Advantages of the United Arab Emirates include:
● High standard of living and favourable geographical position
● Economic and political stability
● Mature banking and financial sectors - the UAE has more than 50 national and international banks
● Highly developed infrastructure for tourism, entertainment and business
● Infrastructure for families – nurseries, schools and international colleges
● High level of security and personal safety
● Absence of corporate and income tax
● Comprehensive legislation and business infrastructure
● Strategically good position in the Middle East and North Africa (MENA) region
● Efficient and productive working day dealing with Asia in the morning, Europe and Africa during the day and the Americas in the afternoon
● World class infrasturcture
● Accessibility - well served by international airlines.
Ras Al Khaimah is one of the seven emirates that make up the United Arab Emirates. Known as the "rising emirate" it has gained a reputation for economic growth and business opportunities.
In 2017 RAK International Corporate Centre (RAK ICC) was established following the amalgamation of two company registries – RAK International Companies and RAK Offshore. It has a very competitive cost advantage compared to other regulatory authorities in the region.
RAK ICC provides investors with a modern registry with up to date procedures and regulations similar to those of the BVI.
RAK International Business Companies (IBC) are non-resident and are often used, but not limited to, wealth management and asset protection, holding shares in local companies and companies established internationally, holding assets, real estate properties and opening bank accounts at local and international banks.
Advantages of RAK ICC include:
● 100 per cent foreign ownership
● There is no income tax, corporate tax, withholding tax, capital gains tax, social security tax and no VAT
● No restriction on capital repatriation
● No restriction on capital or profit repatriation
● No attestation required for corporate documents
● Confidentiality - shareholder, directors and secretaries cannot be seen in a public register
● No requirement to file financial accounts
● Accounting books, records and minutes may be kept wherever determined by the directors
● No requirements for a physical office
● No restrictions on number of shareholders
● Minimum of one shareholder, director and secretary
● Partial individual and/or company ownership is allowed
● The company can own shares in foreign companies, local companies and free zone
● No requirements for minimum capital
● Corporate director is permitted
● Cost efficient registration and renewal fees
● Constitutional documents can be issued in dual languages
● Re-domiciliation from various jurisdictions
● International and UAE bank accounts allowed
● No visit to the UAE in person is required to set up a RAK ICC company
● Board meetings can be held anywhere in the world
● Ability to trade in or own an interest in real property except in Dubai (only JAFZA companies can own Dubai property).
● Ownership of aircraft, ships and yachts is allowed
● Ownership of asset protection, copy right and trademarks is allowed
● All business activities allowed except for financial activities
● Lowest company formations and operational costs in the UAE.
There are three principal types of RAK ICC company.
The essential feature of a CLS is the liability of shareholders is limited to the amount of capital they have committed or have agreed to commit. A CLS must at all times have at least one shareholder and one director. They can be used for a number of purposes such as:
● International Business Company
● Holding Company
● Special Purpose Vehicle
● Joint Venture Company
● Project Company
● Family Office
● Segregated portfolio company.
A CLG guarantees members by giving an undertaking to contribute to the CLG by a specified amount in the event of its liquidation. The liability of a guarantee member is limited to that specified amount. A CLG must have at least one guarantee member. The membership rights of guarantee members are not transferable. A guarantee member remains liable to the company for one year after ceasing to be a member. A CLG could be used for managing real estate.
An unlimited company is a company incorporated with or without a share capital where the liability of the members is not limited. Members have a joint, several and unlimited obligation to meet any insufficiency in the assets of the company to enable the settlement of any outstanding liability in the event of the company's formal liquidation. Possible uses of an UC RAK ICC could be to avoid the need for shareholder guarantees to support the credit of the UC and for international tax planning.
ILS World has been operating in the region since 2005 and is licensed by the Ras Al Khaimah authorities to offer a full range of company formation and registered agent services.
For further information please contact Nadine Daoud firstname.lastname@example.org
Please note: ILS World does not offer tax advice. If you are not professionally qualified to give tax advice we will be happy to make an appropriate introduction.