4. Ras Al Khaimah is one of the fastest growing emirates
in one of the fastest growing economies in the world,
the United Arab Emirates.
Renowned for its natural beauty and art de vivre, Ras
Al Khaimah has also gained a reputation for being
a transparent, tax-free, corruption-free and no-red-
tape location to do business.
Its booming economy and proximity to other major
international centres like Dubai has attracted hundreds of
large, medium and small businesses from every part
of the world.
Now, RAK Offshore is making it possible for non-
resident corporations, entrepreneurs and individuals
worldwide to enjoy all the advantages which were
available only to resident entities.
WELCOME TO AN ENTREPRENEUR’S PARADISE
At RAK Offshore, the sole raison d’être is to help
your business succeed. From the very outset, it was
conceived to allow you to unleash your entrepreneurial
spirit by making it easier and more cost-effective to
start and operate an offshore business.
RAK Offshore offers businesses and individuals a wide
range of comprehensive services and structures that
are dedicated to non-residents. RAK Offshore also
benefits from one of the most comprehensive lists of
non-double taxation treaties in the world, including
with China, India, Italy, France and Germany.
4
5. Physically located in the superb infrastructure of
the upcoming RAK Financial City, RAK Offshore will
allow a wide variety of international business and
financial activities.
Non-resident Businesses and Individuals
International Business Companies RAK Offshore
is an ideal location for international business operations
and asset protection schemes. If you are looking for
an offshore location in the Middle East where you can
register your LLC, Société Anonyme or GmbH without
too much cost or hassle, RAK Offshore is the answer.
Maritime Activities RAK Offshore offers open registry
of yachts and private boats. It will also offer open
registry of commercial vessels in the near future.
Outsourcing
Thanks to its proximity to major economies, strategic
location between the East and the West and ready
access to a flexible, multicultural, multilingual and
highly skilled workforce, RAK Offshore is the perfect
place for outsourcing businesses in accounting, audit
and other back office operations.
5
6. Offshore Non-financial Businesses • Tax planning
• International visibility
You can register International Business Companies • No exchange controls
bearing the status of Ltd, GmbH, Ltda or Société • Access to a superb communication and banking
Anonyme at RAK Offshore. (See pages 18, 34 & 35 infrastructure
for details.) • Outsourcing
• Creative and genuine portfolio of dedicated services
Offshore Financial Businesses* • Property ownership for non-residents in UAE free zones
• Compliant with best international standards for anti-
RAK Offshore offers all the infrastructure and regulatory money laundering
framework to conduct a comprehensive range of offshore
financial activities. (See pages 22-27 for details.) A government entity of Ras Al Khaimah, RAK
Offshore has been developed and is managed
Trusts* by the RAK Investment Authority (RAKIA), an
• General Trusts • Discretionary Trusts autonomous institution with a successful track
• Vesting Trusts • Educational Trusts record of promoting business, industry and tourism
• Employee Trusts • Spendthrift Trusts in Ras Al Khaimah.
• Grantor Trusts • Asset Protection Trusts
Charitable Trusts and Foundations*
WELCOME TO AN ENTREPRENEUR’S PARADISE
Corporate Special Trusts*
As the owner of an operating business, you can
continue to maintain control over your company by
setting up a Corporate Special Trust.
Collective Investment Schemes Ras Al Khaimah - Quick Facts
(Investment Funds)*
• Mutual Funds (Unit Trusts) • Hedge Funds Languages Arabic, English, Hindi, Urdu, Farsi
• Islamic Funds Currency AE Dirham pegged to the US Dollar
Offshore Banking* Time Zones GMT + 4 hours
• Offshore Retail Banking • Offshore Investment Banking Airports Ras Al Khaimah Airport: 15-minute
drive from RAK Offshore
RAK Offshore takes special care to give small and Sharjah Airport: 30-minute drive
medium enterprises the option of offshoring their Dubai Airport: 40-minute drive
business through the creation of dedicated instruments,
Ports Saqr Port: Eight 200-metre long
and enjoying the resulting benefits, some of which are
deep water berths, dredged
listed below:
to 12.2 metres, serves over 1,400
vessels annually
• Asset protection and planning
Al Jazeera Port: New multipurpose port
• Confidentiality of execution
RAK Port: Historical trading port
*Regulated activities, available shortly in compliance with the UAE Federal Law (8) of 2004 on financial free zones. Absolute confidentiality
6 assured and guaranteed. Under the supervision of RAK Financial Services Authority for the purpose of monitoring criminal activities only.
