UAE/RAK Company Formation
Ras Al Khaimah is situated to the east of Arabian Gulf and is an emirate of UAE. Ras Al Khaimah possess of total 3% of UAE.
International Companies are welcomed in Ras Al Khaimah and is considered to be the most common way to avoid tax liabilities. Basically, no personal presence is needed to incorporate a business in RAK. Below are eminent features of the International Company in RAK:
Requirements for Company Incorporation
It takes about two weeks to incorporate a global company in Ras Al Khaimah. Shorty, after approval, certificate of incorporation gets issued. Thus, we can say that incorporation process is quite vigorous in RAK.
There is standardised share capital of USD 2,722 or AED 10,000. But, no lower limit upon the share capital, even it upon the discretion of company that in what denomination does it want to transact i.e. either in USD or AED.
Registered Office of the Company and Agent
An International Company is required to have registered office of the company and agent in RAK.
There is a minimum requirement of one director to be appointed and no requirement for the director to be resident of UAE. Corporate directors are also allowed to be appointed. Character of the director is never revealed publicly.
There is a minimum requirement of one secretary to be appointed and no requirement for the director to be resident of UAE. There is the permission to appoint corporate secretary.
There should be minimum of one shareholder and corporate shareholders are also permitted. There is also the permission, for director and shareholder to be same person.
There will never be any communal revelation of members or directors character. If for any case, disclosure is required then such disclosure would only be facilitated with the court’s permission.
Being a “tax- or duty-free state” neither personal nor any commercial tax will be applicable in the Ras Al Khaimah.
Accounts of the Company and Audit
It is compulsory for the company to maintain its accounts but no need to audit them.
There are total of 66 double tax treaties RAK went through. However, such treaties are valid on Free Zone Companies and the offshore companies are excused from the provisions of these double tax treaties.
Opening a bank account in UAE is the vital part of services and we will provide full assistance in this matter. To open bank account, personal presence of the director or signatory is required, and it normally take seven days to process the application and within this time frame, bank account is opened in UAE. But, UAE banks does not offer credit or debit card services to its commercial clients. However, if you need to open bank account outside UAE, then we will also be able to help you and offer you our full support. Benefit of opening bank account outside of UAE is that; no personal visit is required, and credit/debit card facility could be availed by the corporate customers. We appreciate your visit to our offshore banking section, to get inside of more.
Following are main advantages in RAK:
International companies in RAK are not allowed to operate their business in UAE.
International companies in RAK are charged with annual licence and incorporation fee. For more details, please visit fee section to know more.
Difference between Tax Heavens and Ras Al Khaimah
Below are distinctions between Ras Al Khaimah and tax heavens: