|
|
|
Limited formation,Offshore
company, Dubai Company Formation, Cyprus company, Bankaccount opening,
U.S. corporation,Company formation in the USA,
switzerland company formation, ISLE OF MAN FORMS OF COMPANY,
The
Canary Islands Special Zone Company Formation
United Arab Emirates- Ras Al Khaimah: OFFSHORE COMPANIES, FREE ZONE
WHY RAK
Many jurisdictions are considered only
as tax havens. The United Arab Emirates is a “real” country with a
“real economy” with a population of approximately 4 million. It has an
established history of international trade, finance and business, and
today it is one of the fastest growing countries in the world with one
of the highest standards of living.
Ras Al Khaimah (RAK) has undergone a paradigm shift in the last few
years since it joined the United Arab Emirates in 1972. It is
strategically located in the Arabian Gulf and forms the gateway to
most of the countries in the Middle East. There have been fundamental
and significant changes to the investment policies that have enabled
an environment conducive for global businesses to locate their
operations in RAK.
RAK is witnessing an unprecedented growth surge with the rolling out
of ambitious development plans including investments in real estate,
hotels & hospitality businesses, health & education, tourism industry,
manufacturing and many more sectors. It has become a landmark, as an
important destination of foreign investment.
The RAK government is proactive and encourages the concept of free
enterprises to attract investment for overall progress and development
of the Emirate.
A Company in RAK
The comparative advantages of availability of land, and relative ease
in setting up business offers potential investors easy access to their
respective markets.
The choice of a suitable jurisdiction is an important decision and
requires careful considerations. Important aspects to be examined and
which RAK offers may be outlined as follows:
Political and economic stability of the jurisdiction
The availability of a modern and
flexible legislative framework
Simple incorporation and filing
requirements
The availability of Double Taxation
Treaties - this is very important in order to minimize withholding
taxes on the payment of dividends and royalties from contracting
states
The availability of good calibre
professional advisers
A good banking system
Good telecommunications
Any investor will benefit from
RAK is not a dependent or “overseas” territory of another country
Pressure has been put on traditional low tax jurisdictions by the
Commission of the European Community (EU) in conjunction with the
Organisation for Economic Cooperation and Development (OECD). The UK
parliament has converted British Dependent Territories to British "Overseas"
Territories (in 1998). The UK government may apply greater control
over its tax haven progeny (ie Bermuda, BVI, Caymans, Gibraltar, Turks
& Caicos)
RAK has double taxation treaties with a number of countries
Double taxation agreements prevent individuals and corporations from
being susceptible to paying tax on the same item during the same time
period. These agreements determine which of the two states concerned
should levy tax in a particular situation: Austria, Belarus, Belgium,
Canada, China, Czech Rep., Egypt, Finland, France, Germany, India,
Indonesia, Italy, Lebanon, Malaysia, Malta, Morocco, New Zealand,
Pakistan, Poland, Romania, Singapore, Sudan, Thailand, Tunisia, Turkey,
Ukraine.
RAK is not a member of the Organisation for Economic Cooperation
and Development (OECD)
No foreign exchange of information.
RAK is not on the OECD “blacklist” of tax havens (nor the FATF
blacklist)
RAK is not a member of the EU, and is not subject to EU regulation
Fiscal & Regulatory benefits
100% income tax exemption
100% corporate tax exemption
100% capital and profit repatriation
100% ownership in Free Zones
No Import or Export taxes
No capital gains tax
No Value-added tax
No Withholding tax
No restrictions on hiring expatriates
Land at very preferable rates
25 years renewable lease agreements
Proximity to entire Gulf and global
markets
Residence Visa
In practice, however, oil, gas and petrochemical companies, hotels,
branch offices of foreign banks are required to pay taxes.
|
