Company Formation in UAE
United Arab Emirates
RAK – Ras Al Khaimah

Why Registering a Company in RAK

Ras Al Khaimah (RAK) offers more than any classic tax haven:

– RAK is not on any blacklist e.g. OECD, FAFT, EU.
– Complete privacy – No public record.
– RAK is has no corporate or personal taxes.
– No accounts filing requirements.

Taxation

There are no corporate or personal taxes in RAK, UAE

There are many jurisdictions offering offshore companies however what distinguishes RAK from many others is that it is a ‘no tax emirate’. There are therefore no personal or corporate taxes at present.

RAK has three TIEAs (Tax Information Exchange Agreements)

Other than Sweden, Denmark and Norway UAE, including RAK, has not signed TIEAs with other countries.

The United Arab Emirates is NOT on any blacklist e.g. OECD, FAFT, EU etc., nor it is under any pressure from these organisations – unlike the BVI, Cayman Islands etc. that are UK overseas territories. Even the independent tax havens e.g. Seychelles, Belize etc are very dependent on their offshore sectors. They are therefore subject to pressure, particularly by the Americans and the EU.

Privacy of information

There is no public record of the directors and shareholders and the company registry is NOT open to public inspection. Beneficial owner information is not provided to RAKIA / government and therefore cannot be disclosed by them.

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

Key Corporate Features

Incorporation
How quickly can a RAK company be formed

Incorporation of a RAK Offshore Company is fast. It takes about two working days for the confirmation of incorporation from the day all the necessary documents are received at the registry.

Ras Al Khaimah International Company, or RAK Offshore Company* is ideal for businesses wishing to be registered in the UAE but not intending to conduct any business within the Emirates

Name
RAK Offshore company suffix

A RAK Offshore Company must have the suffix Ltd (Limited).

Accounts & Audit
RAK companies accounts and audit requirements

Accounts should be maintained but there is no requirement for these to be filed or audited.

Domiciliation

Registered office, Registered Agent and Company Secretary of RAK company.

A RAK Offshore Company must maintain a registered office and a registered agent within Ras Al Khaimah.  A Company Secretary is also required – this can be a corporate entity or a person of any nationality.

Director requirements

At least one director is required – it could be a corporate entity or a person of any nationality. The identity of the director is not shown on the public register.

Shareholders

A RAK Offshore Company may have one or more shareholders – corporate entities or natural persons. The shareholder and director can be the same person and/or corporate entity.

Share Capital

The standard share capital is AED 10,000 (c. US $2,722) although no minimum share capital is required. It can be denominated in USD or AED.

Bearer shares are not allowed.