Archives for RAK Offshore

company in rak

Company in RAK Financial Services Authority

RAK Financial Services Authority is specifically accountable for supervising the regulated financial activity within RAK offshore and RAK financial city keeping in mind the end goal to guarantee that RAK offshore can give most extreme adaptability to investors while keeping up strict consistence with nearby and worldwide rules and regulations.

RAK Financial Services Authority analyzes applications from RAK offshore or RAK Financial city and then delivers licenses accordingly. They Issue guidelines to inform registered agents of the appropriate procedures and help enhance the financial services industry in the administrated zones of RAKIA.  They also keep track of the effectiveness of the RAKIA financial services on its supervision and regulation of the financial services industry to make sure they match the international standards. Constant reports, advice, assistance and information are given to the government of RAK on the issues that relate to the financial services industry. They also develop appropriate mechanisms to enhance the protection of the public, including investors, whether within or outside the RAKIA administered zones, against financial loss arising out of the dishonesty, incompetence, malpractice or insolvency of persons engaged in the financial services business in the RAKAI administered jurisdictions.

Other duties that RAK Financial Services Authority has are:

  • Developing appropriate legal, regulatory and supervisory mechanisms for the efficient administration of the financial services industry.
  • Initiating and promoting codes of conduct that should be regulated by everyone
  • Developing a system of continuing education for specialists in financial services.
  • The factors that affect the financial services industry is informed to the public.
  • Promoting and maintaining safe and sound financial services legislation in RAK

 

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choosing rak business

Why choosing RAK Offshore

In the current worldwide economic situation, RAK is becoming very efficient place to incorporate your offshore company.

UAE looks set to reap the rewards of the EU ruling under which banks are now forced to reveal information to tax authorities.

The EU Savings Directive obliges financial institutions in all EU member states to either disclose tax and bank information to the relevant tax authority, or charge clients a hefty withholding tax.

Though the new directives will specifically affect EU residents, a number of banks in ‘tax havens’ have also agreed to exchange customer information, including Jersey, Guernsey, the Isle of Man, the British Virgin Islands, the Cayman Islands, Switzerland, Liechtenstein, Monaco and San Marino.

The reputation of discretion for some of these countries is being eroded. In order to keep details of their wealth private, bank customers now have the option of paying a withholding tax which will be levied directly in the country in which their savings are held.

UAE has long enjoyed a reputation as a secure, tax-free jurisdiction for international banking and company incorporation. With this latest development from Europe, RAK company registration and corporate and personal banking options are becoming more popular with international businesses and high net worth individuals.

Why choosing to incorporate a RAK Offshore company?

A RAK Offshore IBC is an excellent corporate structure because:
1.    The IBC is tax-free;
2.    The IBC portrays a good image to your Clients and suppliers;
3.    There is no public register of shareholders and directors;
4.    The RAK Offshore IBC is quick to incorporate.
5.    It is strictly confidential.

However, our clients should note the following:
1.    The RAK Offshore IBC is not permitted to trade in the United Arab Emirates (UAE);
2.    The RAK Offshore IBC cannot rent local premises in the UAE;

What are the advantages of a RAK Offshore company?

  • 100% corporate tax exemption
  • 100% capital and profit repatriation
  • 100% ownership in Free Zones
  • No capital gains tax
  • No Value-added tax
  • No Withholding tax
  • Proximity to entire Gulf and global markets
  • Low start-up costs
  • Absolute privacy, confidentiality and protection of assets and information
  • Ability to maintain bank accounts (Current Account) in the UAE
  • Limited liability company
  • Minimum one director required, one shareholder and one secretary ( it can be the same person )
  • Own real properties in the UAE
  • Annual Audit Report not required to be submitted to the Authority
  • Time frame of 24 h
  • It does not require the shareholder/director to be physically present in the UAE for incorporation
  • No restriction on nationalities

What are the required documents to open a RAK Offshore company?

