Benefits of RAK offshore Company Formation

Benefits of RAK offshore Company Formation

In the emirate of Ras Al Khaimah in the United Arab Emirates, you can incorporate your offshore company at the Ras Al Khaimah International Corporate Centre. The Ras Al Khaimah International Corporate Centre is a Company Registry that operates in full compliance with international standards. It also follows best practices when it comes to RAK offshore company formation and conveniently located just 45 minutes from Dubai.

Ras Al Khaimah is well served by its own international airport, as well the Sharjah International Airport, which is only 30 minutes away from the Ras Al Khaimah International Corporate Centre. It is less than an hour’s drive to the Dubai International Airport, which is also the home of Emirates, one of the world’s best-known international airlines. There are several international flights from Dubai, and two-thirds of the world’s destinations can be reached within eight hours or less.

The United Arab Emirates has a currency that is pegged to the US Dollar, which also lends itself to a favorable business climate.

At the Ras Al Khaimah International Corporate Centre, 100% foreign ownership is permitted. The minimum number of shareholders is one, meaning people can set up single-owner offshore companies. It is required that there be a minimum of one Director for the offshore company. The names of the Director(s) and Ultimate Beneficial Owner, if different from the Director, are not required to be published anywhere in the public domain. However, this information must be provided to the Ras Al Khaimah International Corporate Centre, which maintains 100% confidentiality. This is part of the United Arab Emirates’ initiative to prevent money-laundering.

Offshore companies incorporated in the Ras Al Khaimah International Corporate Centre are exempted from all import and export duties. They are also not required to pay any short-term capital gains tax or long-term capital gains tax on their profits. The Ultimate Beneficial Owner of the company and/or the Director of the company are also not required to pay any taxes on their personal income. There are also no corporate taxes for the offshore company incorporated in the Ras Al Khaimah International Corporate Centre.

The United Arab Emirates has Double Taxation Avoidance Agreements with 135 countries around the world. If the home country or the country of residence of the company owner or Director is on the list, they may not be required to pay any personal income taxes in their home country or country of residence as they have already been taxed at the rate of 0%. This, however, is subject to the specific Double Taxation Avoidance Agreement signed with the country in question.

A business setup consultant experienced in offshore company incorporation can help you out with the details. He/She can also run a search to see if the name you have in mind is available or whether it has already been registered by another business entity. If you need time to incorporate your offshore company in the Ras Al Khaimah International Corporate Centre, a trade name for your business can be reserved for up to 90 days.

An offshore company incorporated in the Ras Al Khaimah International Corporate Centre is not required to have its accounts audited. The accounting requirements are simple. The annual accounts, approved by the Director(s), must be preserved for seven years. However, it is not required that these annual accounts be filed anywhere. It is also required that an Annual General Meeting of the shareholders be held once every year, but this can be held anywhere in the world.

There needs to be a minimum of one share when the company is incorporated. This must be in UAE Dirham, United States Dollar, British Pound, or Euro currency. Other currencies are permitted, subject to approval. Shares can be transferred, and there are no duties on share transfer. The company’s name must end with the word ‘Incorporated’ or ‘Limited’. There is no requirement to hire any staff for the offshore company, although an office is mandatory. This can be provided by the Ras Al Khaimah International Corporate Centre.

The owner or the Director does not have to visit the United Arab Emirates for the purpose of incorporating the offshore company. A company can engage in real estate consultancy, hold shares in other companies, act as a holding company, business management consulting, general trading, Information Technology consulting, marketing consultancy, own assets, or invest in property. In fact, an offshore company incorporated in the Ras Al Khaimah International Corporate Centre can engage in up to five business activities from this list.

It can take up to five business days for incorporating an offshore company in the United Arab Emirates. Every offshore company incorporated in the Ras Al Khaimah International Corporate Centre is required by law to have a Registered Agent. The Registered Agent is responsible for maintaining the Registered Office of the offshore company, to which all official communication and notices will be sent. It is the Registered Agent who has the responsibility of furnishing information pertaining to the Ultimate Beneficial Owner. In case of any change of Ultimate Beneficial Owner, this change must be communicated promptly to the Ras Al Khaimah International Corporate Centre.

The Ras Al Khaimah International Corporate Centre is not under obligation to share any tax information with any country. The Registrar reserves the right to strike off a company from the Register if it carries out any activity that is prejudicial to the interests of Ras Al Khaimah and/or the United Arab Emirates. A company may also be stricken from the Register if it fails to pay the fees as applicable towards the Ras Al Khaimah International Corporate Centre.

A&A Associate LLC is a business advisory firm that specializes in offshore company registration in Dubai. It has years of experience helping incorporate offshore companies in the Ras Al Khaimah International Corporate Centre. It has been of assistance to clients from 100 countries around the world, and has a 98% client satisfaction rate so far.

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