In line with our global vision, JurisTax MENA offers our services to clients interested in doing business in UAE or in having corporate structures in Ras Al Khaimah, UAE.
The offshore companies set up with Ras Al Khaimah International Corporate Centre (RAK ICC) enjoy the following benefits:
- Setting up a RAK offshore company without being physically present in RAK;
- No requirements for having a partner of UAE nationality;
- Opening of a bank account in the name of the RAK offshore company;
- RAK offshore company allows 100% foreign ownership;
- Corporate directors are possible;
- Zero paid up capital allowed for RAK offshore companies;
- RAK offshore companies are exempted from all taxations in UAE;
- RAK ICC does not keep any public register relating to company shareholders or officers. This information is kept confidential in accordance with the applicable laws;
- No accounting or reporting requirements for RAK offshore companies;
- No requirements for filing annual financial accounts of the company.
Why Ras Al Khaimah, UAE?
Ease of doing business
RAK ICC is a corporate registry in Ras Al Khaimah which is one of the key Emirates in the UAE. The UAE is a leading jurisdiction and ranks:
- No. 1 on ease of doing business index-Mena Region.
- No. 2 in the world government trust index.
- No. 11 in the world bank’s annual ease of doing business ranking.
- No. 27 amongst 140 countries in the global competitiveness ranking (highest in the region: higher than Malta (36), Cyprus (44), Mauritius (49), Panama (64) and Seychelles (74). Only Hong Kong has the same rating within other offshore jurisdictions.
RAK ICC offers one of the easiest company formation processes in the world. It offers simple registration process with international corporate features and availability of various company structures.
RAK ICC has an outstanding reputation as a corporate registry that operates in full compliance with international standards and best practices.
The credit rating for the UAE is:
- Double A for S&P.
- Double A2 for Moody’s.
- Is in the 2nd position worldwide in terms of double taxation avoidance agreements and 1st among the Arab nations.
- Is the world’s 8th largest oil producer.
- Has per capita USD 40,000 GDP (same as Germany).
Investment protection is offered through numerous bilateral investments treaties (BITS) which is another added value the country offers.
Double Taxation Treaties
The UAE has signed over 210 tax agreements (including Double Taxation Avoidance Agreements an Investment Promotion and Protection Agreements). As a result, RAK ICC has access to a large double taxation treaties (DTT) network including a wide range of bi-lateral investment treaties.
RAK ICC has a significant competitive advantage as an offshore corporate registry due to its international standard compliance services and being located in the UAE which is fully compliant with the economic substance requirements of the EU and OECD.
The UAE is one of the few offshore jurisdictions that have implemented the Economic Substance requirements of the Organization for Economic Co-operation and Development (OECD) and the European Union Code of Conduct Group on Business Taxation. The introduction of the Economic Substance Regulations (ESR) in the UAE means that the country is now fully compliant with the international tax commitments on tax cooperation which ultimately makes the UAE among the few offshore jurisdictions named on the ‘whitelist’ of the European Union.
Procedures in setting up a RAK IBC
Step 1 – Preparation of documents
We will reserve your RAK Offshore company name and prepare the following company formation documents as your RAK ICC registered agents:
- Memorandum of association & Articles of association.
- Letter of appointment of director(s) and secretary.
- Letter of appointment of registered agent.
Step 2 – Signing of documents
All company documents will need to be printed and signed by you and returned to us in originals.
Step 3 – Registration of RAK Offshore company
We will submit your company documents to RAK ICC for your company formation. Approximately three (3) working days are needed for the registration of RAK Offshore company.
Step 4 – Opening of a RAK Offshore Company Bank Account
Once registered, you can open a bank account with any bank providing bank account opening services to offshore companies in the UAE and worldwide. We work closely with major banks in the UAE and internationally. All coordination and facilitation required for the opening of a bank account will be duly provided.
Members of JurisTax
Taroonah heads the strategic arm of JurisTax Group and is a barrister at law with extensive experience in the compliance, legal, global business, accounting and corporate structuring areas. She has an excellent understanding of Mauritian entities and Financial Services law as well as compliance and Anti- Money laundering regulations and practices. Having spent several years in various law firms in Mauritius and over 7 years in the global business sector, Taroonah has occupied key senior positions in the compliance and legal departments in the financial services industry.
You may contact Taroonah on email@example.com or on +230 5258 8414. Taroonah is also available on WhatsApp.
To ensure your swift transition from UAE, we can work closely with your UAE accountant or tax practitioner.
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