Documents required – Offshore Company

•    Application Forms ( Reservation of name, consent of shareholder, consent of director, consent of secretary, application for incorporation)
•    MOA – prepared by the registered agents (Contact: Peninsula Business Solutions)

For Individual Applicants
•    Passport Copy
•    Bank Reference Letter – original required
•    Proof of residence (Utility bill) – original required
•    Any other documents requested by the Registrar during the incorporation

For Corporate Entity Applicants
•    Copy of license or incorporation certificate issued by the chamber of commerce or any other body – Apostilled/ attested.
•    Shareholder’s resolution – Attested ( deciding to acquire shares of the RAK Offshore company to be incorporated)
•    MOA of the parental company – Apostilled/ attested
•    Passport Copy of the Director and Shareholders –
•    Good Standing Certificate – Attested
•    Attested Incumbency certificate ( which mention the name of shareholders and directors )
•    Any other documents requested by the Registrar during the incorporation
•    If that corporate entity is again owned by another company, the same documents mentioned above are required till final level to get to know the initial beneficiary owner.

 

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offshore company in uae

Opportunities that a RAK Offshore Company Offers

RAK Offshore Offer Good Opportunity To Trade Freely

Now days’ setting up an offshore company is increasing in popularity due to the extensive benefits that this form of business has to offer. Usually people establish their business in certain jurisdictions of a country that has an easy tax environment for the investors and allows them to trade freely with more economic opportunities. In the UAE, investors have the option of establishing their business in Ras Al Khaimah which is known as one of the leading emirates in terms of its fast growing economy in the world.

The most intense and favorable kind of incorporation is being offered there. RAK offshore companies are tax free allowing investors to attain higher profits giving your company a greater chance of building its name and becoming a success. Another advantage is the freedom given to the investors to create their own name for the company that isn’t offered by other jurisdictions in the UAE. There exist distinctive sorts of business that can be arranged on the premise of linguistic, cultural phonetic, social for which finding a supervision is advised.

Opportunities RAK Offshore Company Offers

A RAK offshore company is exempt from corporate and income tax, capital and profit repatriation that does not have and continuation tax such as VAT and capital gains tax. This is when many investors from other countries are attracted towards RAK offshore as their financial centre.

Some of the other advantages of that make RAK the best choice for many investors is its customer friendly environment, cost efficiency and its simple attitude. Due to its proximity to world’s major economies, having strategic location between the East and the West and having ready access to more flexible, multicultural, highly skilled and workforce. RAK Offshore Company setup is a comprehensive solution that not only offers an offshore company location for international businesses company but also offers a strong flexible offshore regulatory framework which is based on global best practices for offshore company registrations.

Contact an effective consultancy firm that can help provide you with all the necessary details and the information investors may require. Peninsula Business Solutions (PBS) can offer experts that will help assist investors with establishing their business in RAK offshore in a proficient and facilitative way.

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Offshore Business Setup

RAK Offshore Offers Business tax haven

Offshore relates to managing, registering, conducting, or operating in a foreign country, often with financial, legal and tax benefits. Offshore Company is then a company incorporated for the purpose of operating outside the country of its registration and/or the place of residence of its directors, shareholders and beneficial owners. Again, this is typically pursued to realize various financial, legal or tax benefits.

RAKIA Offshore was set up by the Ras Al Khaimah Investment Authority (RAKIA), to address the worldwide interest for a sheltered, secure and discrete jurisdiction for the consolidation of International Business Companies (IBCs), while raising the profile of the Emirate of Ras Al Khaimah as a head destination for venture.

RAK Offshore offers firms and individuals a wide variety of services and structures that are committed to non-residents. Some of the main businesses of many international firms that are registered with RAK Offshore are related to real estate and property investments. RAK has been able to create effective infrastructure projects and polices that are able to provide international firms the best environment for their offshore companies. Another important feature of RAKIA Offshore is that it offers complete security and privacy through a closed book register; proprietors of IBCs are kept secret, guaranteeing a profoundly beneficial business environment for both individual and corporate investors.

Leading Business Setup Consultants such as Peninsula Business Solutions (PBS) can assist you with getting a RAK offshore company in UAE and also help you open a company bank account in the UAE with your RAK offshore company.

