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.