9. RAK Offshore is the result of the extraordinary vision of H.H. Sheikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras Al Khaimah.
And that vision has been turned into reality by Dr. Khater Massaad, the CEO of RAK Investment Authority. As successful entrepreneurs themselves,
they have an intimate understanding of the needs and requirements of the business world. RAK Offshore offers everything business enterprises need
to excel in today’s highly competitive environment.
H.H. Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah
An alumnus of Michigan University in the US, from where he graduated in Political Science and Economics,
Sheikh Saud’s vision for Ras Al Khaimah is founded on the bedrock of free enterprise, focussed on ensuring
maximum socio-economic advantages for the people of the Emirate.
One of UAE’s most admired corporate icons, it was under Sheikh Saud’s leadership that RAK Ceramics made
its biggest strides to become one of the largest ceramic manufacturers in the world. Another tribute to Sheikh
Saud’s corporate stewardship has been Gulf Pharmaceuticals (Julphar), a global pharmaceuticals group based
in Ras Al Khaimah. Today, Julphar exports to 40 countries with total sales in excess of AED 600 million.
Thanks to Sheikh Saud’s vision, Ras Al Khaimah has witnessed a renewed developmental vigour in the last three
years and has transformed itself into the most sought-after destination in the Middle East, with several major
tourism and industrial projects currently underway in the Emirate.
DESIGNED BY ENTREPRENEURS, FOR ENTREPRENEURS
Dr. Khater Massaad, CEO, RAK Investment Authority
Dr. Khater Massaad is the Chief Executive Officer of RAK Investment Authority and RAK Ceramics. In addition to
this, he also spearheads various industrial, tourism and infrastructure developments in the Emirate.
Thanks to Dr. Massaad’s innovative and proactive business strategies, Ras Al Khaimah has today captured
the attention of global investors who are queuing up to make the Emirate their base. Under his leadership,
RAK Ceramics has progressed from one production line of 5,000 square metres per day in June 1991 to
18 production lines manufacturing 140,000 square metres per day with exports to 128 countries around the
globe. His achievements have won him innumerable plaudits, including the prestigious Sheikh Mohammed Bin
Rashid Al Maktoum (MRM) Business Award for Industry in 2005.
A Ph.D. in Sciences (Geophysics) from the University of Lausanne, Switzerland and a Master of Science in
Mathematics, Dr. Massaad is a Swiss national of Lebanese origin. He is fluent in French, English and Arabic with
knowledge of German and Italian.
9
10. RAK Offshore is designed to fill a clear gap in the Middle East and the Gulf
regional and worldwide offshore opportunities Thanks to geographical proximity and cultural
available to businesses and financial companies. similarities, RAK Offshore is an attractive location
A real need exists among investors and investment for businesses from countries in the Gulf and the
professionals in the Gulf, Middle East, Russia and Middle East. These countries already have strong
other CIS countries, Europe and South Asia for an business links with the UAE. RAK Offshore is also
offshore location in the region and RAK Offshore has likely to benefit from the fact that some countries in
been conceived to address that need. the region suffer from political unrest and/or asset
protection issues.
Russia & CIS Countries
Confidentiality and financial privacy coupled with
issues such as political uncertainty, weak currencies,
taxes, severe foreign exchange controls and asset
protection in Russia and CIS countries make RAK
Offshore a viable option for businesses from this
region who seek an offshore location.
