Peculiarities of the United Arab Emirates jurisdiction suggest for business a number of advantages and great opportunities. More and more foreign entrepreneurs incorporate offshore companies in the UAE to optimize tax and customs fees. Let’s try to understand this matter in details.
Ras Al Khaimah - offshore company RAK ICC, benefits and advantages
Incorporation of offshore company in Ras Al Khaimah Emirate provides for foreign businessmen and investors the following benefits:
- No minimum threshold for the company share capital;
- Zero rate of income tax and corporate tax;
- No restrictions on repatriation of capital and volumes;
- Legal framework provides confidentiality of information about the business;
- Possibility of 100% ownership by foreign nationals.
Jurisdiction of Ras Al Khaimah is an offshore zone with a very flexible structure that allows companies incorporated in this territory to carry out the utmost diverse business activities. It can be investment activity aimed at protecting financial assets, commercial and trade activities, acquisition and ownership of real estate, tax and customs payments planning, etc.
If you consider bringing your business at absolutely new international level, with minimal cost and no hassle, offshore area of Ras Al Khaimah is the perfect option. Foreign entrepreneurs and investors of this FTZ can always enjoy simplified procedure of RAK ICC company incorporation. Our team is ready to provide you maximum support and share many years of experience of presence at the market of the United Arab Emirates.
Incorporation of offshore companies in free trade zone of Ras Al Khaimah is performed indirectly through official appropriately registered agents and who have relevant credentials. An applicant who needs to register a company refers to the agent, which subsequently will prepare documents necessary for incorporating a company. The agent will file documents with appropriate incorporation authority.
Legal companies or professional consulting agencies may act as authorized agent of the company that shall undergo procedure of respective registration and obtain a license for such activity in the Emirates. Government license is the core condition for the provision of corporate services to clients.
The procedure of incorporation of offshore company RAK ICC in RAK can take 2-3 business days, excluding weekends and national holidays. Unlike similar offshore jurisdictions, the cost of incorporation in Ras Al Khaimah FTZ is quite reasonable and affordable.
Thus, one can firmly state that offshore company in Ras Al Khaimah is a great way to incorporate effective international business at minimal cost.
Documents for incorporation of offshore company in Ras Al Khaimah
To incorporate a RAK ICC company in offshore zone, you will need the following documents:
- Scanned copies of passports of shareholders and directors of the company;
- Proof of residence of shareholders (receipt of payment of utility services for the last three months);
- Extract from personal bank account and a letter of recommendation of banking institution;
- CV of shareholders of offshore company, with details about education and professional experience.
Relations with banking institutions and procedure for registration of bank account also have a number of advantages over other similar offshore jurisdictions. It is important to take into consideration the fact that provisions of banking confidentiality of customer and bank secrecy are strictly observed in Ras Al Khaimah Emirate. Special attention should be paid to the fact that local banks have no restrictions on the amounts attracted and repatriation of capital investments as well as profits.
Legal regulatory framework of Ras Al Khaimah offshore zone
Legal regulatory framework of RAK ICC companies differs by loyalty and flexibility with respect to foreign investors. The main strategic goal of the Government of Ras Al Khaimah Emirate is to ensure effective legal framework for protection of the interests of foreign investors. In addition, ideal conditions for building a highly profitable international business have been created.
International companies operating in free trade zone of Ras Al Khaimah, may be in full possession by foreign nationals, and still receive tax and customs privileges. Here barriers to international trade are fully eliminated, there is no exchange control, and there is no need to conduct annual financial audit.
Regulatory legal acts adopted by official government authorities of the United Arab Emirates allow simplified incorporation of companies in specialized trade zones; Free Trade Zone of Ras Al Khaimah is not an exception.
An offshore company, operating on the territory of Ras Al Khaimah Emirate has an opportunity to open bank accounts with local and international offices of banks, as well as to manage the resources on the territory of the United Arab Emirates. Services of local legal, consulting and auditing companies are available to these companies.
However, there are limits to the activities of RAK ICC offshore companies, in particular they are not allowed to:
- Be engaged in banking and other financial activities;
- Participate at the local market;
- Opening office of an offshore company in the UAE.
Conclusion:
The Government of Ras Al Khaimah Emirate does its best to create favorable business environment on the territory of the Emirate. First of all it is development and improvement of the existing infrastructure, support of private companies in the field of logistics and creating a comfortable investment climate.
This approach allows the Emirate to attract significant investment into local economy, and thus contribute to rapid economic growth and increasing profitability of investment projects. Both locals and foreign investors benefit from such cooperation.
