RAK Offshore Jurisdiction facts guide

TMS FZE (our parent company) is licensed in RAK as a company service providers, TMS FZE can provide a one stop solution for all your RAK company needs.   


Ras al-Khaimah is one of the seven emirates that comprise the United Arab Emirates (UAE). Ras Al Khaimah is located on the east side of the Arabian Gulf and constitutes about 3% of the total area of the UAE.



Formation Time

Incorporation of a RAK IC is fast.  It takes about two working days for the confirmation of incorporation, with the certificate being issued shortly afterwards. A RAK IC must maintain a registered office and a registered agent within Ras Al Khaimah, however RAK offshore companies cannot carry on any business  activities in the UAE.

Taxes & Accounts

Ras Al Kaimah is a 'no tax' emirate therefore there are no personal or corporate taxes.

There is no requirement to audit or file accounts, however, as with all companies, accounts should be maintained and provided to shareholders.





Directors and Shareholder requirements

A minimum of one director and one shareholder are required. Directors, Officers and shareholders may be natural persons or companies, may be of any nationality and need not reside in the UAE.

A company secretary may be appointed if desired, but is not mandatory.


Bank account

As part of our incorporation service, we offer assistance with opening a corporate account in Dubai, UAE however a personal visit by the  director and/or signatory is required. Setting up a bank account in UAE is quite fast – it takes around 1 week although banks in the UAE do not offer debit/credit cards to their corporate customers.  

We can also offer bank accounts outside of UAE where a personal visit is not needed,  and debit/credit cards are available.  However  it may take a little longer – typically around 4 weeks.

RAK (RAS AL-KHAIMAH) OFFSHORE COMPANY

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RAK is has no corporate or personal taxes.

RAK is not on any blacklist e.g. OECD, FAFT, EU.

NO accounts filing requirements.

Complete privacy - NO public record.


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Privacy


There is no public disclosure of either director or shareholder information.  A court order would be required to disclose any information to 3rd parties.

Ras Al Kaimah is a 'no tax' emirate.  There are no personal or corporate taxes in Ras al-Khaimah.  

Complete privacy - directors and shareholders are not listed in any public registry.

TIEAs (Tax Exchange Information Agreements) are something that RAK clients do not need to be concerned with! RAK has not signed any TIEAs and, we understand, has no plans to do so. Therefore ‘fishing expeditions’ by the tax offices of high tax countries will simply be rebuffed.

The Emirates and RAK in particular are amongst very few jurisdictions which are not part of the OECDs venal campaign against ‘unfair tax competition’.



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Copyright © 2014 - 2016.  International-Formations.com is a trading name of TMS FZE. Licensed Corporate Service Provider.
 Registered in RAK (Ras Al-Khaimah) UAE. Licence No. L1 04 15 427.
All rights reserved.

Please note that TMS FZE provides an execution only service in respect of the formation of companies, opening bank accounts and related services. Therefore comments or suggestions made by us should not be considered as formal advice. Should you require formal structuring advice, please contact us.


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