JUST WHAT THE REGION NEEDED
Europe, India & Other Countries
Companies in this region have a favourable image
of the UAE as a business centre. Add to that their
interest in investing in the booming economies and
financial markets of the GCC and it is not hard to
see why RAK Offshore is a perfect offshore location
for these companies. RAK Offshore is the much-
awaited answer for the offshoring and outsourcing
needs of a wide variety of investors:
• Multinational Companies
• High Net Worth Individuals
• Family Businesses, Low Profile Companies
• Banks, Insurance Companies, Fund Management Firms
• Licensed Ancillary Services
10
11. Multinational Family Individuals Ancillary
Companies Businesses Services
and SMEs (including
Maritime)
International Business ✓ ✓ ✓ ✓
Companies
Trusts (General and ✓ ✓ ✓
Corporate Trusts)
Collective Investment ✓ ✓ ✓
Schemes (Funds)
Offshore Banking ✓ ✓ ✓ ✓
Private Boat Registration ✓ ✓ ✓ ✓
Outsourcing of Financial ✓ ✓
Services (Accounting,
Audit, Customer
Service etc.)
11
12. RAK Offshore aims to be a regional business hub with
unique competitive advantages that will appeal to a wide
variety of businesses, entrepreneurs and investors.
• A strategic location at the crossroads of East and
West with access to a market of over 2 billion
people, from Morocco to China, and from Russia
to Africa.
• A modern telecommunication and transportation
infrastructure with well-developed road, air and
sea transport facilities.
• No restrictions on hiring manpower and easy
access to a large pool of well-qualified and
trained professionals.
• Part of the United Arab Emirates, one of the most
financially and politically stable countries in the
region and worldwide.
GIVE YOURSELF AN UNFAIR ADVANTAGE
• A local government that is fast and efficient
with minimum regulation and red tape, and a
strong commitment to encouraging business
and investment.
• A tax-free environment, with numerous bilateral
non-double taxation treaties with many countries
including India and European countries.
• A well-developed financial regulatory framework
that includes strict compliance for international
anti-money laundering regulations.
• A local currency linked to the US Dollar to ensure a
stable exchange rate with no currency fluctuation.
• The experience and expertise of the RAK Investment
Authority which has already registered almost 1,000
free zone industrial and trade companies in a very
short time.
12
15. RAK Offshore is a comprehensive solution that not Infrastructure
only provides an offshore location for international An independent Registrar of Companies and
businesses and upmarket financial services but also Boats to deal with the incorporation and registration
a strong yet flexible regulatory framework based on of all offshore corporate entities and marine vessels.
global best practices.
The RAK Financial City to house the offices of
To deliver on the promise of a comprehensive solution, RAK Offshore as well as all the offshore businesses
RAK Offshore offers a combination of distinct but and financial services companies that domicile in
interconnected services and infrastructure. RAK Offshore. The office space options will range
from ready-made offices available on a leasehold
Services or freehold basis to freehold plots of land on which
An International Offshore Business Centre for buyers can construct office buildings to suit their
non-resident entrepreneurs who need an offshore needs and taste.
location to conduct business, and outsource back
office activities. The independent RAK Financial Services Authority
that will act as a regulatory and auditing body for
An upcoming International Offshore Financial RAK Offshore and all the financial companies and
Centre for offshore financial services companies and institutions in RAK Offshore. The RAK Financial
finance professionals. Services Authority will be completely autonomous
and will comply with all international as well as local
regulations on AML and CTF.
A COMPLETE OFFSHORE BUSINESS AND FINANCIAL CENTRE
RAK Offshore - Highlights
Location Gulf RAK Offshore is the first comprehensive offshore centre in the Gulf region, offering
services that range from IBCs to trusts and funds.
Time Zone GMT+4 Between Europe and Asia. Open on Sundays.
International Yes First centre in the Middle East to offer IBC registration.
Business
Companies
Trusts Yes Three types of trusts offered: General, Charitable and Corporate Trusts.
Offshore Yes Offshore banks can mortgage projects and property within RAK Free Zones.
Banking Non-residents can use ATM and other services worldwide.
Collective Yes Sharia-compliant Funds, Mutual Funds and Hedge Funds
Investment
Schemes
Yacht Yes Registration of non-resident pleasure boats.
Registration Registration of commercial vessels for non-residents will be offered in the near future.
15
16. Today, no financial services jurisdiction can hope to
succeed unless it is well regulated and transparent.
RAK Offshore sets the bar very high in terms of
internal, local, federal and international compliance,
yet keeping customers’ confidentiality at the heart
of the system.
