Ras Al Khaimah (RAK)

Ras Al Khaimah is one of the fastest growing emirates in one of the fastest growing economies in the world, the United Arab Emirates. Renowned for its natural beauty and art de vivre, Ras Al Khaimah has also gained a reputation for being a transparent, tax-free, corruption-free and no-red tape to do business. Its booming economy and proximity to other major international centres like Dubai has attracted hundreds of large, medium and small businesses from every part of the world; now, RAK Offshore is making it possible for non-resident corporations, entrepreneurs and individuals worldwide to enjoy all the advantages which were available only to resident entities.

RAK investment authority

RAK Investment Authority is a fully fledged business and industrial arena offering competitive Free Zone and Non Free Zone facilities. RAK Investment Authority offers industrial and business investors the benefit of smooth set up of their operations in a dynamic and synergistic environment.

Why a RAK Offshore IBC is an excellent corporate structure:

In the current worldwide economic situation, RAK is becoming very efficient place to incorporate your offshore company. UAE looks set to reap the rewards of the EU ruling under which banks are now forced to reveal information to tax authorities; the EU Savings Directive obliges financial institutions in all EU member states to either disclose tax and bank information to the relevant tax authority, or charge clients a hefty withholding tax. Though the new directives will specifically affect EU residents, a number of banks in ‘tax havens’ have also agreed to exchange customer information, including Jersey, Guernsey, the Isle of Man, the British Virgin Islands, the Cayman Islands, Switzerland, Liechtenstein, Monaco and San Marino. The reputation of discretion for some of these countries is being eroded. In order to keep details of their wealth private, bank customers now have the option of paying a withholding tax which will be levied directly in the country in which their savings are held. UAE has long enjoyed a reputation as a secure, tax-free jurisdiction for international banking and company incorporation. With this latest development from Europe, RAK company registration and corporate and personal banking options are becoming more popular with international businesses and high net worth individuals.

Local requirements

• Registered Office / Agent – Yes
• Local Partner – (UAE National or Company owned by UAE National) – No
• Local Directors – No
• Local Meetings – No
• Government Register of Directors / Managers – Yes
• Government Register of Shareholders / Members – Yes

Annual requirements

• Annual Return – No
• Submit Accounts – Yes

Recurring government costs

• Minimum Annual Tax / License Fee – AED 2,000
• Annual Return Filing Fee – N/A