Major benefits of RAK Offshore:

  • 100% tax free in UAE
  • 100% expat ownership
  • No UAE national sponsor required
  • No NOC (no objection certificate) is required in case of employment in the UAE or other GCC states
  • Minimum capital of the company is 10,000 AED with 10,000 shares of each 1 AED value
  • An individual can set up a RAKIA Offshore Company as a sole shareholder, director and secretary of the company
  • Proximity to entire Gulf and global market

Other added benefits:

  • Can be registered remotely (JAFZA Offshore requires presence of minimum. 2 directors).
  • No physical presence is required in UAE
  • Quick company registration, usually within two working days once all documents are provided
  • Open a corporate bank account in the UAE in a variety of major foreign currencies.
  • No annual audit is required
  • Simple and efficient recruitment procedures.
  • A high level of administrative support.
  • The easiest way to make an international trade business

For detailed information on the license types and business activities contact our advisers at info@rakoffshore.co for complete further assistance.

 

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Company setup Offshore Business

Company setup in Ras Al Khaimah (offshore business)

Ras Al Khaimah – commonly referred to as RAK – is one of the seven emirates that make up the UAE federation. With its 416,600 population the emirate boasts of beautiful mountains, red sandy desert and lush green plains along with a series of creeks and lagoons. It has a rich heritage dating back 5,000 years, which manifests in numerous historical sites, forts and abandoned villages. The Emirati culture is omnipresent in Ras Al Khaimah and you will be welcomed with the warm Arabic hospitality wherever you go.

It is located 100 kilometer from Dubai and relatively close to other major economies to which it is connected by Emirates Road and other smaller roads. Due to its strategic location between the East and West, it has managed to be the center of traditional shipbuilding and trade and has recently become of quarrying and manufacturing and tourism. Since 2003, the government of RAK has invested heavily in education and public utilities, and has pursued an economic diversification policy, promoting industrialization and tourism in the emirate.

RAK Offshore offers firms and individuals a wide variety of services and structures that are committed to non-residents. Some of the main businesses of many international firms that are registered with RAK Offshore are related to real estate and property investments. RAK has been able to create effective infrastructure projects and polices that are able to provide international firms the best environment for their offshore companies.

One of the main benefits of RAK Offshore are that it offers complete privacy and confidentiality where under the law, the IBC (International Business Company) owners are kept confidential, making sure that the business environment of the offshore is helpful for both the individual and corporate investors.

Major benefits of RAK Offshore:

  • 100% tax free in UAE
  • 100% expat ownership
  • No UAE national sponsor required
  • No NOC (no objection certificate) is required in case of employment in the UAE or other GCC states
  • Minimum capital of the company is 10,000 AED with 10,000 shares of each 1 AED value
  • An individual can set up a RAKIA Offshore Company as a sole shareholder, director and secretary of the company
  • Proximity to entire Gulf and global market

Other added benefits:

  • Can be registered remotely (JAFZA Offshore requires presence of minimum. 2 directors).
  • No physical presence is required in UAE
  • Quick company registration, usually within two working days once all documents are provided
  • Open a corporate bank account in the UAE in a variety of major foreign currencies.
  • No annual audit is required
  • Simple and efficient recruitment procedures.
  • A high level of administrative support.
  • The easiest way to make an international trade business

For detailed information on the license types and business activities contact our advisers at info@rakoffshore.co for complete further assistance.

 

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rak company benefits

RAK Offshore Company Benefits

RAK Offshore offers firms and individuals a wide variety of services and structures that are committed to non-residents. Some of the main businesses of many international firms that are registered with RAK Offshore are related to real estate and property investments. RAK has been able to create effective infrastructure projects and polices that are able to provide international firms the best environment for their offshore companies.

One of the main benefits of RAK Offshore are that it offers complete privacy and confidentiality where under the law, the IBC (International Business Company) owners are kept confidential, making sure that the business environment of the offshore is helpful for both the individual and corporate investors.

Major benefits of RAK Offshore:

  • 100% tax free in UAE
  • 100% expat ownership
  • No UAE national sponsor required
  • No NOC (no objection certificate) is required in case of employment in the UAE or other GCC states
  • Minimum capital of the company is 10,000 AED with 10,000 shares of each 1 AED value
  • An individual can set up a RAKIA Offshore Company as a sole shareholder, director and secretary of the company
  • Proximity to entire Gulf and global market

Other added benefits:

  • Can be registered remotely (JAFZA Offshore requires presence of minimum. 2 directors).
  • No physical presence is required in UAE
  • Quick company registration, usually within two working days once all documents are provided
  • Open a corporate bank account in the UAE in a variety of major foreign currencies.
  • No annual audit is required
  • Simple and efficient recruitment procedures.
  • A high level of administrative support.
  • The easiest way to make an international trade business
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rak business opportunities

Process to setup an Offshore Company

Below is the summarized process of setting up a company at RAK Offshore.

