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Registration of an offshore company in Ras Al Khaimah, UAE

Registration of an offshore company in Ras Al Khaimah, UAE

2017-03-20
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Today, the United Arab Emirates (UAE) are among the most popular jurisdictions for international business. This young state in a short period acquired the status of the largest international financial center in the Middle East region.

The UAE consists of seven emirates, each of which is an independent state - an absolute monarchy: Abu Dhabi, Dubai, Ajman, Umm al-Quwain, Ras al-Khaimah, Fujairah, Sharjah.

In the UAE, you can register offshore (non-resident) and resident (onshore and local) companies. Offshore registration in the UAE is offered by the Jebel Ali Free Zone Registry and (RAK) Ras Al Khaimah Registry.

The emirate of Ras al-Khaimah is a dynamically developing economic center, the most attractive for foreign investors. Its popularity is promoted, in particular, by the intensive development of the tourism sector and transport infrastructure. The number of companies registered in the emirate of Ras Al Khaimah is constantly growing, since this procedure does not require much time and is more budgetary in cost than in neighboring economic zones. You can register an offshore company RAK ICC (RAK al Khaimah Corporate Center) in RAK, which combines the previous IBC (Inter Business Companies) and RAK Offshore.

Offshore companies registered in RAK have several advantages:
- lack of income and corporate tax;
- lack of VAT, capital gains tax;
- lack of requirements for annual reporting;
- 100% ownership of foreign founders;
- 100% repatriation of profits and capital;
- no minimum initial capital requirements;
- high standards of confidentiality;
- the ability to open accounts in the banks of the UAE;
- the possibility of owning real estate;
- The possibility of doing business in any country in the world (with the exception of the UAE);
- ease of registration.

RAK registered offshore companies are the best option for tax planning and asset protection.
Main activities:
- the creation of holdings;
- international trade;
- consulting services;
- international transportation;
- provision of business services.
For conducting trust, banking, insurance, reinsurance activities, managing third-party funds, it is necessary to obtain the corresponding licenses.

To register a company, you must comply with the following requirements:
Company name
- company name must end with Limited or Ltd;
- use of words Bank, Trust Company, Insurance, etc. is prohibited. without a license.

To establish a company you need:
- contacting a local registration agent;
- availability of the registration address on the territory of the RAZ FEZ - provided by the registration agent;
- at least one director - a natural or legal person of any residency;
- at least one shareholder - a natural or legal person of any residency;
- secretary - natural or legal person (director can be secretary);
- currency for capital - dirham or US dollar.

For an offshore company registered in RAK, there are no:
- Requirements for the submission of annual reports;
- Requirements for the location of meetings of shareholders and directors;
- The need for the personal presence of directors and shareholders during company registration;
- Requirements for conducting an audit;
- Currency control.
The register of shareholders and directors is not transferred to the public; the register of directors should be kept at the local office, but not public information. There is no possibility of using bearer shares.

To register a company, you must provide:
- completed questionnaires;
- company charter;
- а copy of the passport of an individual;
- proof of residential address;
- bank reference letter;
- a package of corporate documents.

The possibility of opening an account in the UAE banks is a reliable way to protect funds from any manifestations of the crisis, to use the latest banking products and services. In terms of assets and liquidity indicators, the UAE banking system occupies one of the leading positions in the financial sector. An additional privilege of customers of local banks is the strictest observance of bank secrecy.
Offshore and onshore enterprises registered in Ras Al Khaimah have the right to open bank accounts.

To open a bank account you must provide:
- color copies of director and shareholders passports (certified);
- bank statement for six months;
- bank recommendations;
- information on the professional activities of persons entitled to manage the account;
- business plan.

If you have all the necessary documents, the company registration process may take 3-4 business days.

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