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company formation in ras al khaimah

Company Formation Ras al Khaimah

Offshore company formation ras al khaimahThe Benefits of Forming Your Company in Ras al Khaimah

Choosing Ras al Khaimah as your offshore location has a lot of benefits. The United Arab Emirates (UAE), in comparison to numerous tax hubs is not a small place with several bank branches or post boxes. Rather, this is the driving force and the fastest growing force amidst the Gulf Cooperation Council or GCC market.

The UAE has a comparable role to the growing markets of India and Pakistan when it comes to entering the Asian and Arabic market. Over a few years, the UAE has gained outstanding reputation as a place for business and leisure.

Why Establish an International Business Company (IBC) in Ras al Khaimah

The government of the UAE has established Free Trade Zones to attract businesses to establish offshore locations. Ras al Khaimah is one of the most popular free zones because of its benefits for foreign companies. Ras al Khaimah, as an independent Emir offers a lot of benefits such as zero income tax, zero property tax, zero withholding tax, zero value added tax, zero corporate income tax, no control on foreign exchange, no duties on import and export, no trade barriers, free capital, profit repatriation, and 100% ownership for foreign companies. Also, the liberal law in Ras al Khaimah is very liberal and flexible.

Ras al Khaimah is an independent state in the sense that it is not part of any list for tax havens. For example, the Organization for Economic Cooperation and Development (OECD) and the European Union (EU) often put a lot of pressure on conventional tax havens. This is not applicable in the UAE because it is independent, and so not subject on the same pressure that could affect the business activities of foreign companies. Ras al Khaimah is not a member of the OECD and hence, there is no mandatory exchange of information. It is also not included in the blacklist of tax havens of Financial Action Task Force (FATF).

In addition, the UAE also entered into a double tax treaty with important economic powerhouse in the world such as Switzerland, Germany, China, France, Italy, Malta, Austria, Romania, Czech Republic, Belgium, Finland, India, Canada, the Netherlands, Poland, Singapore, and Turkey.

Ras al Khaimah is a Prime Location in Middle East

The UAE as a business hub are still very young compared to other international business areas. However, it has gained outstanding reputation and has even surpassed other locations such as British Virgin Islands (BVI), Channel Islands, and Panama. With friendly business policies,the UAE is now a growing hub for mixed companies, holding firms, and classical corporations.

Founding & Administrative Costs in the UAE

The cost of establishing and maintaining a business in Ras al Khaimah is based on the following expenses: one-time expenses, yearly expenses and miscellaneous fees.

If you are interested in putting up your company in the UAE, particularly in Ras al Khaimah, Dubai Financial Yard can help you in every step of the way. Contact us today to learn the details. The business registration will take place after paying the foundation costs within 1 to 2 business days.

General Rules and Regulations in Forming a Company in the UAE

The detailed legal regulations in forming an offshore company in the UAE can be found in the Jebel Ali Free Zone Authority Regulations for Offshore Companies. The statute contains a total of 126 regulations for the registration of companies, which was in effect starting January 15, 2003. According to this policy, shareholders are given the freedom to perform any business activity, except in areas of banking and insurance.

Handling an Offshore Company in Ras al Khaimah

Any offshore company registered in Ras al Khaimah is not entitled to forge business relationships with contractors (either natural or legal persons) in the Emirates as stipulated in the Article 15 Section 1 of Registration Policies in the UAE. Moreover, the offshore company is not permitted to establish several branches in the country. If the business, during its domicile in the Emirates, still wants to maintain a business relationship with its existing contractors in the UAE, it is important to secure a license from the government as required by Article 15 Section 3 of Registration Policies in the UAE.

The amount of capital share will be set by the shareholders during the foundation of the company. But there is no mandated minimum capital. Hence, the founders are free to establish the capital amount, which doesn’t need to be deposited in cash during the foundation. Also, the offshore company is not mandated to hire the services of their own personnel or to rent their office space. The only required for an offshore company is a physical business address. However, the company is not permitted to buy real estate in the country but there are still exceptions, which can be found in Article 15 section 1 of the Registration Policies in the UAE.

Are you interested to form your offshore company in Ras al Khaimah? Call Dubai Financial Yard today and get immediate answers to your common concerns.

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