, and business related to finances – brokerage, insurance, assets management, etc.
- A Free Zone Company is not allowed to trade directly with the UAE market
- It can not obtain resident visas in the UAE for its owners
- It is not permitted to tent an office on the country's territory
In general, RAK government is doing its best to create all what may be required for business including, obviously, such a crucial element as the right infrastructure and logistics support for industries along with its investor business friendly environment, which attracted many global industrial majors to set up an RAK offshore company.
Its far-sighted planning and fast execution of projects have led to the most phenomenal development in the second half of the last century- the rise of a city, emergence of a new economy represented by RAK offshore company set up.
Politically stable, Ras Al Khaimah has a forward-looking, responsive government with a liberal and open minded, pro-business attitude and a strong commitment to the private business sector. Business-friendly regulations and a favourable tax regime along with customs framework can only add a positive note to that what is already mentioned above.