Day-to-day operations are managed by the Registrar,
under the control of the RAK Investment Authority
(RAKIA), and the independent and dedicated
RAK Financial Services Authority (RAKFSA), as well
as the Central Bank of the United Arab Emirates.
In delivering its functions and in considering
applications by organisations and individuals wishing
to establish businesses within or through RAK
Offshore, the Registrar and RAKFSA aim to adopt a
firm but flexible regulatory approach.
COMPLIANCE AND SAFETY
It is of paramount concern to the government that
Ras Al Khaimah’s reputation is not tainted by the
use of the jurisdiction for money laundering or other
illegal purposes. Therefore, all licensed institutions
are expected, in accordance with a set of strict
guidelines, to carry out proper due diligence and
“know your customer” checks so that they are
satisfied as to the identity of their clients and the
legitimate origin of their clients’ funds. Although
total confidentiality is ensured by the legislation,
the authorities will cooperate with law enforcement
agencies and regulators in case of illegality.
16
17. Ras Al Khaimah has a well-established professional
infrastructure, with entrepreneurs at the highest
decision-making levels. The RAK Investment Authority
has long experience in fast registration and management
of innovative companies and ventures.
Corporate Service Providers must obtain a licence
from the Registrar, and adhere to the rules and
regulations of the legislation. In case of non-
compliance or unlawful activities, a series of fines
and closure of activity will be enforced.
17
18. Any non-resident individual or corporate entity can
register a company at RAK Offshore.
These companies are extremely flexible international
instruments that can serve many objectives: trading
operations, asset protection, tax planning, real estate
holding, trusts, funds etc.
They require a symbolic capital and only one director
and shareholder. They can hold board meetings
anywhere on the planet, and the identities of their
shareholders are kept confidential by law, unless
there is suspicion of criminal activity by the Ras Al
Khaimah and UAE regulatory bodies.
RAK OFFSHORE BUSINESS CENTRE
The cost of creation of such IBCs is minimal.
International Business Companies registered in
RAK Offshore can bear the status of Ltd, GmbH,
Ltda or Société Anonyme.
18
21. Yacht & Small Craft Registration: An Open Registry
Due to the rapid expansion of leisure craft ownership
worldwide, RAK Offshore will offer owners the
opportunity to register their vessels in an open
registry, from anywhere in the world. Registration
will be uncomplicated, rapid, secure and above
all, convenient. Inspection and registration for this
quality flag will be made easy through an international
network of approved surveyors.
Who may apply?
Anyone will be eligible to apply through the creation
of a special IBC with the sole objective of owning the
vessel.
As part of this process, such a yacht will simply be
divided into 64 shares of which 33 shall be owned by
the IBC of RAK Offshore.
RAK OFFSHORE MARINE
Typical Application Requirements*
1 Proof of ownership - original documents of sale,
builders’ certificates etc.
2 Certificates of survey by RAK Offshore-approved
surveyors. Please note that for larger vessels (starting
at 13.7 m/45 ft.) additional regulations shall apply.
3 For mega yachts, crew shall be properly qualified
and certified in accordance with international
requirements.
To be successfully registered, vessels will have to
pass the RAK Offshore surveyor’s inspection and be
compliant with international standards of safety and
environmental protection that are embraced by RAK
Offshore.
*Requirements may vary according to each case at the discretion of RAK Offshore.
For instance, newly delivered yachts may be exempt from surveyor inspection. 21
22. Trusts and Corporate Trusts*
RAK Offshore will also provide an ideal location to
establish various kinds of offshore trusts. An offshore
trust is a very light and versatile vehicle that can be
used as a direct investment vehicle offering great
income, tax and inheritance advantages. An offshore
trust can also be used to hold companies or other
assets under the RAK Offshore Special Corporate
Trusts Regulations.
The elements of a RAK Offshore trust are:
• The Deed: A constitution or legal agreement,
which sets out the duties and responsibilities of
the trustees, the rights of the beneficiaries as well
as the specifics governing the trust property.
• The Settler or Grantor: The person or entity who
establishes the trust and lays down its rules.
