Offshore Company Incorporation
The RAK Offshore company is by far the most popular set-up for international entrepreneurs in the UAE.
0% Company TAX!
It is the easiest, fastest and cheapest way to start your business in Dubai, or the rest of the UAE for that matter. In addition, there are no annual audits or extensive reporting requirements and low maintenance costs.
RAK Offshore companies have a lot of very interesting features from which you can highly benefit. And a number of benefits you don’t find in other offshore jurisdictions in the world.
Highlights of RAK Offshore:
- 100% foreign ownership is allowed
- Exempt from all corporate and income taxes 0% TAX
- No foreign currency restrictions
- Full repatriation of profits and capital allowed
- There is no local office required, no employees and related costs
- The RAK Offshore company can own interest in real estate in the UAE and intellectual property
- The RAK Offshore company can act as a Holding
- No audit requirement or requirement to submit financial statements
- Holding shares in international, local or free zone companies
- International consulting
- Investment company
- Trading activities outside the UAE
- No requirement for the owner or director to visit the UAE in person
- Confidentiality is preserved; there is no public record of shareholders or directors
- Possibility to open a solid bank account in Dubai
About Ras Al Khaimah:
Ras Al Khaimah is part of the United Arab Emirates, a constitutional federation of seven emirates located along the south eastern tip of the Arabian Peninsula. Its infrastructure is of the highest standard, with access to more than 170 shipping lines and approximately 86 airlines connecting to over 100 cities worldwide. The RAK Investment Authority (RAKIA) launched the concept of the International Business Company in January 2007 and it has since become one of the most popular offshore destinations.
RAK Company main characteristics:
||International Business Company (IBC)|
|Governing corporate legislation||The RAK Investment Authority is the governing authority and companies are regulated under the RAK Offshore Regulations 2006.|
|Information published relating to company officers||There is no public register of company officers. No name should be disclosed upon incorporation.|
|Confidentiality||RAK offers complete anonymity and privacy as well as protection of any other information or assets.|
||No accounting / reporting requirements.|
||No corporate taxes of any sort.|
||Modern offshore legislation.|
||100% foreign ownership is allowed, no requirement to have a local partner.|
||Efficient communication means.|
||Convenient world time zone: GMT+4|
|Paid up capital requirement
||No paid up capital requirement.|
|Basis of legal system
||Minimum of 1 director/shareholder.|
||Bearer shares are not permitted.|
Since the inception of offshore company formations in early 2003, the UAE has rapidly emerged as the business hub of choice in the Middle East region and is proving itself to be well placed to being one of the most dynamic and fastest growing business and International Financial Centres worldwide.
Given the UAE’s continued stance on ZERO tax’s and duty exemptions, there is little wonder why more and more individuals and International Companies are now choosing the Emirates as, not only their business headquarters, but also in many cases their primary choice of residence too.
In early 2003, Jebel Ali Free Zone Authority (JAFZA) Dubai’s foreign ownership Free Trade Zone, became the first location in the UAE to provide offshore company formations. In February 2007, Ras Al Khaimah Investment Authority (RAKIA) and Ras Al Khaimah Free Trade Zone (RAKFTZ) located in the most Northerly region of the Emirates expanded their already thriving Free Zone to include offshore business formations, often known as International Business Companies (IBC’s.) Due to the excellent operational service methods adapted by RAK Offshores, the offshore incorporation division of RAKIA and RAKFTZ, coupled with the clear documentation process and lower incorporation fees, RAK Offshores have stepped into the driving seat of offshore formations within the UAE.
Recently, there have been some improvements in the offshore regime in Ras al Khaimah. The registers of RAK FTZ and RAKIA were merged into a new offshore regime: the Ras al Khaimah International Corporate Centre, RAK ICC.
Owning UAE Offshore Company will benefit, and is particularly useful if you are considering or want to achieve any of the following:
- Corporate Bank account in Dubai
- No need to travel to UAE for Incorporation
- Non Residents (without UAE visa) foreigner can become sole Director / Shareholder / Secretary of the company.
Other International offshore Jurisdictions include;
- Isle of Man