UAE/RAK Company Formation
Ras Al Khaimah (RAK) is one of seven stated of United Arab Emirates and is located in the eastern side of Arabian Gulf. Ras Al Khaimah makes about 3% of total area of United Arab Emirates
International Company is welcomed to be incorporated in RAK and it is the most common type of company, to enjoy tax free liabilities and there is no personal existence required to incorporate company in RAK. Following are some of features of International Company:
It normally takes two working days to incorporate international company in RAK and certificate of incorporation is usually issued very shortly after this. So, in general international company incorporation in RAK is very fast.
The standard share capital is of AED 10,000 or $2722, however there is no minimum limit on the required share capital and there is the option for the company to adopt either AED or USD.
Registered Office and Agent
International company which deems to be incorporated in RAK, needs to have registered office and agent, within RAK.
There is a requirement to appoint minimum of one director and there is no restriction the nationality of the director. Corporate director is also allowed, and identity of the appointed director shall not be disclosed in the public register.
Company’s secretary is allowed to be appointed and there is no restriction on the nationality of the secretary. Any corporate entity can also be appointed as the secretary of the company.
Company should at least have one shareholder. Corporate shareholders are allowed to be appointed. If for any case, director or the shareholders are same, even then there is no restriction on such setting.
Confidentiality is maintained and thus there shall be no public disclosure of directors or shareholders information. If disclosure is to be made, then court’s permission is required to disclose information to the third party.
RAK is a tax-free emirate. So, there shall be no personal or corporate tax.
Accounts and Audit
Company’s accounts should be maintained but there is no compulsion for getting them audit.
As of now, RAK has undergone 66 double tax treaties, but offshore companies are exempted from these treaties, and these treaties are applicable on the Free Zone Companies.
We consider opening of bank account as the part of our incorporation service and thus we pledge full assistance to you in this regard. However, personal visit by the company’s director or any signatory is allowed to open a bank account in UAE. The process is quite fast in UAE and it takes about one week to open bank account in UAE, however banks here, do not offer debit/credit card to its corporate customers. We have also developed expertise in opening bank accounts outside UAE and thus pledge to assist you fully in this regard and there is generally no requirement of personal visit and debit/credit card service shall also be provided if you open a bank account outside UAE through us. Please visit offshore bank section, for more details.
Following are advantages to incorporate company in RAK:
The only disadvantage of incorporating company in UAE/RAK is that; they do not allow RAK international companies to carry out any business-related activity in the UAE.
There is an incorporation fee and annual renewal fee for RAK international companies, please visit our fee schedule section for more details.
Differentiation between RAK and Tax Heavens
Following are some of main differences between the classic tax heavens and the RAK: