Company in Dubai

The United Arab Emirates is a jurisdiction
with Exceptionally Advantageous Tax Regimes

Bookmark This Page
  • Company in UAE
  • RAK Company Formation | Set Up Your Company in Ras-Al-Khaimah

RAK Company Formation | Set Up Your Company in Ras-Al-Khaimah

RAK Company Formation in 8 Simple Steps – from $99!

$99 – RAK Company Formation – Offshore | $1,450 – RAK Company Formation – Free Zone

Start Your RAK Company Formation NOW!

Click Here to Email Us NOW

 T – Dubai, Business Bay Offices (HO): +971 4 2434170 | T – RAK Branch Offices: +971 7 2020999

How Can We Help With Your RAK Company Formation? Why Us?

Start Our 8-Step Process of RAK Company Formation Now and Set Up your RAK Company of Choice. Any RAK Company Formation Type and RAK Business License in Ras-Al-Khaimah (RAK) – RAK ICC Company Formation – Offshore or RAK Free Zone Company with RAKEZ or RAK Free Trade Zone Company, with RAKFTZ.

A to Z Services for RAK Company Formation, Management and Administration From A Leading RAK Company Formation Agent. Work with Us for Guaranteed High Standard of Professional Services and a Friendly Approach, Very Competitive And Fair Prices, Fast and Competent Execution, Your Minimum Involvement and Peace of Mind.

Why RAK Company Formation – Advantages?

Constructive use of RAK Company Formation in the UAE can yield the investor significant advantages. Tax, Security, Confidentiality and Lifestyle advantages. Read below about RAK Company Formation Advantages and Facts OR about the UAE Advantages and UAE Facts.

RAK Company Formation: The Process – Options – Facts

As a RAK Company Formation fully licensed Corporate Service Provider (CSP) and RAK Company Formation Agent and part of an international professional network we will help you with RAK Company Formation to incorporate, manage register and set up the operations of your RAK Company. We will help you select the right type of RAK Company Formation, registration and licence in the right location and deal with all the bureaucracy and red tape for you as well as deal with accounting, company bookkeeping, VAT, Tax, Visa, banking and other needs. We will help you capitalise on the RAK tax and other advantages. ​

RAK Company Formation – The Company Formation Process

Types of  Legal Entities – RAK Company Formation: RAK ICC Company or RAK Free Zone Company

The Advantages of  RAK Company Formation

(PLUS+ Residence Visa, Banking & Other Practical Information)

Email Us Now!

 The RAK Company Formation Process 

Popular Types of  RAK Company Formation

RAK ICC Company Formation – RAK Offshore Company

  • Activities allowed ONLY outside the UAE
  • No residence visa is issued (except for a JAFZA offshore license with office space in JAFZA)
  • Foreigner can own 100%
  • Able to have UAE bank accounts and worldwide bank accounts

RAK ICC Company – RAK Offshore Company – Advantages

  • UAE Corporation Tax, VAT and personal Tax exemption
  • No barriers restrictions or taxes to funds transfers internationality or repatriation of funds in the UAE
  • 100% foreign ownership is allowed
  • A number of activities can be combined in one UAE offshore company
  • It is not necessary for a UAE offshore company to have an office in the UAE but a registered office in the UAE is mandatory – provided as part of the registered agent’s services
  • Ownership of UAE Real estate property is allowed
  • Bank account in the UAE is allowed as well as overseas, in multiple currencies
  • Use of local professional services is allowed in t which are approved by the authorities of the UAE.
  • Faster incorporation times (a few days) compared to Free Zone or Local UAE companies
  • Use of UK Common Law and the English Language in Company documents
  • An offshore company is exempted from any income tax, corporate tax, personal tax or custom duty.
  • It is not necessary for an investor to come to the UAE in order to form the company.
  • No audit is required
  • An offshore company in UAE provides a higher level of confidentiality

RAK Free Zone Company Formation – RAK Free Zone Company

  • Only able to trade freely within the free zone areas and worldwide – Dubai Free Zone Companies and RAK Free Zone Companies can also render services locally in the UAE as long as the services are not under a regulated regime (banking, investment, medical etc.)
  • 100% foreign ownership permitted
  • Residence visas are issued
  • Goods out of the free zone and into mainland UAE must pay a 5% customs duty
  • Office space is required within the free zone
  • Able to open UAE bank accounts and accounts worldwide
  • Membership of the Chamber of Commerce through the relevant office in the specific Free Zone

RAK Free Zone Company Advantages

  • UAE Corporation Tax, VAT and personal Tax exemption
  • No barriers restrictions or taxes to funds transfers internationality or repatriation of funds in the UAE
  • 100% foreign ownership is allowed
  • No visa restrictions for investors, family and staff
  • Access to a large labour and executive pool
  • Pre-built structures- offices, factories, warehouses
  • Proximity and access to the MENA and Asia regions / markets

Click Here to Contact Us NOW!

