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RAK Company – A Corporate Overview


Contributed by Oxford Tax Solutions
October 5, 2015



Currently Ras Al Khaimah (RAK) is one of the fastest developing emirates in the United Arab Emirates (UAE). RAK is renowned for being a low-cost, corruption and tax-free jurisdiction, ideal for business ventures. RAK is considered one of the most preferred offshore jurisdictions, with a prosperous and healthy economy, steady political situation and beneficial business laws and regulations.

The limited liability company of RAK, IBC does its business and trading outside RAK and focuses on offshore business activities. It takes two days only to register and incorporate a company within RAK.

 

Directors

The directors of a incorporated RAK company may hold any nationality as well as reside anywhere in the world. According to the requirements, a RAK company must have at least one director. Finally, the appointment of a local resident director is not required.

 

Shareholders

The shareholders of an incorporated RAK company may hold any nationality and live anywhere in the world. At least one shareholder is needed to for the company. The shareholder and director can be the same individual. There is no maximum number of shareholders required to set up a company. Finally, a shareholder may be an individual or corporation.

 

Share Capital

RAK's standard Share Capital is set at $1,000 USD. Nonetheless, only one of the shares of the share capital is required to be issued and paid. The share capital of the company may be issued in any currency.

 

Registered Office & Agent – Company Secretary

A RAK company is obligated to appoint a registered agent and hold a registered office within RAK. Companies are not obligated to appoint a local secretary.

 

Privacy Policies

The details of Directors are accessible via public records. Shareholder's details are not accessible via public records.

 

Companies Records

Even though it is not required to keep accounting records with RAK, companies are required to hold accounting records. Companies are not obligated to file or submit financial statements or accounts. In addition, companies are not required to audit their accounts. Finally, companies do not have to have a corporate tax return.

 

Corporation Tax

RAK IBC companies are not subject to corporate tax. RAK IBCs are required to pay a yearly government tax of about US$700.

 

Why Choose a RAK Company

The offshore legislation regime offers complete flexibility in terms of international asset and privacy protection. Ras Al Khaimah offshore companies are usually used for:

  • Bank account, investment plans, fixed deposit holders as well as any other form of commercial or financial title;
  • The owners of real estate property as well as any other form of both movable and immovable properties or goods;
  • The owners of shares of other companies/businesses or legal entities;
  • The manager and advocator of global business transactions and activities;
  • International leasing of vehicles, aircrafts, machinery;
  • Both lending and borrowing funds, receiving or paying royalties, commissions or other forms of transactions;
  • The promotion and marketing of goods and services;
  • Global trading of goods and services;
  • Confidentiality of the identity of the company's Ultimate Beneficial Owner (UBO).

 

 

Tags: investment | Tax | law | regulation | currency | royalties | United Arab Emirates | audit | legislation | Ras Al Khaimah | services | accounting | tax | offshore | business

 

 

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