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Canary Islands Special Zone Company Formation
United Arab Emirates- Ras Al Khaimah: OFFSHORE COMPANIES, FREE ZONE
OFFSHORE COMPANY
FORMATION
Main features of RAK OFFSHORE IBC’s
It may not carry on business in Ras Al
Khaimah
It may own real estate in the UAE,
with prior authorization from RAK Investment Authority.
It may not do banking and insurance
business without special license.
It may maintain bank accounts and
deposits in the UAE
It may have professional relationships
with investment advisors, accountants, attorney or similar persons.
It may maintain its books and records
It may hold shares in other companies
It may own yachts registered in the
UAE
A person resident in the UAE may hold
shares in a RAK IBC
Statutory description of private
limited company
|
International Business Company (IBC)
|
Governing corporate legislation
|
RAK Investment Authority (RAKIA) is
the governing body and the companies is regulated under RAK
Offshore Regulations 2006 |
Time-scale for incorporation
|
24 hours. There is a time difference
of +4 hours to GMT |
Availability of ready-made companies
|
Shelf Company are permissible with the
RAK Offshore (RAKIA).These companies are available at any time on
submission of proper documents. |
The regulations governing availability
of names
|
Generally the nature of the company
has to be indicated through the words 'Limited', 'Corporation',
'Incorporated', 'Société Anonyme', 'Sociedad
Anonima', 'Unlimited' or the abbreviation 'Ltd',
'Corp.', 'Inc.', 'SA' or 'Unl'.
No names are permissible if the name resembles to any other
offshore company already registered or the name appears to be
misleading with the names of any governmental organisations
existing in UAE. Words resembling financial activities such as 'Assurance',
'Bank', 'Building Society', 'Royal',
'Trust Company', 'Trustee Company' etc. will
require justification. |
Minimum and maximum number of
shareholders
|
A company may be formed with minimum
of one shareholder and there is no limitation as of maximum. One
shareholder will be required upon the appointment of the first
director (ie within 6 months of incorporation). |
Statutory minimum paid-up capital
requirements
|
Capital is required for the
incorporation of a offshore company but there is no minimum
capital requirement. |
Classes of share available
|
Share capital may be divided into
different classes.
Bearer shares are not allowed.
Shares may be issued fully, partly or nil paid. |
Denomination of share capital
|
AE Dirham and US Dollar can be used as
the denomination for the capital. Any foreign currency is
acceptable but prior consent has to be approved by the RAK
Authority. |
Annual Costs
|
As per request. |
Residency requirement on shareholders
or shareholders’ meetings
|
No requirement for a local resident to
be a Shareholder, only proof of residence is required to be
submitted. |
Information published relating to
shares and shareholders
|
The company must keep a copy of the
share register at the registered office address. This is available
for inspection by the members and is not publicly available. The
company may voluntarily file at the Registrar the copies of the
register of members. |
Minimum and maximum number of
directors
|
Sole directors are permissible. There
is no statutory limitation for maximum number of directors
permitted, although the articles may impose a limit. |
Are corporate directors permitted?
|
Yes. Corporate entities are even
permitted to hold shares in a RAK Offshore companies. |
Nationality and residency requirements
of directors
|
The director can be a resident or any
foreign citizen but is required to submit the proof of residence
and other relevant documents. |
Nature of the powers of the directors
|
The directors have all the powers of
the company that are not reserved to the members under the
Regulation or in the memorandum and articles. |
Directors' meetings
|
The directors may meet at such times
and places within or outside the UAE as the directors may
determine to be necessary or desirable.
Telephone and other electronic meetings are allowed. Subject to a
requirement in the memorandum and articles the director shall be
given reasonable notice of meetings of directors, although this
rule is subject to a waiver of notice.
The presence of a director at a meeting shall be deemed to
constitute a waiver on his part. The quorum of a meeting of
directors is fixed by the memorandum and articles but where no
quorum is fixed, a meeting of directors is properly constituted if
one half of the total number of directors is present in person or
by alternate. |
Information published relating to
directors
|
There is no public register of
directors, although the company may voluntarily file its register
of directors with the Registrar. |
Must accounts be prepared by the
directors?
|
A company incorporated under the
Regulation shall keep such accounts and records as the directors
consider necessary or desirable in order to reflect the financial
position of the company. |
Must such accounts be filed with the
financial authorities?
|
No. |
Must such accounts be audited, and if
so by whom?
|
No. They may be audited by persons
approved by the directors. |
Must the company have a registered
presence in the territory of incorporation?
|
Yes. The company must at all times
have a registered office and registered agent within Ras Al
Khaimah. The registered office must be maintained either by the
company or its registered agent. |
What records must be maintained in the
territory and are they available for public inspection?
|
A copy of the share register and the
register of directors and an imprint of the common seal must be
kept at the registered agent's address. Other records such as
minutes of meetings of directors, members and copies of all
resolutions may be kept at such places as the directors determine,
but copies must be kept at the registered agent's address.
These are not available for public inspection, other than by
members or directors. If copies of these registers and documents
are kept other than by the registered agent, the registered agent
must be notified of the location of the original.
If the company fails to comply with these provisions it is liable
to a fine. |
Can the company make secured loans?
|
Yes. |
Can the company make unsecured loans?
|
Yes. |
What are the limits placed on the
company’s borrowing powers?
|
None. There are no debt/equity ratios
under the law. |
Is there a register of company charges?
|
A company may maintain at its
registered office a register charges and other encumbrances. This
is not mandatory. Similarly, a public register may be maintained
at the option of the company. |
Company seal
|
A company must have a common seal.
|
Re-domiciliation provisions
|
A company incorporated under the laws
of a foreign jurisdiction may continue its existence as a company
registered under the Act. Similarly, RAK Offshore business
companies may transfer their domicile to foreign territories that
permit such procedures. |
Confidentiality
Details of the company beneficial
owners, directors and shareholders are NOT part of public record. The
Registrar of Companies does not require any data whatsoever on who is
the actual beneficial owner of the new company. This information is
only known to the licensed Registered Agent of the company and is kept
in complete confidentiality. The internal corporate files of the IBC,
like the Register of Members, Register of Directors and all Minutes
and Resolutions, are kept at the offices of the Registered Agent and
are also confidential.
