Key benefits

Key benefits

Ras Al Khaimah (RAK)

Source image: View of lagoon & golf course by https://www.flickr.com/photos/mccaffrey_uk/ / CC BY-SA 3.0

Ras Al Khaimah (RAK) is the fourth largest emirate in the United Arab Emirates (U.A.E) and one of the fastest growing emirates in one of the fastest growing economies in the world. Located in a strategic location in the heart of the Middle East and enjoying stable governance the emirate boasts numerous businesses that compete successfully in numerous global markets. The RAK economy is unique in the fact that it has minimal dependence on oil, unlike many other emirates in the region, and instead focuses on the sectors of agriculture, tourism and manufacturing.

It is now possible to establish an offshore business in RAK. Since the inception of offshore company formation in 2003, the UAE has emerged as a major business hub in the Middle East. It offers businesses and individuals a wide range of comprehensive services and structures whilst retaining confidentiality. RAK Offshore is a dynamic, rapidly expanding business and financial centres worldwide with unique competitive advantages that will appeal to a wide variety of businesses, entrepreneurs and investors.

There are numerous benefits to incorporating a company in RAK.

 Any non-residential individual or corporate entity can register an offshore company in RAK. These companies are very flexible financial instruments and can be used to serve many objectives such as tax planning, trusts, funds, real estate holdings etc. RAK offers businesses and individual a wide range of services and structures dedicated to non-residents.

Below is a summary of benefits to utilizing a RAK Offshore Company:

  • English is widely spoken and all business documents can be produced in English if required
  • 100% foreign ownership is permitted
  • Only one director and one shareholder is required
  • RAK boasts a well developed, credible financial regulatory framework which includes strict adherence to International Standards such as international anti money laundering regulations
  • The cost to create and maintain an RAK Offshore Company is relatively low
  • RAK has a well established communication network and solid banking infrastructure
  • No restrictions on hiring manpower if required with easy access to a large pool of well-qualified, highly training professionals
  • A high degree of confidentiality is guaranteed
  • A tax free environment with no exchange controls
  • Low cost of incorporation and maintenance of a RAK Offshore Company
  • RAK has a comprehensive Double Taxation Treaty, countries feature include: New Zealand, China, Malaysia, Malta, France, Italy, India, Singapore, India, Germany and Finland amongst others professionals
  • A high degree of confidentiality is guaranteed
  • A tax free environment with no exchange controls
  • Low cost of incorporation and maintenance of a RAK Offshore Company
  • RAK has a comprehensive Double Taxation Treaty, countries feature include: New Zealand, China, Malaysia, Malta, France, Italy, India, Singapore, India, Germany and Finland amongst others

Take the next step, we are here to help.

Register a RAK company.
Open a RAK bank account.

  Resources:

OECD publishes compliance review for all non-compliant jurisdictions

OECD publishes compliance review for all non-compliant jurisdictions

The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.

EU Parliament Committee release findings & recommendations for current offshore taxation measures

EU Parliament Committee release findings & recommendations for current offshore taxation measures

A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.

2017 G20 summit: Enforcement of taxation highest priority

2017 G20 summit: Enforcement of taxation highest priority

The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.

The EC takes action against advocates promoting tax avoidance schemes

The EC takes action against advocates promoting tax avoidance schemes

The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.

What are the new Beneficial Ownership reporting requirements for BVI companies?

What are the new Beneficial Ownership reporting requirements for BVI companies?

Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?

Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.

Cyprus tax department releases new guidance on CRS deadlines and the online portal

Cyprus tax department releases new guidance on CRS deadlines and the online portal

The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).

Hong Kong establishes AEOI agreement with Indonesia

Hong Kong establishes AEOI agreement with Indonesia

Last week, Hong Kong finalised and signed an agreement with Indonesia to allow for the automatic exchange of financial information (AEOI) regarding all tax matters.