UAE (United Arab Emirates)
Advantages of forming company in the UAE (United Arab Emirates):
- no taxes of any sort and no tax department (except for the oil producing companies and branches of foreign banks)
- no filing of account or auditing
- no taxation information exchange agreements with other countries
- no public record of directors and shareholders
- 100% foreign ownership allowed
- highly flexible and confidential banking system geared to the requirements of high net worth international investors
- strong legislation which protects the confidentiality of investors
- the client is not required to visit UAE to incorporate the company
Type of the company – International Business Company (IBC)
NOTE: IBC can only have customers and suppliers outside UAE
Shareholders – minimum one. Corporate Shareholder is permitted. Not listed in a public register.
Par value of each share must be AED 1000. Bearer shares are permitted.
Directors – minimum one director (corporate director’s allowed). Not listed in a public register.
A local registered office is required.
To commence company incorporation, the following supporting documents are required; unless otherwise indicated COPIES are acceptable:
Natural person shareholder/s:
1. Passport copy (with UAE entry stamp if memorandum is signed in the UAE, notarized when sending from abroad)
2. 2 different types of proof of address (a utility bill, bank statement, less than 3 months old certified translation)
3.Bank statement (less than 3 months old)
4. Bank reference letter (less than 2 months old)
5. Curriculum vitae
6. Signed forms
7. Name suggestions (2-3)
8. Payment to EURO COMMERCE LLC bank account
1. Certificate of Incorporation (CoI)
2. Certificate of Good Standing (CoGS) or Certificate of Incumbency (CoINC) less than 5 months old
3. Memorandum & Articles of Association (MoA&AoA )
4. Board resolution calling for the establishment of an International Company specifying the person entitled to sign the MoA & AoA (notarized),
5. Passport copy of directors
6. Passport copy of person entitled to sign the MoA&AoA & appoint reg agent (with UAE entry stamp if signed in the UAE)
7. Bank reference letter, if available; Instead: (1) CoI, COGS/CoINC, MoA&AoA, of all entities up to the UBOs + reference letter of a BANK in respect of the UBOs + and (2), if ultimately held by a trust or foundation, a notarized document is needed showing the UBO’s (>25% ownership)
- Incorporation & provision of registered office
- Annual renewal
- Nominee Shareholder (private & corporate)
+ 1700 EUR
- Nominee Director (private & corporate)
+ 1300 EUR
About UAE-RAKIC (RAK)
The United Arab Emirates (UAE) is a Middle Eastern country in Western Asia, at the southeast end of the Arabian Peninsula. The country is a federation of seven emirates and was established on December 2nd, 1971.
Ras al-Khaimah is one of the seven emirates that make up the UAE. The emirate is in the northern part of the UAE, located less than 100km from Dubai.
The United Arab Emirates is a federation of hereditary absolute monarchies. It is governed by a Federal Supreme Council made up of the seven emirs. All responsibilities not granted to the national government are reserved to the Emirates.
The International Business Companies (IBC) Registry allows foreign investors to register offshore companies as RAK Offshore, a division of RAK Investment Authority (RAKIA) without the need to establish a physical presence in the UAE. Many jurisdictions are considered only as tax havens. The United Arab Emirates is a ‘real’ country with a ‘real economy’.
What is RAKIC?
RAK launched an offshore facility regulated by the RAK Free Trade Zone (‘RAKFTZ’) Authority International Company Regulations in 2006, which allows for international business to be conducted free of local taxes and regulations. This particular model was based on the international business company regime model followed by the British Virgin Islands. RAK-IC Companies can operate globally with the exception of UAE.
Tax in UAE-RAK
There are NO corporate tax, personal tax, capital gains tax or VAT in the UAE with exception of oil producing companies and branches of foreign banks.
No taxation information exchange agreements with other countries. There are no foreign exchange controls.
Nominee Service consists of Nominee Director and/or Nominee Shareholder. Corporate and Individual non-resident Nominee are available in Delaware.
Accounting and Audit
The RAKIC must maintain accounting records which should be retained for a period of 7 years from the relevant period/year end. These accounts are for internal management purposes only and are not required to be filed with the RAKFTZ authorities. The Audit is not required.
List of documents received for standard IBC
- Certificate of Incorporation
- Declaration of Consent to Act as a Director
- Share Certificate
- Certificate of Incumbency
- Board and Meeting Resolutions
RAK currently has not entered into any tax information exchange agreements. Details of company directors/shareholders are not available for public inspection.
The company name must not contain the following words and must not pursue with listed business activities: BANKING, INSURANCE and REINSURANCE.
The name of the company must end with “LTD” or “LIMITED”.
For UAE-RAKIC we can assist you with the bank account opening in UAE or internationally. The banks we cooperate with are reliable financial institutions with a long tradition in private and corporate banking. Our clients are provided with an excellent customer service, online banking, Visa and/or Master cards, as well as other services, such as factoring, foreign exchange, savings and specialized banking solutions.