RAK ICC Company Formation – Offshore

RAK and Offshore Companies are used for international trading and holding but with local access to bank accounts and real estate ownership

Offshore Companies – the cheaper alternative – are only allowed international (non-) activities, of almost any kind in the same legal – company entity (in the they can only have a bank account, hold shares in other

Offshore or Free Zone Companies and own real estate).

These are non-tax resident entities and cannot enjoy tax treaty benefits and do not entitle owners or managers to a Residents VISA. As such they are cheaper. Compared to other offshore companies in other jurisdictions they are considered as significantly more prestigious as they do not appear on international black lists, give access to anonymous banking – no international information exchange agreements – without problems, for the company and its owners (non companies e.g. Seychelles, BVI or UK companies experience considerable delays, costs and difficulties in opening a bank account in the ) and benefit from well capitalised and solid banks operating in a sound economic environment.

Application / Registration / Licensing Process:

Simple application to the authorities requiring only activity, bank references, passport copies and utility bills for the ultimate beneficial owners / shareholders.

Bank accounts (see also below notes on bank accounts) – need for a physical visit to the for bank interview and application submission – 2 days timeline after submission

RAK Free Zone Company Formation

RAK Free Zone Limited Company Formation (‘Free Zone Companies’) are used for local trading in Free Zone Areas and provision of standard services in Mainland UAE AND internationally.

RAK Free Zone Company Formation enables you to enjoy ALL the benefits and are allowed ALL the functions of offshore entities (see above) with the only major differences and added advantages being:

  • Activities are restricted to the scope of a specific license type applied for – services, trading etc. – and cannot do all in one – license fees apply
  • A fixed place of business – office or cheap flexi-desk – must be used with full virtual offices as well.
  • Entitlement to a 3-year investor visa and ‘Emirates ID’ for each investor (inc. spouses and dependants).
  • These are onshore tax resident status with access to tax treaties and issue of certificate of tax residence.
  • They can trade with other Free Zone companies within their Free Zones or with companies in other Free Zones, as well as internationally.
  • A license is issued at ANY Free Zone Authority of choice and this entitles trading with Free Zone Companies in all . Additionally branches or subsidiaries of this FZ company can be set up in any other Free Zone area if a physical presence is required in more than one Free Zone.
  • They cannot trade outside the Free Zones, within the . If services are bought or sold outside the the Free Zone Company is appropriate for this activity.

Application / Registration / Licensing Process:

Simple application to the authorities (Requiring only activity, bank references, passport copies and utility bills for the ultimate beneficial owners / shareholders AND managers).

Name approval required first – +/- 2 days

Then licensing approval is required (business plan is required to be submitted). This can take some time depending on specific activity / project / circumstances – approximately 1 month.

Company registration follows (post-licensing approval). Need for physical visit to sign Memorandum of Association.

Bank accounts (see also below notes on bank accounts) – need for a physical visit to the for bank interview and application submission – 2 days timeline after submission

Residence VISA for owners AND staff (number of staff depends on size of space / premises opted for) can be processed. One week timeline, approximately and need for physical visit and medical tests. Can be combined with ‘bank account’ visit.

Emirates ID is given after 30 days from visa approval.

Fees and Costs for a small company with minimum space requirements:

Work involved in the RAK Company Set Up stage:

  • Application and contact / representation for license
  • Registered Agent Services
  • Process and liaise with Property Departments regarding requirement for Land / Premises (Minima apply)
  • Consulting work on Memorandum of Association and Shareholder Agreements
  • RAKEZ License and Land fees (depends on case / licence type)

Advantages of a RAK Free Zone Company compared to a RAK ICC Company – Offshore

  • Entitlement to a 3-year investor visa for each investor (and dependants)
  • Onshore tax resident status with access to tax treaties and issue of certificate of tax residence
  • Commercial and economic substance which is VERY useful for tax planning: real presence (with premises, staff and equipment – ‘flexi office’ with virtual office permitted for a low annual cost – apprx. 1.000 Euro per year) in an organised market / free zone with local presence among other active companies. Added commercial substance also if we opt for specialised free zones in the specific field of our activity (e.g a media company operating in “Media City” Free Zone where hundreds of companies in that sector are established and operating). Surely this is better that a P.O. Box address in an empty apartment in Malta or Cyprus.
  • Perfect if the client also wants to move out of EU and also live in and pay no tax (non EU tax resident = best and most effective tax planning nowadays)


Why do we prefer RAK ICC Company Formation – RAK ICC Company – Offshore OR RAK Free Zone Companies?

(Note: We are authorised and in a position set up structures in ALL regimes / Free Zones)

  • Its offshore RAK ICC regime is the best in as it was allowed to give total confidentiality (100% anonymity and no disclosure of UBO to authorities) and minimum rules / restrictions and maximum flexibility as this is a developing, poorer, emirate so to boost its growth – offshore company set up costs are the lowest and quick / simple procedures
  • The set up cost and cost of operation of its free zone companies per year is the LOWEST in the
  • Note here that in some cases we choose and set up a different Free Zone because of commercial reasons, usually the existence of a special free zone to exactly match the type of the client’s business. For example Hedge Funds in the DIFC, Gold traders in the DMCC etc.

