Ras Al Khaimah (RAK) is one of the seven states that form the United Arab Emirates. It is the fourth largest stated and has been growing at a brisk pace in the past few years. The RAK is located right in the middle of the Middle East region which makes it a great base for your company to explore international markets in Africa, Asia, and Europe. The best part about the RAK economy is that it doesn’t rely on any oil reserves rather it depends largely on tourism, agriculture, and manufacturing sectors for financial stability. This makes it a unique state in the region to have your business center. The local authorities have established the Ras Al Khaimah Free Zone which has been serving international and local businesses equally at par with the international standards. Read on to know more about RAK offshore company formation.
The procedure to set up an offshore company is also known as RAK Offshore Company setup or non-resident company setup. The authorities have put in place a self-regulated Registrar of the Company which assists the investors and businesses with the setup of the offshore company.
Following are some of the benefits of setting up your RAK Offshore Company.
- No withholding tax whatsoever.
- No corporate tax
- No Value Added Tax
- You don’t need to find a local business partner as the RAK Offshore Company will be your 100 percent owned company.
- Make the best use of the perfect location at a minimal price because Ras Al Khaimah gives you access to all the nearby countries in the Middle Eastern region.
- You can always repatriate 100 percent of profit from your RAF Offshore Company.
- There is no tax for capital gains.
Characteristics of RAK Offshore Company
- Your RAK Offshore Company can be a virtual company as you don’t need to have a physical office location in the United Arab Emirates.
- The company won’t be able to give a UAE residential visa.
- You might have to hire a local as director or a shareholder.
- You might have to have an emigrant as one of the directors or shareholders in the company.
- An RAK Offshore Company can keep up bank accounts and deposits in or outside the UAE.
- The company can own property in the UAE after getting approval from the RAK Investment Authority.
Read more to have complete information before you opt for setting up an RAK Offshore Company.