Business with RAKIA – 100% foreign ownership of the offshore company is allowed and therefore there is no need for a UAE national to be a shareholder or sponsor.
- The offshore company will be exempt from all corporate and income taxes.
- There are no foreign currency restrictions.
- Full repatriation of the offshore companies profits and capital is allowed.
- The setting-up costs are less that of an onshore company.
- There is no onshore office and accordingly, there are no employees and related costs.
- Only minimum capital is required to set-up an offshore company.
- The offshore company can own interest in real estate (as approved by the relevant authority where the offshore company is registered) in the UAE and can act as a Holding.
Restrictions placed on a RAK Offshore IBC’s:
- The offshore companies are restricted from carrying out activities in the UAE.
- The offshore company cannot carry on a banking business or undertake the business of an insurance or reinsurance company, insurance agent or an insurance broker.
- The offshore company cannot carry on any business which may be restricted by the relevant authority and its regulations under which the offshore company is established.
Advantages of Setting Up a Business with RAKIA
RAK is an interesting venture that promises prosperity and success to all its clients. According to a recent survey, RAK has grown drastically over the past few years. It promises investors, locals and foreign markets a stable environment for growth. Indeed the emirate of Ras Al Khaimah benefits from this fast growing venture. In just few years of establishment, RAKIA was capable of attracting up to 2.5 billion USD from foreign investors and businessmen. This resulted in a rapid yet unimaginable growth.
Today, Ras Al Khaimah is identified as the fastest growing and best regional business center in UAE. Both local and international investors benefit from its scintillating features.
Offshore Company in RAKIA
RAKIA is responsible for providing one stop facilities in offshore entities, free zones and industrial zones. The services and products by RAKIA can be classed under the following categories:
1) RAKIA issues business licensures to different types of companies in its free and industrial zones.
2) Office space, industrial plots, warehouses, commercial centers and accommodation are few business facilities from RAKIA.
3) If you want to kick start an offshore company, the Authority Free Zone Regulations 2006 will guide you!
4) RAKIA is also responsible for issuing different types of visas and permits to potential entrepreneurs, stakeholders and employers.
Three Benefits of RAKIA Offshore Company
Customers admire RAKIA offshore company for several reasons. When it comes to incorporating holding companies, foreign assets, incorporating companies, ship registration, tax planning or inheritance planning; RAK offshore will be a viable option for you! Here are three indispensable benefits of setting up your business with RAKIA:
1) UAE is totally an overseas territory that is not dependent on other nations. Meanwhile, it is a white listed region with wonderful facilities.
2) UAE delights investors with many double taxation avoidance agreements! It has DTAAs with more than 40 different countries.
3) UAE is certainly a real country with real economic stability.
If you wish to set up a RAK offshore company you should have a registered agent. A reliable business consultant, lawyer or an accountant will lend you a hand of help. They should be locally located and approved by regional authorities.
Technically, RAK offshore customers are permitted to engage in different types of investments. They can register boats and yachts in RAK with low maintenance fees, quick registration formalities and affordable registration charges.