RAK onshore company registration is like a gilt-edged opportunity to grow your business above and beyond! Onshore company is the company registered in one of free trade zones and is an effective tool for business purposes. The huge advantage and prerogative of RAK onshore companies is that they can have a real office on the territory of the Free Zone, can operate from within the UAE and shareholders/directors and their family members may obtain UAE resident visas. Besides, they can have a status of a tax resident, since these questions is acute nowadays.
For RAK onshore company formation in the UAE, all businesses must obtain a license to operate. The UAE Commercial Company Law recognizes the following major forms of companies:
- Limited liabilities companies;
- Branch offices;
- Representative office;
- Free Zone companies.
Here are the main features of RAK onshore companies:
- Corporate tax, VAT- 0%;
- No restrictions on the shareholders'/directors' residency and citizenship;
- No exchange currency control;
- 100% foreign companies ownership;
- 100% repatriation of capital and profits;
- Economic stability, business-friendly environment.
UAE has Double Taxation Agreements with more than 50 countries, which clearly gives companies great incentives provided they meet all the requirements of the treaty. Double taxation agreements prevent individuals and corporations from being susceptible to paying tax on the same item during the same period of time. These agreements determine which of the 2 states concerned will levy tax in a particular situation.
Please note that the following documentation is required to proceed with RAK onshore company formation and obtaining a license for the type of business activity you are engaged in (a company should choose one type of license to operate with):
- Passport copies CV with educational and professional qualifications;
- Business Plan outline;
- Utility bill (not older than 3 months);
- Bank reference letter;
- Bank Statement for the past 3-6 months.
Ras Al Khaimah is sure to highlight and promote the Emirates' business set up success and investment landscape and thus, allowing the clients to choose from a pool of business opportunities to protect one's assets.