RAK OFFSHORE TRUSTS*
• The Trustee: A licensed individual legally appointed
to receive the trust property and to manage it in
keeping with the terms of the trust deed.
• The Beneficiaries: The persons or entities entitled
to the benefits of the trust property.
• The Protector or Protection Committee: The
person or persons appointed by the settler as a
guardian over the trustee and the trust property.
Trusts can be discretionary or non-discretionary.
In discretionary trusts, ownership, control, income
and capital distribution vest in the trustees. The
beneficiaries of the trust are not entitled to any
benefits until the trustees exercise their absolute
discretion. In non-discretionary trusts, the trustees
have no discretion and all amounts accrue to the
beneficiaries as of right.
22 *Regulated financial service. Will be available shortly.
23. Why choose RAK Offshore for your trust.
Trusts are a flexible way of handling private as well
as corporate affairs and there are numerous reasons
to settle a trust with RAK Offshore.
RAK Offshore has developed a comprehensive, yet
simple legislation, to fulfil every need - from avoiding
forced heirship and managing your employee
benefits to establishing a charitable organisation
and protecting assets.
The range of trusts offered by RAK Offshore are:
• Education Trusts: Income and capital are
accumulated within the trust until the happening
of a conditional event. For example, a trust to
fund the education of children or grandchildren.
• Employee Trusts: For holding pension fund
monies or for employee incentive schemes.
• Spendthrift Trusts: For protecting prodigal or
immature beneficiaries.
• Grantor Trusts: The settler retains control over
income or capital, or retains power to revoke
the trust.
• Charitable Trusts and Foundations: For
advancing charitable causes. The advantage of
such trusts is that they are normally granted tax
relief provided they meet certain requirements.
• Corporate Trusts: For a business owner who
wants to keep management control of his
company, while transferring it to a beneficiary.
23
24. RAK Offshore Trusts - Special Features*
RAK Offshore Trusts
Minimum Assets No
Charitable Purpose Trust Yes, but tighter control on charitable trusts
Perpetuity Period 99 years
Wait and see provision
Do not apply to charitable trusts
Re-domiciliation Possible in and out
Choice of Proper Law Very liberal
Different laws can govern a trust
Revocable and Irrevocable Yes
Accumulation Possible
Registration of Trusts Yes, anonymous
Exchange Control No
Licence for Trustees Yes RAK OFFSHORE TRUSTS*
Confidentiality Rules Strict
Financial Disclosure Yes
Foreign Court Awards (for trust taking the law of the jurisdiction) Immunity
Time Limit to bring Suit 2 years
Fraudulent Dispositions Yes
Forced Heirship Excluded Yes
Number of Trustees 1 to 4
Trustee as Beneficiary or Settler All combinations possible
Protectors Office of protectors allowed
Financial Guaranties Yes
Tax Treaties Yes
Compliant with the Hague International Convention on Trusts Yes
• Flexible types of trusts available combined with liberal asset-protection provisions • Strong protection for customer money
• Liberal choice of law governing the trust and the option of re-domiciliation • No minimum amount of property
• Compelling confidentiality rules • A trust estate may form an IBC • Anonymous registration of trust
• Office of protectors is allowed • No taxes
24 *Regulated financial service. Will be available shortly.
27. Collective Investment Schemes (Funds)* Through the use of a simple ATM card and other
international payment instruments, anyone can benefit
Why choose RAK Offshore for your fund. from the world class financial services offered by UAE’s
The offshore industry worldwide is currently attracting well-developed banking industry.
more than 50% of cross-border assets in the world,
using international investment funds. Thanks to its For your investment purposes in dedicated free zones
unique location and regulatory framework, RAK where full and universal freehold ownership is allowed,
Offshore provides an ideal location for offshore funds your RAK Offshore-based bank can take a mortgage
and is fully geared to attract a substantial amount of for your real estate or industrial investments.
regional and global equity.
