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Rak Offshore (Brochure)

Rak Offshore (Brochure)






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    Rak Offshore (Brochure) Rak Offshore (Brochure) Presentation Transcript

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    • Welcome to an entrepreneur’s paradise . . . . . . . . . . . . . . . . . . . .4 Designed by entrepreneurs, for entrepreneurs . . . . . . . . . . . . . . .8 Just what the region needed . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Give yourself an unfair advantage . . . . . . . . . . . . . . . . . . . . . . . .12 A complete offshore business and financial centre . . . . . . . . . . .14 Compliance and Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 RAK Offshore Business Centre . . . . . . . . . . . . . . . . . . . . . . . . . .18CONTENTS RAK Offshore Marine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 RAK Offshore Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 RAK Offshore Financial Services. . . . . . . . . . . . . . . . . . . . . . . . .26 Registrar of Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 RAK Financial Services Authority . . . . . . . . . . . . . . . . . . . . . . . .30 RAK Financial City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Information At-A-Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 3
    • Ras Al Khaimah is one of the fastest growing emirates in one of the fastest growing economies in the world, the United Arab Emirates. Renowned for its natural beauty and art de vivre, Ras Al Khaimah has also gained a reputation for being a transparent, tax-free, corruption-free and no-red- tape location to do business. Its booming economy and proximity to other major international centres like Dubai has attracted hundreds of large, medium and small businesses from every part of the world. Now, RAK Offshore is making it possible for non- resident corporations, entrepreneurs and individuals worldwide to enjoy all the advantages which were available only to resident entities. WELCOME TO AN ENTREPRENEUR’S PARADISE At RAK Offshore, the sole raison d’être is to help your business succeed. From the very outset, it was conceived to allow you to unleash your entrepreneurial spirit by making it easier and more cost-effective to start and operate an offshore business. RAK Offshore offers businesses and individuals a wide range of comprehensive services and structures that are dedicated to non-residents. RAK Offshore also benefits from one of the most comprehensive lists of non-double taxation treaties in the world, including with China, India, Italy, France and Germany.4
    • Physically located in the superb infrastructure ofthe upcoming RAK Financial City, RAK Offshore willallow a wide variety of international business andfinancial activities.Non-resident Businesses and IndividualsInternational Business Companies RAK Offshoreis an ideal location for international business operationsand asset protection schemes. If you are looking foran offshore location in the Middle East where you canregister your LLC, Société Anonyme or GmbH withouttoo much cost or hassle, RAK Offshore is the answer.Maritime Activities RAK Offshore offers open registryof yachts and private boats. It will also offer openregistry of commercial vessels in the near future.OutsourcingThanks to its proximity to major economies, strategiclocation between the East and the West and readyaccess to a flexible, multicultural, multilingual andhighly skilled workforce, RAK Offshore is the perfectplace for outsourcing businesses in accounting, auditand other back office operations. 5
    • Offshore Non-financial Businesses • Tax planning • International visibility You can register International Business Companies • No exchange controls bearing the status of Ltd, GmbH, Ltda or Société • Access to a superb communication and banking Anonyme at RAK Offshore. (See pages 18, 34 & 35 infrastructure for details.) • Outsourcing • Creative and genuine portfolio of dedicated services Offshore Financial Businesses* • Property ownership for non-residents in UAE free zones • Compliant with best international standards for anti- RAK Offshore offers all the infrastructure and regulatory money laundering framework to conduct a comprehensive range of offshore financial activities. (See pages 22-27 for details.) A government entity of Ras Al Khaimah, RAK Offshore has been developed and is managed Trusts* by the RAK Investment Authority (RAKIA), an • General Trusts • Discretionary Trusts autonomous institution with a successful track • Vesting Trusts • Educational Trusts record of promoting business, industry and tourism • Employee Trusts • Spendthrift Trusts in Ras Al Khaimah. • Grantor Trusts • Asset Protection Trusts Charitable Trusts and Foundations* WELCOME TO AN ENTREPRENEUR’S PARADISE Corporate Special Trusts* As the owner of an operating business, you can continue to maintain control over your company by setting up a Corporate Special Trust. Collective Investment Schemes Ras Al Khaimah - Quick Facts (Investment Funds)* • Mutual Funds (Unit Trusts) • Hedge Funds Languages Arabic, English, Hindi, Urdu, Farsi • Islamic