  1. Determine the free zone license type
  2. Confirm the activities
  3. Legal structure of the company
  4. Confirm the business facilities requires
  5. Verify the fees and other charges
  6. Submit the application form and other documents
  7. Secure the application form and other documents
  8. Payment of the fees
  9. Sign the agreements and other legal documents
  10. Receive your business license and other certificates or documents.

The license for your company formation in RAK Offshore normally gets issued within 2-3 working days. After getting the license, you can apply for the approved number of employees’ visa for your business.

Listed below are all the legal requirements and documentation that you will have to provide in order to register your company in the RAK offshore.

  • Passport copies for Directors and shareholders or copy of passport for individual applicant
  • Original Bank reference letter
  • Proof of residence for individual applicant or physical address of corporate applicant
  • Incorporation certificate or license issued by business authority in the corporate applicant’s original country-notarized by UAE Embassy
  • Board of Directors or shareholders’ resolution indicating intent to establish a RAK Offshore entity
  • A Memorandum of Association or Article of Association for the parent company – also notarized by the UAE Embassy in the country of origin
  • A Certificate of good standing from business authority in the country of origin notarized by the UAE Embassy
  • Personal Information Sheet for each shareholder and director
  • For multilevel Corporate entities documents of ownership for each level of ownership leading to the ultimate beneficiary owner
  • If a registered local agent is providing business formation assistance a notarized power of attorney for the agent is required

 

Peninsula Business Solutions is qualified with registered agents that are prepared to offer any services to help facilitate your business formation in RAK Offshore. The requirements and documentation can be perceived as extremely intimidating, but PBS can help you navigate through the process.

  • We will register the company and send you the documents of incorporation on payment of the fees. We can also get all your company registration documents attested and legalized
  • Occasionally you will have to sign a few documents that will be sent by our part for you to sign and send back with your required signature. These documents will mostly be regarding to application and consent forms. Our team will provide you with all the necessary information when it comes to all these documents.
  • Additional documents may be required by our part in case of situations where some of the provided documents are not accepted.
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about rak business

About RAK Business Hub

Ras Al Khaimah – commonly referred to as RAK – is one of the seven emirates that make up the UAE federation. With its 416,600 population the emirate boasts of beautiful mountains, red sandy desert and lush green plains along with a series of creeks and lagoons. It has a rich heritage dating back 5,000 years, which manifests in numerous historical sites, forts and abandoned villages. The Emirati culture is omnipresent in Ras Al Khaimah and you will be welcomed with the warm Arabic hospitality wherever you go.

It is located 100 kilometer from Dubai and relatively close to other major economies to which it is connected by Emirates Road and other smaller roads. Due to its strategic location between the East and West, it has managed to be the center of traditional shipbuilding and trade and has recently become of quarrying and manufacturing and tourism. Since 2003, the government of RAK has invested heavily in education and public utilities, and has pursued an economic diversification policy, promoting industrialization and tourism in the emirate.

Ras Al Khaimah Free Trade Zone (RAKFTZ) has become a first class business hub with modern infrastructure and amenities which promote sustainable business growth and development. It has become one of the fastest-growing and most cost-effective free trade zones in the UAE and has incorporated more than 4,500 companies from over 100 countries. RAK Free Trade Zone offers its clients affordability, flexibility and customized solutions that gives the ability to set up their company in the easiest way possible without any hassles. It also allows investors of all origins and industries to easily access and branch into the emerging markets.

RAK FTZ has opened international liaison offices at strategic locations, to offer fast, high quality service to its clients across the globe. People can find all the necessary information on setting up their business from these offices. They seek to ensure that all of their potential clients can easily and quickly process their registration application. They also provide promotional and administrative services and assistance, when it comes to everything from VIP delegations to visa arrangements.

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