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.

 

Winston Wambua

 

For more information please contact me on

Mobile +971553350517

Email: winstonk@live.com

Skype: Winston.wambua