Dubai Company Formation- Tax Dubai- Free Zone VAE Dubai- Dubai Offshore Company-Company Formation, offshore company formation, offshore company, limited company
Company Formation United Arab Emirates (UAE): Offshore Company RAS AL KHAIMAH (R.A.K. INTERNATIONAL COMPANY)
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Company formation UAE: Offshore Company formation UAE – Dubai: RAS AL KHAIMAH (R.A.K.) INTERNATIONAL COMPANY
In September 2006, Ras Al Khaimah Government launched an offshore facility, the second in the UAE, which is regulated by the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006.
100% foreign ownership.
- Although all UAE companies follow UAE law RAKFTZ have allowed the International Company to decide which favored jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum & Articles of Association.
- The International Company can own real estate properties on Palm Islands, or any properties owned by Nakheel Company LLC, EMAAR, or any other real estate properties approved by the RAKFTZ Authorities.
- Despite a general prohibition on International Companies to conduct business with persons resident in UAE, the Authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).
- The International Company can hold a bank account in the UAE for the purpose of conducting routine operational transactions and can also maintain professional relations with legal consultants, accountants and management companies or other similar persons carrying out business within UAE.
- Incorporation documents can be signed at the offices of Jitendra Chartered Accountants without having to visit RAKFTZ.
- The Company will not be allowed to carry on business with people who are resident in the UAE or carry out any trade in the free zone or in the UAE, unless they have first obtained the appropriate license from the relevant competent authority.
Company Formation UAE: Characteristics of an offshore company registered in the RAKFTZ are as follows:
|SHAREHOLDERS||A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Whilst there are no minimum share capital requirements please note that par value of each share must be AED 1,000. Bearer shares are permitted. Different classes of shares are permitted and shares have to be fully paid when allotted. Every company shall maintain minutes of all proceedings at general meetings. The Register of Members shall be open for inspection by any member of the offshore company and any other person. It is an offence to refuse inspection.|
|DIRECTORS||A minimum of one director is required and corporate directors are permitted. Details of directors are not available for public inspection.|
|SECRETARY||Every company must have a secretary.|
|ANNUAL REPORTING||Every company must keep accounting records, which must be kept for 7 years from the date on which they were prepared. Accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAKFTZ Authorities|
|TIMESCALE||Registration of the company in the Free Zone will take 3 working days.|
|RESTRICTIONS ON NAME AND ACTIVITY||Names must end with Limited or Incorporated.|
The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.
|LOCAL REQUIREMENTS||As a matter of local company law the company MUST maintain a registered office address within the Free Zone and appoint an approved registered agent . A registered agent’s office in the UAE or in the Free Zone can also be used as the registered office.|
Formation of Offshore Company in RAK Offshore.
SCOPE OF WORK:
The following documents shall be arranged upon incorporating the company.
- Memorandum of Association or Article of Association
- Certificate of Incorporation
- Resolutions or POA
- Share Certificate
- Rubber Stamp
DOCUMENTS/INFORMATION REQUIRED FOR COMPANY INCORPORATION:
For Individual Applicant:
- Document showing the appointment of agent. (Will be provided by us)
- Application form. (Will be provided by us)
- Applicant personal profile (Short/brief resume/CV)
- Certified Passport copy with UAE entry stamped page.
- Original Bank reference letter (Certified by the Banker)
- Proof of residence by the shareholder (Not later than 3 months-These can be in the form of different utility bills (gas/electricity/water not mobile phone bills), different bank statements or a combination of the two.
- Power of Attorney (Notarized and Attested) if POA holder represents the applicant.
- Few trade names.
- Details of Directors/Share holders with individual addresses and percentage of share holding of each shareholder.
DOCUMENTS/INFORMATION REQUIRED FOR BANK ACCOUNT OPENING:
- Latest 2 months personal Bank Statement.
- Latest proof of Resident (Utility Bill and Telephone bill with proper name of Shareholder.
- Personal profile of the shareholders
- Current Business activity of the share holders (Name of the company, Nature of
- Business, number of employees, location)
- Name and Locations (Countries) of Suppliers and Customers.
- Expected activity in the Bank Account (Number of transactions per month, approximate value of these transactions, countries from where funds are expected and where the funds will be remitted to.
- Will there be any cash transaction in the account
- Initial funding amount and source of funds, i.e. Name of the party from where the funds are expected and the approximate amount.