RAK Offshore Banks – Special Features*
RAK Offshore Funds - Special Features RAK Offshore banks will offer the full range of private
RAK Offshore offers the regulatory framework to banking and retail banking services for non-residents
establish a diverse variety of funds including Sharia- including investment banking and mortgage facilities
compliant investment instruments, mutual funds, for full freehold ownership in any freehold location in
hedge funds, bond-based funds, aggressive funds Ras Al Khaimah or UAE.
or guaranteed fixed income funds. Depending on the
needs and requirements of the fund managers, these All offshore banking activities are regulated by the
funds can be open or close-ended. RAK Financial Services Authority, and supervised by
the Central Bank of the United Arab Emirates.
RAK OFFSHORE FINANCIAL SERVICES*
To ensure compliance with international norms
and standards, all funds and fund managers must
be licensed and approved by the RAK Financial
Services Authority.
Banks*
Why settle an offshore account at RAK Offshore.
International retail banking services are available to
non-residents at RAK Offshore. This is a great value-
added service for those who reside in countries where
the banking system is deficient or not regulated.
*Regulated financial service. Will be available shortly. 27
28. Registrar of Companies
The Registrar of Companies is the production unit of RAK
Offshore and is responsible for establishing business
relationships, incorporating offshore companies through
licensed registered agents, and ensuring all rules and
regulations are strictly adhered to.
The Registrar of Companies will handle all matters
related to the above including:
1 Process applications for incorporation of new
companies and deliver certificate of incorporation
with registration number.
2 Perform due diligence on the individuals
(directors, members etc.) who are part of the
incorporated company.
REGISTRAR OF COMPANIES
3 Verify the names of companies at incorporation.
4 Collect various fees and fines.
5 Deliver certificates, duplicates or other
documents as per the law.
6 Maintain the physical registry.
7 Update the Register of Companies as needed.
28
30. RAK Financial Services Authority*
To ensure maximum flexibility for investors while 11 Provide the Government of Ras Al Khaimah
maintaining strict compliance with local as well as with periodic reports, advice, assistance and
international rules and regulations, RAK Offshore information on any matter relating to the financial
has the dedicated RAK Financial Services Authority services industry as may be necessary.
(RAKFSA) that is directly in charge of overseeing the 12 Make recommendations to the Government of Ras
regulated financial activity within RAK Offshore as Al Khaimah on needed amendments or revisions to
well as RAK Financial City. the financial services legislation.
13 Develop appropriate legal, regulatory and supervisory
The responsibilities of RAK Financial Services mechanisms for the efficient administration of the
Authority include: financial services industry.
1 Screen applications received from RAK Offshore 14 Encourage the development of high professional
or RAK Financial City and deliver licences. standards within the Ras Al Khaimah financial
2 Grant or revoke licences and certificates services industry, in coordination with the Central
submitted to the RAKFSA by RAK Offshore or Bank of the United Arab Emirates.
RAK Financial City for financial services. 15 Initiate and promote codes of conduct for
3 Monitor Registered Agents by requesting regular regulated persons.
reporting and performing periodical audits at 16 Develop a system of continuing education for
their offices. practitioners in financial services.
4 Keep Registered Agents informed of the appropriate 17 Inform the general public on its functions and
procedures by issuing guidelines. on matters relating to or affecting the financial
5 Supervise and regulate regulated persons, RAK services industry.
Financial City staff and RAK Offshore staff.
RAK FINANCIAL SERVICES AUTHORITY*
6 Screen applications received from RAK Offshore
for Registered Agents and deliver licences. 18 Promote and maintain safe and sound financial
7 Monitor and regulate RAK Offshore and RAK services legislation in RAK, under the guidance of
Financial City financial services, in coordination the Central Bank of the United Arab Emirates.
with the Central Bank of the United Arab 19 Develop appropriate mechanisms to enhance the
Emirates. protection of the public, including investors, whether
8 Ensure that the supervised financial institutions within or outside the RAKIA-administered zones,
provide RAKFSA with all information and against financial loss arising out of the dishonesty,
documents that are relevant to carry out its incompetence, malpractice or insolvency of persons
supervisory functions. engaged in the financial services business in the
9 Develop the financial services industry in RAKIA- RAKIA-administered jurisdictions.
administered zones, including the conduct of 20 Protect and enhance the reputation of Ras Al
surveys relating to the industry. Khaimah and the United Arab Emirates as a financial
10 Monitor the effectiveness of the RAKIA financial services centre; and participate in the fight against
services legislation in providing for the supervision financial crime and other unlawful activities relating
and regulation of the financial services industry to the financial services industry.
as per internationally accepted standards.
