Offshore companies are corporate entities that hardly ever conduct its business in its country of origin. These companies are formed under a jurisdiction where the taxation is lower and the reporting restrictions are more lenient that the country in which the business originally resides in.
The Ras Al KhaimahInvestment Authority (RAKIA) has established the RAK Offshore and in just 14 months of its operation as an alternate offshore location in the Middle East, RAK Offshores client portfolio had amplified to over 1,900 International Business Companies (IBCs) that are providing their customers with specialized financial and non-financial (real estate holding and tax planning) services.
RAK Offshore offers firms and individuals a wide variety of services and structures that are committed to non-residents. Some of the main businesses of many international firms that are registered with RAK Offshore are related to real estate and property investments. RAK has been able to create effective infrastructure projects and polices that are able to provide international firms the best environment for their offshore companies.
One of the main benefits of RAK Offshore are that it offers complete privacy and confidentiality where under the law the IBC owners are kept confidential, making sure that the business environment of the offshore is helpful for both the individual and corporate investors.
Other benefits of RAK Offshore:
- 100% tax free in UAE
- 100% expat ownership
- No UAE national sponsor required
- No NOC (no objection certificate) is required in case of employment in the UAE or other GCC states
- Minimum capital of the company is 10,000 AED with 10,000 shares of each 1 AED value
- An individual can set up a RAKIA Offshore Company as a sole shareholder, director and secretary of the company
- Can be registered remotely (JAFZA Offshore requires presence of minimum. 2 directors).
- No physical presence is required in UAE
- Quick company registration, usually within two working days once all documents are provided
- Open a corporate bank account in the UAE in a variety of major foreign currencies.
- No annual audit is required
- For More information visit: http://www.rakoffshore.co/