Funds Currency AE Dirham pegged to the US Dollar Offshore Banking* Time Zones GMT + 4 hours • Offshore Retail Banking • Offshore Investment Banking Airports Ras Al Khaimah Airport: 15-minute drive from RAK Offshore RAK Offshore takes special care to give small and Sharjah Airport: 30-minute drive medium enterprises the option of offshoring their Dubai Airport: 40-minute drive business through the creation of dedicated instruments, Ports Saqr Port: Eight 200-metre long and enjoying the resulting benefits, some of which are deep water berths, dredged listed below: to 12.2 metres, serves over 1,400 vessels annually • Asset protection and planning Al Jazeera Port: New multipurpose port • Confidentiality of execution RAK Port: Historical trading port *Regulated activities, available shortly in compliance with the UAE Federal Law (8) of 2004 on financial free zones. Absolute confidentiality6 assured and guaranteed. Under the supervision of RAK Financial Services Authority for the purpose of monitoring criminal activities only.
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    • RAK Offshore is the result of the extraordinary vision of H.H. Sheikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras Al Khaimah. And that vision has been turned into reality by Dr. Khater Massaad, the CEO of RAK Investment Authority. As successful entrepreneurs themselves, they have an intimate understanding of the needs and requirements of the business world. RAK Offshore offers everything business enterprises need to excel in today’s highly competitive environment. H.H. Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah An alumnus of Michigan University in the US, from where he graduated in Political Science and Economics, Sheikh Saud’s vision for Ras Al Khaimah is founded on the bedrock of free enterprise, focussed on ensuring maximum socio-economic advantages for the people of the Emirate. One of UAE’s most admired corporate icons, it was under Sheikh Saud’s leadership that RAK Ceramics made its biggest strides to become one of the largest ceramic manufacturers in the world. Another tribute to Sheikh Saud’s corporate stewardship has been Gulf Pharmaceuticals (Julphar), a global pharmaceuticals group based in Ras Al Khaimah. Today, Julphar exports to 40 countries with total sales in excess of AED 600 million. Thanks to Sheikh Saud’s vision, Ras Al Khaimah has witnessed a renewed developmental vigour in the last three years and has transformed itself into the most sought-after destination in the Middle East, with several major tourism and industrial projects currently underway in the Emirate.DESIGNED BY ENTREPRENEURS, FOR ENTREPRENEURS Dr. Khater Massaad, CEO, RAK Investment Authority Dr. Khater Massaad is the Chief Executive Officer of RAK Investment Authority and RAK Ceramics. In addition to this, he also spearheads various industrial, tourism and infrastructure developments in the Emirate. Thanks to Dr. Massaad’s innovative and proactive business strategies, Ras Al Khaimah has today captured the attention of global investors who are queuing up to make the Emirate their base. Under his leadership, RAK Ceramics has progressed from one production line of 5,000 square metres per day in June 1991 to 18 production lines manufacturing 140,000 square metres per day with exports to 128 countries around the globe. His achievements have won him innumerable plaudits, including the prestigious Sheikh Mohammed Bin Rashid Al Maktoum (MRM) Business Award for Industry in 2005. A Ph.D. in Sciences (Geophysics) from the University of Lausanne, Switzerland and a Master of Science in Mathematics, Dr. Massaad is a Swiss national of Lebanese origin. He is fluent in French, English and Arabic with knowledge of German and Italian. 9
    • RAK Offshore is designed to fill a clear gap in the Middle East and the Gulf regional and worldwide offshore opportunities Thanks to geographical proximity and cultural available to businesses and financial companies. similarities, RAK Offshore is an attractive location A real need exists among investors and investment for businesses from countries in the Gulf and the professionals in the Gulf, Middle East, Russia and Middle East. These countries already have strong other CIS countries, Europe and South Asia for an business links with the UAE. RAK Offshore is also offshore location in the region and RAK Offshore has likely to benefit from the fact that some countries in been conceived to address that need. the region suffer from political unrest and/or asset protection issues. Russia & CIS Countries Confidentiality and financial privacy coupled with issues such as political uncertainty, weak currencies, taxes, severe foreign exchange controls and asset protection in Russia and CIS countries make RAK Offshore a viable option for businesses from this region who seek an offshore location. JUST WHAT THE REGION NEEDED Europe, India & Other Countries Companies in this region have a favourable image of the UAE as a business centre. Add to that their interest in investing in the booming economies and financial markets of the GCC and it is not hard to see why RAK Offshore is a perfect offshore location for these companies. RAK Offshore is the much- awaited answer for the offshoring and outsourcing needs of a wide variety of investors: • Multinational Companies • High Net Worth Individuals • Family Businesses, Low Profile Companies • Banks, Insurance Companies, Fund Management Firms • Licensed Ancillary Services10
    • Multinational Family Individuals Ancillary Companies Businesses Services and SMEs (including Maritime)International Business ✓ ✓ ✓ ✓CompaniesTrusts (General and ✓ ✓ ✓Corporate Trusts)Collective Investment ✓ ✓ ✓Schemes (Funds)Offshore Banking ✓ ✓ ✓ ✓Private Boat Registration ✓ ✓ ✓ ✓Outsourcing of Financial ✓ ✓Services (Accounting,Audit, CustomerService etc.) 11
    • RAK Offshore aims to be a regional business hub with unique competitive advantages that will appeal to a wide variety of businesses, entrepreneurs and investors. • A strategic location at the crossroads of East and West with access to a market of over 2 billion people, from Morocco to China, and from Russia to Africa. • A modern telecommunication and transportation infrastructure with well-developed road, air and sea transport facilities. • No restrictions on hiring manpower and easy access to a large pool of well-qualified and trained professionals. • Part of the United Arab Emirates, one of the most financially and politically stable countries in the region and worldwide. GIVE YOURSELF AN UNFAIR ADVANTAGE • A local government that is fast and efficient with minimum regulation and red tape, and a strong commitment to encouraging business and investment. • A tax-free environment, with numerous bilateral non-double taxation treaties with many countries including India and European countries. • A well-developed financial regulatory framework that includes strict compliance for international anti-money laundering regulations. • A local currency linked to the US Dollar to ensure a stable exchange rate with no currency fluctuation. • The experience and expertise of the RAK Investment Authority which has already registered almost 1,000 free zone industrial and trade companies in a very short time.12
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    • RAK Offshore is a comprehensive solution that not Infrastructure only provides an offshore location for international An independent Registrar of Companies and businesses and upmarket financial services but also Boats to deal with the incorporation and registration a strong yet flexible regulatory framework based on of all offshore corporate entities and marine vessels. global best practices. The RAK Financial City to house the offices of To deliver on the promise of a comprehensive solution, RAK Offshore as well as all the offshore businesses RAK Offshore offers a combination of distinct but and financial services companies that domicile in interconnected services and infrastructure. RAK Offshore. The office space options will range from ready-made offices available on a leasehold Services or freehold basis to freehold plots of land on which An International Offshore Business Centre for buyers can construct office buildings to suit their non-resident entrepreneurs who need an offshore needs and taste. location to conduct business, and outsource back office activities. The independent RAK Financial Services Authority that will act as a regulatory and auditing body for An upcoming International Offshore Financial RAK Offshore and all the financial companies and Centre for offshore financial services companies and institutions in RAK Offshore. The RAK Financial finance professionals. Services Authority will be completely autonomous and will comply with all international as well as local regulations on AML and CTF.A COMPLETE OFFSHORE BUSINESS AND FINANCIAL CENTRE RAK Offshore - Highlights Location Gulf RAK Offshore is the first comprehensive offshore centre in the Gulf region, offering services that range from IBCs to trusts and funds. Time Zone GMT+4 Between Europe and Asia. Open on Sundays. International Yes First centre in the Middle East to offer IBC registration. Business Companies Trusts Yes Three types of trusts offered: General, Charitable and Corporate Trusts. Offshore Yes Offshore banks can mortgage projects and property within RAK Free Zones. Banking Non-residents can use ATM and other services worldwide. Collective Yes Sharia-compliant Funds, Mutual Funds and Hedge Funds Investment Schemes Yacht Yes Registration of non-resident pleasure boats. Registration Registration of commercial vessels for non-residents will be offered in the near future. 15
    • Today, no financial services jurisdiction can hope to succeed unless it is well regulated and transparent. RAK Offshore sets the bar very high in terms of internal, local, federal and international compliance, yet keeping customers’ confidentiality at the heart of the system. Day-to-day operations are managed by the Registrar, under the control of the RAK Investment Authority (RAKIA), and the independent and dedicated RAK Financial Services Authority (RAKFSA), as well as the Central Bank of the United Arab Emirates. In delivering its functions and in considering applications by organisations and individuals wishing to establish businesses within or through RAK Offshore, the Registrar and RAKFSA aim to adopt a firm but flexible regulatory approach. COMPLIANCE AND SAFETY It is of paramount concern to the government that Ras Al Khaimah’s reputation is not tainted by the use of the jurisdiction for money laundering or other illegal purposes. Therefore, all licensed institutions are expected, in accordance with a set of strict guidelines, to carry out proper due diligence and “know your customer” checks so that they are satisfied as to the identity of their clients and the legitimate origin of their clients’ funds. Although total confidentiality is ensured by the legislation, the authorities will cooperate with law enforcement agencies and regulators in case of illegality.16
    • Ras Al Khaimah has a well-established professionalinfrastructure, with entrepreneurs at the highestdecision-making levels. The RAK Investment Authorityhas long experience in fast registration and managementof innovative companies and ventures.Corporate Service Providers must obtain a licencefrom the Registrar, and adhere to the rules andregulations of the legislation. In case of non-compliance or unlawful activities, a series of finesand closure of activity will be enforced. 17
    • Any non-resident individual or corporate entity can register a company at RAK Offshore. These companies are extremely flexible international instruments that can serve many objectives: trading operations, asset protection, tax planning, real estate holding, trusts, funds etc. They require a symbolic capital and only one director and shareholder. They can hold board meetings anywhere on the planet, and the identities of their shareholders are kept confidential by law, unless there is suspicion of criminal activity by the Ras Al Khaimah and UAE regulatory bodies. RAK OFFSHORE BUSINESS CENTRE The cost of creation of such IBCs is minimal. International Business Companies registered in RAK Offshore can bear the status of Ltd, GmbH, Ltda or Société Anonyme.18
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    • Yacht & Small Craft Registration: An Open Registry Due to the rapid expansion of leisure craft ownership worldwide, RAK Offshore will offer owners the opportunity to register their vessels in an open registry, from anywhere in the world. Registration will be uncomplicated, rapid, secure and above all, convenient. Inspection and registration for this quality flag will be made easy through an international network of approved surveyors. Who may apply? Anyone will be eligible to apply through the creation of a special IBC with the sole objective of owning the vessel. As part of this process, such a yacht will simply be divided into 64 shares of which 33 shall be owned by the IBC of RAK Offshore.RAK OFFSHORE MARINE Typical Application Requirements* 1 Proof of ownership - original documents of sale, builders’ certificates etc. 2 Certificates of survey by RAK Offshore-approved surveyors. Please note that for larger vessels (starting at 13.7 m/45 ft.) additional regulations shall apply. 3 For mega yachts, crew shall be properly qualified and certified in accordance with international requirements. To be successfully registered, vessels will have to pass the RAK Offshore surveyor’s inspection and be compliant with international standards of safety and environmental protection that are embraced by RAK Offshore. *Requirements may vary according to each case at the discretion of RAK Offshore. For instance, newly delivered yachts may be exempt from surveyor inspection. 21
    • Trusts and Corporate Trusts* RAK Offshore will also provide an ideal location to establish various kinds of offshore trusts. An offshore trust is a very light and versatile vehicle that can be used as a direct investment vehicle offering great income, tax and inheritance advantages. An offshore trust can also be used to hold companies or other assets under the RAK Offshore Special Corporate Trusts Regulations. The elements of a RAK Offshore trust are: • The Deed: A constitution or legal agreement, which sets out the duties and responsibilities of the trustees, the rights of the beneficiaries as well as the specifics governing the trust property. • The Settler or Grantor: The person or entity who establishes the trust and lays down its rules. RAK OFFSHORE TRUSTS* • The Trustee: A licensed individual legally appointed to receive the trust property and to manage it in keeping with the terms of the trust deed. • The Beneficiaries: The persons or entities entitled to the benefits of the trust property. • The Protector or Protection Committee: The person or persons appointed by the settler as a guardian over the trustee and the trust property. Trusts can be discretionary or non-discretionary. In discretionary trusts, ownership, control, income and capital distribution vest in the trustees. The beneficiaries of the trust are not entitled to any benefits until the trustees exercise their absolute discretion. In non-discretionary trusts, the trustees have no discretion and all amounts accrue to the beneficiaries as of right.22 *Regulated financial service. Will be available shortly.
    • Why choose RAK Offshore for your trust.Trusts are a flexible way of handling private as wellas corporate affairs and there are numerous reasonsto settle a trust with RAK Offshore.RAK Offshore has developed a comprehensive, yetsimple legislation, to fulfil every need - from avoidingforced heirship and managing your employeebenefits to establishing a charitable organisationand protecting assets.The range of trusts offered by RAK Offshore are:• Education Trusts: Income and capital are accumulated within the trust until the happening of a conditional event. For example, a trust to fund the education of children or grandchildren.• Employee Trusts: For holding pension fund monies or for employee incentive schemes.• Spendthrift Trusts: For protecting prodigal or immature beneficiaries.• Grantor Trusts: The settler retains control over income or capital, or retains power to revoke the trust.• Charitable Trusts and Foundations: For advancing charitable causes. The advantage of such trusts is that they are normally granted tax relief provided they meet certain requirements.• Corporate Trusts: For a business owner who wants to keep management control of his company, while transferring it to a beneficiary. 23
    • RAK Offshore Trusts - Special Features* RAK Offshore Trusts Minimum Assets No Charitable Purpose Trust Yes, but tighter control on charitable trusts Perpetuity Period 99 years Wait and see provision Do not apply to charitable trusts Re-domiciliation Possible in and out Choice of Proper Law Very liberal Different laws can govern a trust Revocable and Irrevocable Yes Accumulation Possible Registration of Trusts Yes, anonymous Exchange Control No Licence for Trustees Yes RAK OFFSHORE TRUSTS* Confidentiality Rules Strict Financial Disclosure Yes Foreign Court Awards (for trust taking the law of the jurisdiction) Immunity Time Limit to bring Suit 2 years Fraudulent Dispositions Yes Forced Heirship Excluded Yes Number of Trustees 1 to 4 Trustee as Beneficiary or Settler All combinations possible Protectors Office of protectors allowed Financial Guaranties Yes Tax Treaties Yes Compliant with the Hague International Convention on Trusts Yes • Flexible types of trusts available combined with liberal asset-protection provisions • Strong protection for customer money • Liberal choice of law governing the trust and the option of re-domiciliation • No minimum amount of property • Compelling confidentiality rules • A trust estate may form an IBC • Anonymous registration of trust • Office of protectors is allowed • No taxes24 *Regulated financial service. Will be available shortly.
