UAE

Overview

Established in 2000, Ras Al Khaimah Free Trade Zone (RAKFTZ) is one of the fastest growing and most cost-effective free trade zones in the UAE. The RAKFTZ authorities have moved forward by promulgating International Companies Regulations 2006. The provisions laid down in this regulation allow formation of an "International Company", the concept of which is similar, in spirit and substance, to an offshore company. The objective of the Regulations is to encourage overseas companies to set up their holding companies and avail the tax benefits.

Although all UAE companies follow UAE law, the RAKFTZ permits a RAK - International Company to decide which law it wants to be applied for inheritance, disputes, and any other legal matter. The preferred law must be cited in the Memorandum and Articles of Association.

Currency – UAE Dirham. Business language is considered to be English.

Company type

Private Limited Company (Ltd.)

Company Directors

Quantity: minimum - 1.
Status: physical or legal bodies.
Residency: of any country.

Information about directors: confidential and protected.
Nominal directors: permitted.

Company shareholders

Quantity: minimum – 1.
Status: physical or legal bodies.
Residency: of any country.
Information about shareholders: confidential and protected; custodian shares are permitted.
Nominal shareholders: permitted.

Company secretary

Quantity: minimum – 1.
Status: physical or legal bodies.
Residency: of any country.
Information about secretary: confidential and protected.
Nominal secretary: permitted.

Share capital

Standard declared capital – minimum amount is not specified. The company should have a legal address on the UAE territory and an official agent.

Banks offered

UAE Banks:
MASHREQ Bank
STANDARD CHARTERED Bank
ABU DABI COMMERCIAL Bank

Cyprus Banks:
Any Cyprus Bank.

Submission of Annual Report

Submission of annual return is not required.

Submission of Financial Statements

Accounting and financial reporting that is accepted and signed by director is recommended, though not necessary. There is no obligation to submit reports to Authorities. Primary documents should be stored within 7 years.

Taxation

Corporate income tax rate – 0%. Information about taxes is not shared with Tax authorities of other countries.

Agreements about elimination of double taxation

Agreements about elimination of double taxation are signed with more than 30 countries, including European countries, the US, Canada, Russia and CIS countries.

Term of company registration

About 2 weeks.

Other information

The company is free to decide which law it wants to be applied for inheritance, disputes, and any other legal matter.

The company can own real estate properties on the territory of UAE and anywhere else in the world.

The company can own shares of offshore and onshore companies, LLC and free economic zone companies.

The company can hold a bank account in the UAE for the purpose of conducting routine operational transactions.

The company is not allowed to carry on business or trade within UAE unless it has first obtained the appropriate license from the relevant authority. However the company can maintain professional relations with legal consultants, lawyers, accountants and auditors based in UAE.

It is possible to register a subsidiary of a RAK – IC in Ras Al Khaimah Free Trade Zone and obtain either one of the following licenses to conduct business within UAE:

Commercial [Trading] / General Trading / Service [Consultancy] / Industrial [Manufacturing]

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