RAK (Ras Al-Kaimah) companies

Where is Ras Al Khaimah?

Ras Al Khaimah (RAK) is one of the emirates of the United Arab Emirates situated less than 1 hour north of Dubai International Airport. Its excellent transport links with Dubai and Abu Dhabi and its expanding financial and tourism industries make it a major new player in the Gulf region.

Why choose RAK?

As a White List Jurisdiction, RAK gives the protection and kudos of a having a Company registered in an OECD approved jurisdiction whilst still offering the benefits and advantages of zero tax.

Further information and examples can be found on our Jurisdictions page.

What are RAK International Business Companies (IBC’s)?

RAK International Business Companies (IBC’s) are also known as RAK ‘Offshore’  Companies. RAK maintains a Free Trade Zone in which international business can be conducted free of local taxes and regulations. These companies are similar to British Virgin Islancds IBCs but offer the security of being on the ‘White List’ (the BVI is a ‘Grey List’ jurisdiction).They are allowed to have their Agent and Registered Office anywhere within the UAE.

Advantages of RAK IBC’s

  • White List Jurisdiction.
  • Economic & Political stability.
  • Can acquire property/hold real estate in the UAE.
  • Can hold shares.
  • International trading/asset protection/tax planning permitted.
  • Suitable for international trading in goods and services.
  • Open registration for vessels and yachts from anywhere in the world.
  • No need for physical office within RAK or the UAE.
  • Corporation documents in English.
  • A foreign company may be redomiciled to RAK.
  • Corporate Director and Shareholder permitted.
  • Director or Shareholder not required to be RAK or UAE based.
  • 100% foreign ownership permitted.
  • Bearer shares allowed.
  • Beneficial owners of IBCs are kept confidential under law.
  • Corporate Bank Accounts in UAE permitted.
  • Zero tax – 100% Tax and Duty Exemption (including import and export tax).

Company requirements RAK IBC’s

  • Minimum of 1 Director & Shareholder (can be Corporate).
  • Minimum share capital of AED 1,000.
  • Bearer shares must be held in custody by the Registered Agent.
  • Appointment of Registered Agent in UAE.
  • Registered office within the UAE.
  • IBCs are not permitted to undertake trade within the UAE (save for holding real estate assets).
  • Company licence must be renewed annually on the date of incorporation.
  • Accounting records must be kept but no statutory audit is required.
  • IBCs can register as Limited, GmbH or SA.
  • Incorporation takes 1-2 weeks.
  • Ready made companies available.

Services provided

Chalfen are able to provide all the services required to maintain and operate your RAK IBC:

  • RAK Corporate Director.
  • RAK Corporate Shareholder.
  • UAE based individual Director.
  • UAE Registered Agent.
  • UAE registered Office.
  • Unique PO Box number.
  • Assistance with redomicile to RAK.
  • Certification & Legalisation of documents.
  • Setting up and management of UAE bank accounts.

UAE bank accounts

We are able to assist with the opening of Bank Accounts at Barclays, HSBC and Standard Chartered Bank in UAE.

Bank accounts are multi-currency: AED, EUR, USD, GBP + one other currency of choice available.

Accounts can be operated online via internet banking.

Additional services

    * PO Box number set up.
    * Worldwide Mail forwarding from the Agents address in the UAE.
    * Telephone answering service in the UAE.
    * Fax forwarding service.
    * Email set up.

Licensed RAK companies

If required, we can also provide RAK Onshore Companies. Onshore companies are required if you wish to trade within the UAE. In order to set up this structure you will need to obtain the relevant trade licence and maintain a flexi-desk or office in the region. The costs for this service are much more expensive as there are employee, licence, IT and rental costs involved (not including the initial incorporation).

Further details are available on request. Email us now for more information, or call +44(0)20 7729 8222.

 

Chalfen Corporate Limited Chalfen Corporate Limited 19 Leyden Street, London E1 7LE +44(0)20 7729 8222