RAKFSA will be fully authorised to carry out off and
on-site inspections. On request, it will allow a Ras
Al Khaimah, federal or foreign regulatory authority to
participate in its inspections.
30 *Regulated financial service. Will be available shortly.
33. RAK Offshore will be physically located in RAK
Financial City, a world-class real estate project that
will be a national and regional focal point for business
and the community.
RAK Financial City will be built on a plot measuring
280,000 square metres located at the entrance to the
city of Ras Al Khaimah between the sea and the free
zone area. The site will have commanding views of
both the sea and the mountains of Ras Al Khaimah.
RAK FINANCIAL CITY
RAK Financial City will include 12 towers ranging from
20 to 65 floors. The towers will be organised around
a lake and each tower will be unique in form, height,
material and texture. In the heart of the project will be
the two central towers that will become the new icon
of Ras Al Khaimah.
The various towers will include offices, residential
apartments, hotels and commercial and leisure
areas. Under the towers, there will be a podium that
incorporates commercial areas, parking, landscaping,
pedestrian arcades and swimming pools.
33
34. International Business Companies Comments
Location Gulf Unique offshore location: Ras Al Khaimah is the outbound port for India,
Russia & CIS countries, Iran, Pakistan and of course the Middle East
Legislation RAK Offshore Regulations, 2006
Languages English, Arabic, Hindi, German, Spanish A truly multicultural environment
Soon: Russian, Farsi
Currency USD AED for onshore activities (pegged to USD)
Exchange controls None Onshore and offshore
Time zone GMT + 4 hours Between London and Tokyo
Avoidance of double taxation treaties Algeria, China, Jordan, Kuwait, Egypt, The most comprehensive list of bilateral tax treaties among major
Finland, France, Malta, Pakistan, Poland, offshore centres.
Germany, India, Indonesia, Italy, Malaysia,
Mauritius, Romania, Seychelles, Singapore,
South Korea, Sudan, Syria, Turkey, Yemen
Tax rate (company or individuals) Zero income, corporate and value added RAK is a truly tax-free environment. It is the only offshore centre to offer
taxes for residents and non-residents zero tax and zero VAT for residents and non-residents, whereas other
reputed centres tax their corporate or non-corporate residents up to 30%.
International Business Companies Yes The simplest, fastest and most inexpensive instrument to create an
offshore company in the region.
RAK Offshore is the first offshore centre in the Middle East to have
its own Registrar of Companies.
IBC can own real estate in jurisdiction Yes, within designated free zones The only international offshore centre to offer such a service
of registration to non-resident companies.
Company acquisition time 1 day
Incorporation Costs: USD 950 regardless of share capital and type Other reputed offshore centres charge up to USD 5,000
Government Registry and discriminate according to capital.
Annual charges:
Government Registry USD 680 regardless of share capital and type 40% less expensive than major Caribbean centres.
34
35. International Business Companies
Shareholders
(1) Minimum (1) 1
(2) Residency requirements (2) No requirements
Share capital
(1) Minimum authorised (1) No minimum requirement
(2) Minimum issued (2) 1 share
(3) Bearer shares (3) No
(4) Redeemable shares (4) Yes
Beneficial ownership disclosure Not required to disclose to Government
but must be disclosed to registered agent
Directors
(1) Minimum number (1) 1
(2) Residency requirements (2) Not required
(3) Corporate directors (3) Yes
INFORMATION AT-A-GLANCE
Local presence requirements
(1) Directors (1) Not required
(2) Company officers (2) Not required
(3) Meetings (3) Not required
(4) Annual general meeting (4) Not required
Audit requirements None, unless requested by RAK Financial
Services Authority in case of suspicion
of criminal activity only
Annual accounts Yes, but not public
Possibility of migration Yes
Share transfer duty Nil
Special mention on the name Ltd, Société Anonyme, GmbH, Ltda...
35