RAS AL KHAIMAH
Ras al-Khaimah is one of the seven emirates that comprise the United Arab Emirates (UAE). It is the most northerly emirate, ruled by another division of the Al Qasimi family. Ras Al Khaimah (which means top of the tent in Arabic) is located on the east side of the Arabian Gulf. Due to the water flow from the Hajar Mountains, the land here is very fertile, making it uniquely abundant in flora. Agriculture here is significantly important for the local economy.
The emirate also benefits from its stone quarries and fishing, which is plentiful in the rich waters of the Gulf. The city of Ras Al Khaimah, situated on an inlet, has a rich history. It was renowned for its prosperous port and exquisite pearls, which were famous as being the whitest and roundest available anywhere. It covers an area of 1,684 square km. The capital city and home of most residents is also called Ras Al Khaimah. Unlike Dubai and Abu Dhabi, Ras al-Khaimah is not oil-rich and is relying on its rapidly growing tourist infrastructure - besides hotels, there’s a new emphasis on promoting the emirate’s ancient sites.
Ras Al Khaimah Offshore Incorporation
Offshore centers allow for a spectrum of business purposes, from setting up the entities to having control over overseas assets, planning inheritance, creating a structure to set up holding companies, tax optimization etc.
The Ras al-Khaimah Investment Authority (RAKIA), established the concept of International Business companies in the year 2007 (regulated under IBC Regulation -2006).
What sets UAE and RAK apart from the others?
UAE is country with an established, strong economy independent of another country’s overseas territory. UAE showcases its Double Taxation Avoidance Agreements (DTAA’s) with more than 40 countries.
To set up an RAK offshore, you need:
An Agent: The agent must be registered and duly approved by required authorities. He should be located either in the UAE or in the free zone itself. The agent (Business consultants, accountants etc.) must be instructed on how the offshore company is set up and its operations to ensure all relevant authority communications are dealt with, with ease.
Benefits of RAK offshore IBCs:
Ownership: The UAE national does not have to be a sponsor or a shareholder, as complete foreign ownership is allowed.
Tax Benefits: Exemption from income and corporate taxes
Currency: The Company will not face any foreign currency restrictions.
Repatriation and additional costs: Complete repatriation of profits and capital of the offshore companies is permitted. To set up an offshore company cuts down unnecessary expenses as there is no onshore office and no manpower, making it comparatively lesser than that of an onshore company.
If the relevant authority of the registered offshore company approves, the company can own interest in real estate in the UAE and can also act as a Holding.
What restrictions do the offshore companies face?
Offshore companies cannot carry out activities, banking operations or undertake any business of insurance or reinsurance or the positions of agents or brokers in the UAE. The company must strictly follow regulations set prior to its establishment and can only carry out businesses after receiving approvals from relevant authorities.
What does RAK offshore has to offer?
With over 50 registered agents and 2500 IBCs, RAK offshore looks offers their clients the opportunity to register their Yachts and Private boats in Ras Al Khaimah. Once the clients register, they will automatically be entitled to numerous financial benefits, minimum initial registration costs and annual maintenance fees. The registration process will be interruption free and easy. An MOU has already been signed with the RTA in Abu Dhabi.
After duly following up and receiving all relevant approvals, offshore business operations will commence. They will also establish trusts and foundations owing to their growing demand. All of these activities will fall under the umbrella of a financial city, the new age Offshore Financial Center (OFC).
Combining all the benefits of an OFC, a free zone and business operations, Ras Al Khaimah aims to deliver them all.
Ras Al Khaimah Company, ideal for:
RAK company main characteristics: