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RAK (Dubai) Offshore Information pack

RAK (Dubai) Offshore Information pack

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  • 1. RAK Offshore IncorporationsThe choice of a suitable jurisdiction is an important decision requiring careful consideration.RAK Offshore companies (IBCs) allow foreign investors to register offshore companieswithout any requirement to establish a physical presence in UAE. Companies are usuallyincorporated within 48 hours. Any non-resident corporate entity or individual can register acompany.Often jurisdictions are considered as purely tax-havens. The United Arab Emirates has alarge population and an established history in the worlds of finance, business andinternational trade. Today it is one of the fastest growing countries in the world enjoying thehighest standards of living.This is a completely self-sufficient state. Many European jurisdictions are already under ahuge amount of pressure from the EU and British Parliament continue to apply greaterpressure on tax haven progeny (Bermuda, BVI, Caymans, Gibraltar, Turks & Caicos). UAEhas double taxation avoidance agreements (DTAA) with a large number of countries,preventing individuals and corporations from paying tax on the same amounts during thesame period. UAE is not a member of the Organisations for Economic Cooperation andDevelopment (OECD). However it is not on the OECD ‘blacklist’ of tax havens. It is also noton the FATF Blacklist either. There is no foreign exchange of information.It is close in proximity to the Gulf and Global Markets and its geographical proximity andcultural similarities to other Middle Eastern and Gulf countries makes this an attractivelocation for many other countries in the region as well as on an international scale, popularfor its booming economies and financial markets.Benefits of our RAK (Dubai) Package • Political and economic stability of the jurisdiction • Availability of a modern flexible legislative framework • Simple incorporation and filing requirements • The availability of Double Taxation Avoidance Agreement (DTAA) • World-class telecommunications • World-class banking Facilities with a prime Dubai bank, multi-currency accounts and internet access. • Confidentiality – Corporation ownership guarantees the beneficial owners confidentiality. • No need to have a physical presence (offices) in UAE • Totally TAX Free • Fees £4250.00 GBPAll first years fees are inclusive.Yearly fees from year two onwards are £1500.00 GBP inclusive of Nominee Director fee,IBC and certificate of good standing.
  • 2. Uniqueness of RAK • Unlike a Dubai IBC, RAK only requires 1 shareholder, there is no need for them to be physically present in UAE and there is no requirement to file accounts. It is also far more economical than a Dubai IBC and yet achieves exactly the same end result, UAE incorporation with a Dubai Bank Account. • Ideal for Asset Protection – in the case of death, corporate ownership assets can be transferred via simple company share to a new beneficial owner without legal inheritance costs and red-tape.Activities of RAK IBC • Your RAK IBC can own property in UAE. • General trading • Consulting and advisory services • Holding company ( buy/ hold/ sell stakes of companies) • Investment and Joint investments • Property ownership • Professional services • International services • Shipping and ship management • Commissions Agent company – intermediary brokers • Asset protection – see above.Double Taxations Avoidance AgreementsGenerally under such treaties profits generated from shares, interest, royalties, dividendsand fess are taxable only in the state where the income is earned and since the UAE has notaxes this makes the UAE a more attractive jurisdiction in which to operate.Double taxation avoidance agreements exist between UAE and Austria, Belarus, Belgium,Canada, China, Czech Republic, Egypt, Finland, Germany, India, Indonesia, Italy, Lebanon,Malaysia, Morocco, New Zealand, Pakistan, Poland, Romania, Singapore, Sudan, Thailand,Tunisia, Turkey, Ukraine.Features of RAK (Dubai)Location Gulf RAK Offshore is the first comprehensive offshore centre in the Gulf region.Time Zone GMT+4International Business YesCompanies (IBCs)Trusts NoOffshore Banking Yes Authorised to open bank accounts with UAE Banks
  • 3. Statutory description of Private Limited International Business Company (IBC)CompanyGoverning Corporate Legislation RAK Investment Authority (RAKIA) is the governing body and the companies are regulated under RAAK Offshore Regulations 2006Time-scale for incorporation 48 hoursAvailability of ready-made companies NoRegulations governing names of IBCs In general terms the nature of the business should be indicated through the company name, with a suffix of Limited or LtdMinimum & Maximum numbers of Minimum of one shareholder toshareholders incorporate, there is no maximum number of shareholdersStatutory minimum paid-up capital Minimum capital is not required forrequirements incorporation, although this does have to be mentioned in the Memorandum and Articles of Association (MOA)Classes of shares Share capital can be divided into different classes. Bearer shares are not allowed. Shares can be issued fully or partly or nil paid.Annual Renewal costs £1500.00 GBPResidency requirement of shareholders Shareholder does not need to be a localor shareholders meetings resident of UAE.Information published relating to shares The company is required to keep a copyand shareholders of the share register at the registered office address. This is available for inspection by the members and is not publicly available. The company may file at the registrar voluntarily.Minimum and maximum number of Sole Directors are permissible. NoDirectors statutory limitation, although the articles may impose a limit.Nationality and residency requirements The Director(s) may be a resident or aof directors foreign citizenRequirement to file accounts NoneRequirement to keep a registered office The company must keep a registeredin UAE office in UAE at all timesRecords that must be maintained in UAE A copy of the share register of Directors and an imprint of the common seal must be kept at the registration agent and apos address. Other records such as minutes of directors, members copies of all resolutions. This information is not public.
  • 4. How do I apply?In order to proceed we will need the following things from you:1. Your choice of company name (your own choice of company name will be put to the relevant registry – alternatively you may request an up to date list of pre-approved names or view these on our website on the relevant product page).2. Confirmation of the business activities of the proposed Company.3. Your fee payment. Fees can be paid by credit card, Western Union Transfer or Bank Transfer (payment details below)Payment Options:Credit/Debit Card: by email to sales@molybank.com or telephone us on +44 (0) 1305 853310 or youmay order via our secure on-line facility at www.molybank.comCash or Bank Transfer to our account at:Our Bank Account details are available on request.We also accept payment by Western Union (call us for details)Once your application has been accepted we will pass your file to our administration team, wherewe will send you a short application for and will require two forms of identification for each personsigning on the Company Bank account: 1. Passport photocopy 2. A home utility bill (council tax, electric, water or gas) showing your residential address, dated within the last 3 months and in English or officially translated into English (other forms of I.D. can be accepted if you are unable to provide a home utility bill. Kindly consult us).We hope that you have found this information of help. If you have any questions please do nothesitate to contact us. We look forward to being of assistance.Amanda J Molyneux & Company Limited, Bolan House, Chalky Road, Broadmayne, Dorset DT2 8PJ+44 (0) 1305 853310 / +44 (0) 7719 755664sales@molybank.comwww.molybank.com