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RAK offshore company formation

Offshore Company SolutionsOffshore companiesRAK offshore company formation

Ras Al Khaimah (or RAK) is one of the seven emirates which combined to form the federation of the United Arab Emirates (UAE) between 1971 and 1972. The UAE is located in the Southeast of the Arabian Peninsula, bordering Saudi Arabia and Oman, with Iran across the sea. The capital city of the UAE is Abu Dhabi, situated within the largest and wealthiest of the seven emirates. The population numbers 9.3 million and boasts one of the highest per capita incomes in the world. Local time is 2 hours ahead of Central European Time. The official language is Arabic and the currency of the UAE is the Dirham. RAK offshore company formation is administered by the RAK Investment Authority and the Registrar of Companies.

Ras Al Khaimah offshore company

Legal system

Civil Law forms the basis of the UAE legal system.

Governing legislation

RAK offshore company formation is governed by the International Business Companies Regulations, 2006.

Company activities

There are no restrictions on the scope of activities of a RAK offshore company, provided that no trading is carried out within the UAE.

RAK offshore company formation timeframe

A RAK offshore company formation is usually completed within 3 to 4 business days. Shelf companies are normally available if a company is needed immediately or if an older company is preferred. If required, the name of a shelf company may be changed.

Redomiciliation

It is not possible for a RAK offshore company to continue in another jurisdiction, nor for a foreign company to become registered and continue in Ras Al Khaimah.

Information held on public record

No information whatsoever about the company is publicly available. No public register of companies exists, so that even if the name of a company is known, it is not possible to locate it or even to confirm that it is registered in Ras Al Khaimah.

Company name

The name of a RAK offshore company must be expressed in the English language and end in the word “Limited”.

Share capital

The share capital may only be denominated in Dirhams (AED). A minimum issued share capital of AED 10,000 applies at the time of the RAK offshore company formation. Bearer shares are not allowed.

Shareholders

The minimum number of shareholders for a RAK offshore company is one. This may be a natural person or a company. Nominee shareholders can be used for added confidentiality.

Directors

At the time of the RAK offshore company formation at least one director must be appointed. The directors can be natural persons or other companies. There are no restrictions on the directors’ place of residence. The use of professional directors is possible and the same person may be a sole director and shareholder.

Shareholder and director meetings

Meetings of the shareholders and the directors may be held anywhere in the world. It is possible for all meetings to be held by telephone conference. There is no requirement to hold an annual general meeting (AGM) of the shareholders.

Registered office

A RAK offshore company must maintain a registered office within Ras Al Khaimah. This is where the company’s statutory registers and records are kept.

Company secretary

A RAK offshore company is required to appoint a company secretary. The secretary can be a natural person or a company, resident in any country. The secretary should have knowledge of the duties and responsibilities associated with this position. It is possible for the same person to act as the company’s sole shareholder, director and secretary.

Financial statements

A RAK offshore company is obliged to prepare annual financial statements, however these do not need to be audited.

Annual filing requirements

No statutory filing obligations whatsoever apply to a RAK offshore company. It is simply required to pay an annual renewal fee to the Registrar of Companies to remain in good standing.

Taxation

A RAK offshore company is not subject to any form of taxation.

Double tax treaties

Although the UAE has signed a number of double tax treaties, RAK offshore companies do not qualify for any benefits under these treaties.

Other considerations

One of the major advantages of RAK offshore company formation is the high level of confidentiality afforded through the absence of any public information relating to the company or its shareholders and directors. RAK offshore companies are commonly used as vehicles through which to hold a confidential bank account within the UAE.

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