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    • Collective Investment Schemes (Funds)* Through the use of a simple ATM card and other international payment instruments, anyone can benefit Why choose RAK Offshore for your fund. from the world class financial services offered by UAE’s The offshore industry worldwide is currently attracting well-developed banking industry. more than 50% of cross-border assets in the world, using international investment funds. Thanks to its For your investment purposes in dedicated free zones unique location and regulatory framework, RAK where full and universal freehold ownership is allowed, Offshore provides an ideal location for offshore funds your RAK Offshore-based bank can take a mortgage and is fully geared to attract a substantial amount of for your real estate or industrial investments. regional and global equity. RAK Offshore Banks – Special Features* RAK Offshore Funds - Special Features RAK Offshore banks will offer the full range of private RAK Offshore offers the regulatory framework to banking and retail banking services for non-residents establish a diverse variety of funds including Sharia- including investment banking and mortgage facilities compliant investment instruments, mutual funds, for full freehold ownership in any freehold location in hedge funds, bond-based funds, aggressive funds Ras Al Khaimah or UAE. or guaranteed fixed income funds. Depending on the needs and requirements of the fund managers, these All offshore banking activities are regulated by the funds can be open or close-ended. RAK Financial Services Authority, and supervised by the Central Bank of the United Arab Emirates.RAK OFFSHORE FINANCIAL SERVICES* To ensure compliance with international norms and standards, all funds and fund managers must be licensed and approved by the RAK Financial Services Authority. Banks* Why settle an offshore account at RAK Offshore. International retail banking services are available to non-residents at RAK Offshore. This is a great value- added service for those who reside in countries where the banking system is deficient or not regulated. *Regulated financial service. Will be available shortly. 27
    • Registrar of Companies The Registrar of Companies is the production unit of RAK Offshore and is responsible for establishing business relationships, incorporating offshore companies through licensed registered agents, and ensuring all rules and regulations are strictly adhered to. The Registrar of Companies will handle all matters related to the above including: 1 Process applications for incorporation of new companies and deliver certificate of incorporation with registration number. 2 Perform due diligence on the individuals (directors, members etc.) who are part of the incorporated company. REGISTRAR OF COMPANIES 3 Verify the names of companies at incorporation. 4 Collect various fees and fines. 5 Deliver certificates, duplicates or other documents as per the law. 6 Maintain the physical registry. 7 Update the Register of Companies as needed.28
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    • RAK Financial Services Authority* To ensure maximum flexibility for investors while 11 Provide the Government of Ras Al Khaimah maintaining strict compliance with local as well as with periodic reports, advice, assistance and international rules and regulations, RAK Offshore information on any matter relating to the financial has the dedicated RAK Financial Services Authority services industry as may be necessary. (RAKFSA) that is directly in charge of overseeing the 12 Make recommendations to the Government of Ras regulated financial activity within RAK Offshore as Al Khaimah on needed amendments or revisions to well as RAK Financial City. the financial services legislation. 13 Develop appropriate legal, regulatory and supervisory The responsibilities of RAK Financial Services mechanisms for the efficient administration of the Authority include: financial services industry. 1 Screen applications received from RAK Offshore 14 Encourage the development of high professional or RAK Financial City and deliver licences. standards within the Ras Al Khaimah financial 2 Grant or revoke licences and certificates services industry, in coordination with the Central submitted to the RAKFSA by RAK Offshore or Bank of the United Arab Emirates. RAK Financial City for financial services. 15 Initiate and promote codes of conduct for 3 Monitor Registered Agents by requesting regular regulated persons. reporting and performing periodical audits at 16 Develop a system of continuing education for their offices. practitioners in financial services. 4 Keep Registered Agents informed of the appropriate 17 Inform the general public on its functions and procedures by issuing guidelines. on matters relating to or affecting the financial 5 Supervise and regulate regulated persons, RAK services industry. Financial City staff and RAK Offshore staff. RAK FINANCIAL SERVICES AUTHORITY* 6 Screen applications received from RAK Offshore for Registered Agents and deliver licences. 18 Promote and maintain safe and sound financial 7 Monitor and regulate RAK Offshore and RAK services legislation in RAK, under the guidance of Financial City financial services, in coordination the Central Bank of the United Arab Emirates. with the Central Bank of the United Arab 19 Develop appropriate mechanisms to enhance the Emirates. protection of the public, including investors, whether 8 Ensure that the supervised financial institutions within or outside the RAKIA-administered zones, provide RAKFSA with all information and against financial loss arising out of the dishonesty, documents that are relevant to carry out its incompetence, malpractice or insolvency of persons supervisory functions. engaged in the financial services business in the 9 Develop the financial services industry in RAKIA- RAKIA-administered jurisdictions. administered zones, including the conduct of 20 Protect and enhance the reputation of Ras Al surveys relating to the industry. Khaimah and the United Arab Emirates as a financial 10 Monitor the effectiveness of the RAKIA financial services centre; and participate in the fight against services legislation in providing for the supervision financial crime and other unlawful activities relating and regulation of the financial services industry to the financial services industry. as per internationally accepted standards. RAKFSA will be fully authorised to carry out off and on-site inspections. On request, it will allow a Ras Al Khaimah, federal or foreign regulatory authority to participate in its inspections.30 *Regulated financial service. Will be available shortly.
