UAE - Ras Al Khaimah (RAK Offshore) Company Formation
Services include formation and annual maintenance of a RAK Offshore corporation, with or without nominee services.
RAK Offshore is a state organization, part of the RAK Investment Authority of the UAE. It is the first comprehensive Investment Business centre in the Gulf region which offers multiple benefits, including 0% tax rates and no obligation for filing accounts. No Tax Information Exchange Agreement with any country, no public disclosure of information and can do business in the UAE with appropriate license. Cannot own immovable property in Dubai.
Facts & Info about: UAE - Ras Al Khaimah (RAK Offshore) Company Formation
- Minimum Share Capital: One Share AED, US$, EUR, GBP (other currencies with approval)
- Minimum Number of Shareholders: One
- Minimum Number of Directors: One
- Bearer Shares Allowed: No
- Corporate Directors Permitted: Yes (Names of Directors disclosed to Registry)
- Company Secretary Required: Yes, does not need to be UAE resident
- Registered Office / Agent: Yes
- Local Directors: No
- Local Secretary: No
- Local Meetings: No
- Government Register of Directors: Yes
- Government Register of Shareholders: Yes
- Possible Name Endings: End with "Limited" or "Incorporated"
- Annual Return: No
- Audited Accounts: No
- Bookkeeping: Yes (Accounts must be approved by the Directors and preserved for seven years)
- Annual General Meetings: Yes
- Zero taxes and duties.
- No Tax Information Exchange Agreement with any country.
- No public disclosure of information.
- Simple accounting requirements.
- Facility for company name reservation (up to 90 days).
- Can do business in the UAE with appropriate license.
- Beneficial owner has option to choose the applicable law governing internal governance (see below).
- Legalization of company documents not required when used within UAE.
Choice of Applicable Law - A unique feature of the company law is that it allows the Shareholders to select their choice of proper law (e.g. English, Cyprus) to decide matters concerning, among others, disputes between the Shareholders, the death of a Shareholder, any other matters to be specified. The choice of proper law must be cited in the Memorandum & Articles of Association.
Cannot carry out:
- Business with persons/entities in the Ras Al Khaimah Free Trade Zone or in the UAE except where permitted by Regulations;
- Banking business or business as an insurance or reinsurance company, insurance agent or insurance broker, unless it is licensed under applicable UAE law and authorized to carry on that business.
- Incorporation: One week.
- Shelf Companies: No.
Ras Al Khaimah Decree dated 7 June 2005, The Ras Al Khaimah Free Trade Zone International Companies Regulations 2006.