Cyprus: RAK Company – Corporate Environment Summary
Ras Al Khaimah, close to Dubai, is one of the fastest growing emirates in the United Arab Emirates. The emirate has also gained a reputation for being a transparent, tax free, corruption free, no red tape and inexpensive to do business jurisdiction. Ras Al Khaimah is the most popular offshore jurisdiction, with favourable business regulations, a prosperous economy and a stable political situation.
Ras Al Khaimah IBC, is a limited liability company which conducts its trading and business outside the Ras Al Khaimah and is intended for offshore activities. It takes up to 2 days to incorporate a company in the Ras Al Khaimah.
The Directors of the company may be of any nationality and may reside anywhere. At least one director is required and there is no requirement to appoint a local resident director.
The Shareholders of the company may be of any nationality and may reside anywhere. At least one shareholder is required, this can be the same person as the director. There is no upper limit to the number of shareholders and a shareholder can be a person or a corporation
The standard share capital of a Ras Al Khaimah is $1,000 USD. However, only one share of the share capital must be issued and paid up. Your company’s share capital can be issued in any currency.
Company Secretary / Registered Office / Registered Agent
The company must have a registered agent and registered office in the Ras Al Khaimah. There is no requirement for local secretary.
Privacy
The details of shareholders do not appear on public record compared to Directors details which are fully accessible.
Company Records
The company must maintain accounting records, however it does not have to keep records in the Ras Al Khaimah and there is no requirement to file accounts or a financial statement. There is no requirement for having audited accounts or a corporate tax return.
Corporation and other taxes
There are no corporate taxes for a Ras Al Khaimah IBC, except for annual government levy of approximately US$700.
Why use a Ras Al Khaimah Company.
The modern offshore legislation provides maximum flexibility in global asset protection and privacy protection.
Ras Al Khaimah offshore companies are commonly used for
Holder of bank accounts, fixed deposits, investment plans and any other financial or commercial title;
Owner of the shares of other companies or legal entities;
Owner of real estate and any other movable or immovable property or goods;
Manager and promoter of international business transactions;
International leasing of aircraft, vehicles, machinery and others;
Borrowing or lending money, paying or receiving commissions, royalties or others;
Marketing and promotion of products and services;
International trade of products and services
Adding an extra layer of confidentiality of UBO’s identity
Our Formation Package
Registered Address and Agent
Company Secretarial Maintenance
Government fees
Certificate of Incorporation
Memorandum & Articles of Association
Appointment of First Directors
Consent Actions of the Board of Directors
Share Certificates
Register of Directors and Members
Company Seal
We also offer Nominee and Management Services (Substance requirements) along with bank account opening and international tax planning.
