THE MAIN CHARACTERISTICS OF RAK COMPANY
|Type of entity
||International Company Limited by Shares
|Type of law
|Disclosure of Beneficial Owner
|Migration of Domicile Permitted
|Language of Name
||English or Arabic
|Minimum Number of Shareholders
|Minimum Number of Directors
|Corporate Directors Permitted
|Minimum Usual Authorised Capital
|Local Partner (UAE National or Company owned by UAE National)
|Government Register of Directors
|Government Register of Shareholders
Recurring Government Costs
|Minimum Annual Tax/Licence Fee
|Annual Return Filing Fee
Presentation of jurisdiction
Ras Al-Khaimah (RAK), is one of the seven United Arab Emirates. And even though the most well-known Emirate is Dubai, 100 km from it, RAK stands out as the fastest growing free trade zone in the area.
A major interest has gone towards the financial and investment sector in Ras Al-Khaimah, and reasons lies in its financial structure and the features of RAX taxation:
- No taxes for international, free zone or mainland companies, or individuals.
- The Ras Al-Khaimah International Company (RAK-IC) was launched in 2006 and since that has helped many companies improve their financial structure, optimizing it, and providing tax effective and extensive corporate solutions.
- It has a long and valuable experience helping companies that deal optimizing the financial structure of their services, i.e.
- International trading.
- Ownership of intellectual property or real estate.
- Asset protection or if it is a global holding company.
- The only prerequisite is to run all operations outside of the UAE.
Given that RAK International Company services are broader than those mentioned above…
Who should choose RAK Company and for which activities?
- Global Holding Companies.
- International trade;
- Inheritance tax purposes;
- Holding of intellectual property rights (IP);
- Ownership of movable and immovable property;
- Asset protection.
INTEREST OF THE JURISDICTION OF RAK
Advantages of a company in RAK:
- No corporate tax – 0%.
- No corporate, personal, sales or withholding taxes applied in the UAE.
- Absolute confidentiality.
- 100% foreign ownership.
- Double taxation treaty network.
- No annual reporting requirements.
- No Accounting.
- No restrictions on repatriation of profits and capital.
- Absence of Exchange controls.
- Flexibility to act as the global holding company for all international activities.
Disadvantages of a company in RAK:
- Lack of public registers can hinder proving ownership.
How to proceed
To incorporate or purchase a company the following documentation should be provided:
- A completed application form signed by the company or by the representative;
- Copy of valid passport;
- A personal bill, which is less than 3 months old from the date of the application;
- Payment of our fees.
Note: additional documents may be required depending on the certain offshore bank.
Set-up time: From the moment, we are in possession of all required documents:
- Incorporation of a company or purchase of an existing company: 3 days;
- Delivery of the original company documents: 15 days;
- Offshore Bank: offshore bank account opening: 3 weeks.