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. |