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    • RAK Offshore will be physically located in RAK Financial City, a world-class real estate project that will be a national and regional focal point for business and the community. RAK Financial City will be built on a plot measuring 280,000 square metres located at the entrance to the city of Ras Al Khaimah between the sea and the free zone area. The site will have commanding views of both the sea and the mountains of Ras Al Khaimah.RAK FINANCIAL CITY RAK Financial City will include 12 towers ranging from 20 to 65 floors. The towers will be organised around a lake and each tower will be unique in form, height, material and texture. In the heart of the project will be the two central towers that will become the new icon of Ras Al Khaimah. The various towers will include offices, residential apartments, hotels and commercial and leisure areas. Under the towers, there will be a podium that incorporates commercial areas, parking, landscaping, pedestrian arcades and swimming pools. 33
    • International Business Companies Comments Location Gulf Unique offshore location: Ras Al Khaimah is the outbound port for India, Russia & CIS countries, Iran, Pakistan and of course the Middle East Legislation RAK Offshore Regulations, 2006 Languages English, Arabic, Hindi, German, Spanish A truly multicultural environment Soon: Russian, Farsi Currency USD AED for onshore activities (pegged to USD) Exchange controls None Onshore and offshore Time zone GMT + 4 hours Between London and Tokyo Avoidance of double taxation treaties Algeria, China, Jordan, Kuwait, Egypt, The most comprehensive list of bilateral tax treaties among major Finland, France, Malta, Pakistan, Poland, offshore centres. Germany, India, Indonesia, Italy, Malaysia, Mauritius, Romania, Seychelles, Singapore, South Korea, Sudan, Syria, Turkey, Yemen Tax rate (company or individuals) Zero income, corporate and value added RAK is a truly tax-free environment. It is the only offshore centre to offer taxes for residents and non-residents zero tax and zero VAT for residents and non-residents, whereas other reputed centres tax their corporate or non-corporate residents up to 30%. International Business Companies Yes The simplest, fastest and most inexpensive instrument to create an offshore company in the region. RAK Offshore is the first offshore centre in the Middle East to have its own Registrar of Companies. IBC can own real estate in jurisdiction Yes, within designated free zones The only international offshore centre to offer such a service of registration to non-resident companies. Company acquisition time 1 day Incorporation Costs: USD 950 regardless of share capital and type Other reputed offshore centres charge up to USD 5,000 Government Registry and discriminate according to capital. Annual charges: Government Registry USD 680 regardless of share capital and type 40% less expensive than major Caribbean centres.34
    • International Business CompaniesShareholders(1) Minimum (1) 1(2) Residency requirements (2) No requirementsShare capital(1) Minimum authorised (1) No minimum requirement(2) Minimum issued (2) 1 share(3) Bearer shares (3) No(4) Redeemable shares (4) YesBeneficial ownership disclosure Not required to disclose to Government but must be disclosed to registered agentDirectors(1) Minimum number (1) 1(2) Residency requirements (2) Not required(3) Corporate directors (3) Yes INFORMATION AT-A-GLANCELocal presence requirements(1) Directors (1) Not required(2) Company officers (2) Not required(3) Meetings (3) Not required(4) Annual general meeting (4) Not requiredAudit requirements None, unless requested by RAK Financial Services Authority in case of suspicion of criminal activity onlyAnnual accounts Yes, but not publicPossibility of migration YesShare transfer duty NilSpecial mention on the name Ltd, Société Anonyme, GmbH, Ltda... 35