Ras Al Khaimah
Offshore Company Formation
Parallel to the
concept of offshore company, the Ras Al Khaimah Free Trade Zone
Authorities (RAK)
have laid down the regulations to incorporate International Companies in
the Ras Al
Khaimah Free Trade Zone (RAKFTZ). The regulation prescribes that the
incorporation of
the International Company shall be through a registered agent.
The firms of
accountants and lawyers approved and licensed for that purpose by the RAKFTZ
are permitted to
provide services to clients for registering International companies,
registered office
and for acting as the agents for the companies.
Salient features
of the International Company are:
• Companies will
have a limited liability status and the possible name suffixes are
“Limited” or “Incorporated” or their abbreviations “Ltd” o “Inc”.
• No minimum
capital requirement
• Requirement to
have an approved registered agent either within the Free Zone
or
in the Emirate of Dubai
• Requirement to
appoint shareholder, Directors, Manager and Secretary.
• Bearer shares
are permitted. However, the bearer shareholding is permitted with a
restriction that
it shall be
held by the registered agent acting as a nominee on behalf of the
beneficial shareholder. The beneficial shareholders details and any change
thereof would be required
to be furnished
to the RAKFTZ.
• Shares can be
of different classes.
• Provision for
the shareholders/members to apply the inheritance law of their choice.
• No personal or
corporate income tax
• No requirement
to have the accounts audited on an annual basis.
International companies are allowed to:
• Have contacts
with legal consultants, lawyers, accountants and auditors
• Have bank
account in the UAE
• Become
shareholders in a new or existing Free Zone Entities or an LLC
Hold
shareholders and directors meeting within the UAE
• Carry out
International Trading
International companies are not allowed to:
• Carry on
business with persons resident in the UAE
• Carry on a
banking business
• Carry on
business as an insurance or re-insurance company, insurance agents or
Insurance
brokers
• Carry on any
other business which may, by regulations be prohibited by the authorities
Conclusion
In short to
attract investments of expertise and capital, the governments of the individual
Emirates seek to
provide an attractive business environment. The following are some of
the principle
features of the economic and business environment in the UAE:
A
virtual absence of taxation.
• Excellent
communications systems.
• A well-structured
financial sector with no exchange control regulations.
• A coordinated
infrastructure that provides all essential utilities to the major centers.
• Free Trade
Zones that ensure ease of registration and efficient operating facilities.
• An attractive
social environment, including modern educational, medical and
recreational facilities.
• Liberation of
property ownership, which is one of the factors contributing to the UAE’s
booming property market.
The Government’s
far-sighted planning and fast execution of projects have led to the
most phenomenal
development in the second half of the last century - the rise of a city,
the emergence of
a new economy.
For More Details
Regarding
Business Consulting
And Free zone Assistance
contact me
Senior Business Consultant
ADAM CONSULTING
Dubai o Abu Dhabi o Bahamas o Budapest
Headquarters: Dubai
Office 2A, Ground Floor, Building No.6
Gold & Diamond Park
PO Box 183827, Dubai, UAE
Office 2A, Ground Floor, Building No.6
Gold & Diamond Park
PO Box 183827, Dubai, UAE
Phone : +971 4
341 9701 Ext: 150
Fax : +971 4 341 9702
Mobile : +971 050 7141 665
Fax : +971 4 341 9702
Mobile : +971 050 7141 665
Contact for any assistance regarding the same: Faisal Ibrahim Mobile: 971 55 2419200 ADAM SME consultant 2A, Ground Floor, Building No.6, Gold & Diamond Park P.O. Box:- 183827, Dubai, U.A.E. Fax: 971 4 341 9702 Mobile: 971 55 2419200 Email : faisal@adamadvisors.com Web: www.adamadvisors.com ISO 9001:2008 NO: ME/08/1147 ADAM Consulting as ADAM advisors