RAK is not a dependent or 'overseas' territory of another
country and as such it is not sharing or reporting information to any
overseas 'principal' or organization. Ras Al Khaimah is not
subject to the EU Savings Tax Directive, unlike some other offshore
tax havens related to the EU member states.
USES OF OFFSHORE
COMPANIES
An Offshore company is a very flexible
corporate entity commonly used in international tax planning, and can
be integrated into a wide variety of business arrangements. Tax
minimization, asset protection and confidentially are just a few
benefits which can be achieved by a proper application of an offshore
company. A clever use of an offshore company can reduce, defer or
eliminate some tax that would be otherwise payable in a high-tax
jurisdiction, but does not relieve its beneficial owner from all
personal tax liabilities in his home country.
Some countries, like British Virgin Islands or Panama have an inherent
image of offshore tax havens. Ras Al Khaimah, however, offers
attractive tax benefits but does not ring the bell as being a “tax-haven”.
There is no standard reply as to which is the best offshore
jurisdiction. Depending on the personal situation and business
activities of its owners and upon the various tax regulations in force
in the countries where the offshore company will engage in business
are decisive factors.
There are a number of business activities which are suited to be
operated through an offshore company, these include :
Trading Company
Property Owning Company
International services companies
Holding company
Professional Service Company
Shipping and ship management companies
Commission agents
About RAK
Ras Al Khaimah, located at the north
end of the coast of the Arabian Gulf, is one of the seven Emirates
that form the United Arab Emirates.
Ras Al Khaimah is nestled between the Hajjar Mountains on the East and
the Arabian Gulf on the West and shares mountainous borders with the
Sultanate of Oman.
H.H. Sheikh Saqr bin Mohammed Al Qasimi has been the Ruler of
Ras Al Khaimah since 1948. His son, H.H. Sheikh Saud bin Saqr Al
Qasimi was appointed Crown Prince and Deputy Ruler in June 2003.
Ras Al Khaimah has earned its reputation as a pre-eminent commercial
centre with an innovative, dynamic and entrepreneurial business
culture. Strategically located at the crossroads of trade and commerce
between East and West, it is ideally positioned to service and access
markets that span the Middle East, Africa, the Indian Subcontinent and
the CIS countries. Moreover, it occupies a time zone that allows it to
connect markets like the Far East and the US. To leverage this
advantage, it is developing a worldclass infrastructure, air and port
facilities, making it the most well-connected hub in the region.
RAK economy is based on leveraging on natural topography, consisting
of 65 km of coastal silver sandy beaches, Majestic mountains on the
eastern side for hill resorts, unspoilt desert plain in the central
region for commercial & industrial projects and green belt in the
southern side for agriculture developments. RAK is indeed blessed with
abundance of natural beauty on one hand and unique location on the
other which has allowed to strategize the economic development on two
pillars, namely, Tourism & Industry
The city of Ras Al Khaimah, the capital of the Emirate, is divided
into two parts by a creek. The western part, known as "old Ras Al
Khaimah", comprises government departments, educational institutions,
shopping malls, hotels as well as residential areas and new
construction projects. The eastern part, known as Al Nakheel, houses
the Emiri Court, some government departments, markets, Ras Al Khaimah
Exhibition Center, hospitals and residential areas housing the
majority of the city's population. The two parts of the city are
linked by a bridge and a network of modern roads.
Key Statistics
Area : 2468 km²
Coastline : 65 km
Population : 250'000
Languages : Arabic and English
Currency : Dirham (AED 3.67 = 1USD)
Crime rate : Close to Zero
Key Statistics
As the most northern emirate in the United Arab Emirates and a 45
minutes drive by car from Dubai, Ras Al Khaimah (Arabic: The top of
the tent) offers swift and easy access to neighboring countries
throughout the Gulf and beyond. It is the closest emirate to the main
shipping lane traversing the Strait of Hormuz and to all of the
northern markets such as Iran, Pakistan, India, the CIS countries and
the fast emerging China
Why RAK
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,
infrastructure tourism, manufacturing and service 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.
The comparative advantages of availability of land and relative ease
in setting up business offers potential investors easy access to their
respective markets.
100% income and corporate tax
exemptions
No Income, Sales or Wealth Tax
No restrictions on hiring expatriates
25 Years Renewable Lease Agreements
No Import or Export Taxes
100% Repatriation of Capital & Profits
Land at very Concessional Rates
Proximity to Entire Gulf and Global
Markets
RAK Fact File
Population: 250,000
Area: 1,684 square kilometers
Coastline: 65 kilometers
Climate: High temperature and humidity in summer while weather
in winter is cool and pleasant
Languages: Arabic and English
Religion: Islam
Local time: GMT + 4
Currency: Dirham (fixed course: 1US$ = 3.67 DHS) (1DHS = 100
Fils)
Principal markets for Exports: Bahrain, Iran, Kuwait, Saudi
Arabia, Oman, Qatar, India, EU
Principal markets for Imports: Middle East: 52% Asia: 30%
Europe: 10% America and Africa: 3% each Australia: 2%
Thrust Areas: Tourism, Real Estate, Industries for
Manufacturing, Financial Services
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