Ras Al Khaimah
RAK International Corporate Centre (RAK ICC) is one of the fastest-growing international corporate registries with an excellent reputation for compliance and professional services.
A RAK ICC Offshore Company offers complete privacy and confidentiality. Owners of the IBC’s are kept confidential, ensuring a highly conductive business environment for both individual and corporate investors.
Ras Al-Khaimah (RAK) is one of the seven emirates that make up the United Arab Emirates (UAE) and about an hour away from Dubai.
This emirate is in the northern part of the UAE, bordering Oman’s exclave of Musandam. It covers an area of 1,684 square km. The capital city and home of most residents is also called Ras Al Khaimah.
9 key features of a RAK ICC Company
The key features of a RAK ICC Company (Free Zone) are:
- The company only requires one Director and one Shareholder
- The Director and Shareholder can be the same person
- A visit to RAK ICC is not required to form your company, everything will be processed remotely
- UAE is a nil-tax haven for individuals
- There is no personal income tax, no capital gains tax, no inheritance tax or sales tax.
- There are no public registers of company officers, the proof of ID/address must be provided to the registry, but it is not public.
- No accounting / reporting requirements (RAK Free Zones have a different set of rules)
- No tax information exchange agreement with any country
- RAK IC offers complete anonymity and privacy as well as protection of any other information or assets.
A high level of pricacy
One of the main reasons you might choose a RAK ICC Company is the unparalleled level of privacy within the company. A great advantage about a RAK company formation is there are no public disclosure of the shareholders, directors or beneficial owners.
When the company is incorporated, you will receive the company documents with a great advantage about choosing RAK to form your company, is that despite the company being incorporated in RAK, the company documents of the shareholders produced in English. Therefore, the documents will not need to be translated to English.
Complete anonymity of the officers
For a standard RAK Company, a minimum of one Director and one Shareholder is required. A maximum of 50 directors is permitted. Corporate entities are permitted. RAK offers complete anonymity and privacy of the officers within the company. The Director and the Shareholder of the company can be the same person for a RAK Company formation. Which is perfect for people looking to start a business on their own.
No Tax Returns for a RAK ICC Company
The United Arab Emirates does not impose any corporate, personal, sales, inheritance or wealth taxes. Taxes are only levied on banks, petrol and gas extracting industries. The UAE require no Tax Returns for RAK ICC Companies.
RAK is on the Organisation for Economic Co-operation and development (OECD) ‘white list’ for having exchange of information treaties. RAK also has around 45 tax treaties as it is part of the United Arab Emirates. Although, this tends to mainly benefit Dubai companies allowing reduced withholding taxes on dividends and restricting tax overseas.
A few company name restrictions
The company name must either be linked to the business activities of the company, or from one or more of the Directors or Shareholders names. The name must end with the suffix LTD or LIMITED. The use of words that represent religious values or suggest a connection with government bodies will be rejected.
The minimum share capital required for a RAK Company is 1000 AED. The currency must be in UAE Dirhams (AED) and be divided into shares of 1000 AED each. Companies may have different classes of shares in one or more series and can have their own rights, privileges, restrictions and conditions specified.
Registration within 5-10 days
Once we have received all the required identification documents, the RAK ICC Company registration will take approximately 5-10 days subject to compliance review.
Please Note: Due to the difference in time zones we work on, the replies will not always be immediate from the agent and can impact the response time.
What’s included in the fee:
- Incorporation of a RAK ICC Company
- RAK ICC Government Registration Fees
- Registered Office for 1 Year
- Registered Agent for 1 Year
- Free Company Name Check
- Company Secretarial Services
- Certificate of Incorporation
- Memorandum and Articles of Association
- Share Certificate
- Register of Directors
- Register of Shareholders
- Company Stamp
Offshore Bank Account
After forming your company you may wish to open a business bank account. CPIE Services recommends an online e-bank, especially for businesses established in UAE, from which you can download an App and make the application via your phone. You will need to have your passport and proof of address to hand when you make the application.
Minimal annual requirements for your RAK Company
For a RAK company, annual requirements are minimal. On a yearly basis, it is a requirement that a RAK Company renews their Registered Office Address and the Registered Agent service. These services are included in CPIE Services annual renewal cost.
On a yearly basis, a RAK Company should be renewed and you will be issued with an annual renewal invoice prior to the anniversary date of your company.
A part of the United Arab Emitates
Ras Al Khaimah is the northern most emirate of the United Arab Emirates. It’s known for its Arabian Gulf beaches. The National Museum of Ras Al Khaimah occupies a centuries-old fort. The museum features regional history and archaeological exhibits. Nearby is the large, traditional Mohammed bin Salem Mosque. The mountain top Dhayah Fort dates from the 19th century.
Read more about Ras Al-Khaimah on Wikipedia.