Ras Al Khaima FZE

RAS AL KHAIMAH (R.A.K.) OFFSHORE COMPANY

In September 2006, Ras Al Khaimah Government launched an offshore facility, the second in the UAE, which is regulated by the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006. 

Features:

100% foreign ownership.

Although all UAE companies follow UAE law RAKFTZ have allowed the International Company to decide which favored jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum & Articles of Association.

The International Company can own real estate properties on Palm Islands, or any properties owned by Nakheel Company LLC, EMAAR, or any other real estate properties approved by the RAKFTZ Authorities.

Despite a general prohibition on International Companies to conduct business with persons resident in UAE, the Authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).

The International Company can hold a bank account in the UAE for the purpose of conducting routine operational transactions and can also maintain professional relations with legal consultants, accountants and management companies or other similar persons carrying out business within UAE.

Incorporation documents can be signed at the offices of Jitendra Chartered Accountants without having to visit RAKFTZ.

The Company will not be allowed to carry on business with people who are resident in the UAE or carry out any trade in the free zone or in the UAE, unless they have first obtained the appropriate license from the relevant competent authority.

Characteristics of an offshore company registered in the RAKFTZ are as follows:

SHAREHOLDERSDIRECTORS SECRETARY ANNUAL REPORTING
A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Whilst there are no minimum share capital requirements please note that par value of each share must be AED 1,000. Bearer shares are permitted. Different classes of shares are permitted and shares have to be fully paid when allotted. Every company shall maintain minutes of all proceedings at general meetings. The Register of Members shall be open for inspection by any member of the offshore company and any other person. It is an offence to refuse inspection. A minimum of one director is required and corporate directors are permitted. Details of directors are not available for public inspection. Every company must have a secretary. Every company must keep accounting records, which must be kept for 7 years from the date on which they were prepared. Accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAKFTZ Authorities
TIMESCALERESTRICTIONS ON NAME AND ACTIVITY

Registration of the company in the Free Zone will take 3 working days.Names must end with Limited or Incorporated.

The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.

LOCAL REQUIREMENTS

As a matter of local company law the company MUST maintain a registered office address within the Free Zone and appoint an approved registered agent .  A registered agent’s office in the UAE or in the Free Zone can also be used as the registered office.

SCHEDULE OF FEES

First Year:
Government fees (Freezone)   US$ 545/-
 Second and Subsequent Years:
Free Zone Fees                       US $ 408

SERVICES

DIRECTORS
Most onshore countries have provisions within their tax legislation whereby any company, no matter where it is incorporated, which is managed or controlled from within their jurisdiction will be tax resident there and taxable on its worldwide income at local rates.  For example, any offshore company which had UK based directors would be tax resident in the UK and subject to UK tax on its worldwide income.  Failure by the directors to declare the liability of the offshore company to UK tax would be an offence with potentially very serious consequences.  Most other onshore countries have similar provisions within their tax legislation so it will rarely be advisable for onshore resident clients to act as the directors of an offshore company. To   establish an offshore tax residency for the company we can provide professional third party directors and in most cases it is essential to take this service if tax savings are to be made. 

BANK ACCOUNTS
We can open bank accounts for the company in most places in the world.

REMAILING, FAX, TEL. AND OFFICE FACILITIES

As part of the domiciliary services package we provide a registered office address in the jurisdiction of the incorporation of your company in order to meet the local statutory requirement and included in our management services, we permit the use of that address or your main admin office  for mailing purposes.  However, many clients ask that we provide remailing and other office services out of one of our other Group offices located in Hong Kong, London or elsewhere. When we receive mail we will re-package it into a plain envelope and can arrange for it to be posted, according to your instructions, directly from the place of receipt or via one of our onshore offices to

ensure that correspondence is not received at your home address bearing an offshore postmark and the name of your company. In this way confidentiality which would be lost if mail was received directly can be maintained. Faxes, e-mails and telephone calls can be dealt with according to agreement to further ensure confidentiality. Registered Agents with RAK offshore.

DEDICATED TELEPHONE LINES

For those companies which are particularly active or wish to have a higher profile we can arrange the immediate allocation of a dedicated telephone line answered with the name of your company.  Additional costs apply to this service and details are available upon request.

For further enquiries Click Here
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Jitendra business consultancy is one of the leading professionals offering Company Formation in Dubai, UAE and Free Zones which have facilities from Automotive, Shipping, Healthcare, Gold and Diamond to Knowledge-based companiesin UAE. Get information about Business set up in Freezone UAE and Company Formation in Dubai, UAE.
 
 
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