Ras al khaimah (rak) offshore incorporations

1. Ras Al Khaimah (RAK) UAE Offshore Incorporations
The choice of a suitable jurisdiction is an important decision requiring careful consideration.
RAK Offshore companies (IBCs) allow foreign investors to register offshore companies
without any requirement to establish a physical presence in UAE. Companies are usually
incorporated within 48 hours. Any non-resident corporate entity or individual can register a
company.
Often jurisdictions are considered as purely tax-havens. The United Arab Emirates has a
large population and an established history in the worlds of finance, business and
international trade. Today it is one of the fastest growing countries in the world enjoying the
highest standards of living.
This is a completely self-sufficient state. Many European jurisdictions are already under a
huge amount of pressure from the EU and British Parliament continue to apply greater
pressure on tax haven progeny (Bermuda, BVI, Caymans, Gibraltar, Turks & Caicos). UAE
has double taxation avoidance agreements (DTAA) with a large number of countries,
preventing individuals and corporations from paying tax on the same amounts during the
same period. UAE is not a member of the Organisations for Economic Cooperation and
Development (OECD). However it is not on the OECD ‘blacklist’ of tax havens. It is also not
on 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 and
cultural similarities to other Middle Eastern and Gulf countries makes this an attractive
location for many other countries in the region as well as on an international scale, popular
for its booming economies and financial markets.
Benefits of our Ras Al Khaimah (RAK) UAE 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 choice of non-European and European Banks,
multi-currency accounts and online banking.
 Confidentiality – Corporation ownership guarantees the beneficial owners
confidentiality.
 No need to have a physical presence (offices) in UAE
 Totally TAX Free
 Fees £4250.00 GBP
All 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 Ras Al Khaimah (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 an International 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 Agreements
Generally under such treaties profits generated from shares, interest, royalties, dividends
and fess are taxable only in the state where the income is earned and since the UAE has no
taxes 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 Ras Al Khaimah (RAK)
Location Gulf RAK Offshore is the first
comprehensive offshore
centre in the Gulf region.
Time Zone GMT+4
International Business
Companies (IBCs)
Yes
Trusts No
Offshore Banking Yes Authorised to open bank
accounts with UAE &
Non-UAE banks

3. Statutory description of Private Limited
Company
International Business Company (IBC)
Governing Corporate Legislation RAK Investment Authority (RAKIA) is
the governing body and the
companies are regulated under RAK
Offshore Regulations 2006
Time-scale for incorporation 48 hours
Availability of ready-made companies No
Regulations 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 Ltd
Minimum & Maximum numbers of
shareholders
Statutory minimum paid-up capital
requirements
Minimum of one shareholder to
incorporate, there is no maximum
number of shareholders
Minimum capital is not required for
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 GBP
Residency requirement of shareholders
or shareholders meetings
Information published relating to shares
and shareholders
Minimum and maximum number of
Directors
Nationality and residency requirements
of directors
Shareholder does not need to be a local
resident of UAE.
The company is required to keep a copy
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.
Sole Directors are permissible. No
statutory limitation, although the articles
may impose a limit.
The Director(s) may be a resident or a
foreign citizen
Requirement to file accounts None
Requirement to keep a registered office
in UAE
The company must keep a registered
office in UAE at all times
Records 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 you
may order via our secure on-line facility at www.molybank.com
Cash 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, where
we will send you a short application for and will require two forms of identification for each person
signing 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 not
hesitate 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 755664
sales@molybank.com
www.molybank.co.uk