RAK Company Formation: The Advantages of Setting-up a RAK Company!

RAK Company Formation – Tax Advantages and Company Uses

Some of the Important Advantages of the …

  • 0% income tax
  • 0% import and excise duties
  • 0% tax on sales, wealth or capital
  • 100% ownership by foreigners
  • 100% free repatriation of profits
  • 0% “surprises” / restrictions
  • Friendly and advantageous tax and commercial regime with low or preferably no personal and corporate taxes and with 100% free repatriation, without restrictions

Use of corporate structures to invest, set up or relocate to RAK

RAK is part of the UAE. The UAE is not a tax heaven but a big and powerful International Financial Center and International Busines Center with important motives for investors many of which maintain real presence with property and personnel in Free Zones.

  • The United Arab Emirates of which RAK is a constituent Emirate have entered into a large number of avoidance of double tax treaties which has upgraded their position as the “Switzerland of the East”.
  • Use of company with bank account for anonymous and safe keeping of additional company reserves and/or supply with personal capital
  • Use as an independent company for the provision of services and to invoice companies or companies of another country
  • Use as an agent of a company of another country for collections / payments
  • Use of a Ras Al Khaimah company for international trade of goods and services with 0% tax
  • Use of a Ras Al Khaimah company for portfolio investments, ownership and operation of immovable property, holding, royalty, shipping and many other activities.

Email Us Now!

RAK – Commercial Infrastructure and Economic Advantage

  • Safe, sound and developed economy with significant natural resources and huge state liquid reserves and with significant growth prospects – is the 14th largest economy in the world having the 5th largest oil reserves and notably the reserves of the emirate of Abu Dhabi alone amount to over 1 trillion USD$!
  • Currency preferably pegged to the US dollar to eliminate currency risks (at a rate of 3.67 AED to 1 USD$)
  • A real business hub with significant commercial activity (not just a small island or state with just p.o. box / brass plated companies with no local presence or interests), abundance of top-end office space, abundance of staff and executives at all levels for employment
  • World class health system
  • Plenty of top international schools and universities at all levels
  • Advanced telecommunications
  • Air connections via a world-class airport with significant direct flight potential acting as a transit hub, at a convenient geographical position between the old and the new world
  • A convenient time-zone for business and finance


Double Tax Treaties

The has entered into tax treaties with several countries, some of them with good tax planning value.

Offshore companies have no access to the treaties but free zone companies do (tax resident).

Tax treaties signed by may have little significance from the tax perspective as a tax liability is fixed.

The taxes paid in the can be claimed as credit in the home country of the foreign company depending on the double taxation avoidance agreements (DTAA) and the domestic laws of that country.

Accounting, Audit and Reporting Requirements

Accounting, Reporting, Audit

Offshore Companies need to keep books of account and prepare financial statements but no audited financial statements are required.

Free Zone Companies Companies need to keep books of account and prepare financial statements AND audited financial statements.

RAK Company Formation – Other practical Information

Can FBS set up offshore companies and ALL forms of companies AT ALL THE FREE ZONES?

Yes, we have all necessary regulatory licenses and expertise.

3-Year Investor Residence Visas

Two ways exist to obtain the investor visa are:

  • one of which is creating your own free zone company. This means that you don’t have to buy a property to gain a visa
  • or investing in a real estate. This enables you also to receive a fantastic rental yield and take advantage of the capital appreciation which is exceptionally healthy in and the in general in 2013.

Residence Visa – 3 year Investor Visa

This means you can stay in the for a period of 3yrs renewable and as long as you do not leave the country for more than 6 months then your visa will not expire. The Free Trade Zone is your visa and will state owner, partner or investor as the designation.

This Visa also allows you to sponsor family members (even step children) and by liaising with the immigration office and issuing the copy of your Free Zone Trade License you can then determine the visa status. By submitting the application form, passport photos, passport copy and visa entry stamp the process can begin with the immigration office.

Once the documents have been submitted a Pink Slip is issued which is the 60 day employment visa and then a medical will have to be completed along with fingerprint records.

The process can all be achieved by a representative at the immigration office and they can guide along the way to ensure the result transforms into a visa.

Can FZ or Offshore Companies trade within the or hold shares in other companies? Are there any restrictions?

With A Commercial Company License the RAK Free Zone Company can act as a Holding Company and hold shares in Local Companies or any Companies Internationally.

Companies with Trade or Industrial licenses can only conduct business within the Free Zone or abroad.

To sell their products in Mainland UAE, then they should

(a) use an official agent. Usually 5% duty for “export” within the . But services and products can be obtained from and within the without one.

OR

(b) set up a LLC (Limited liability company) which needs to have a 51% local stakeholder – can be arranged but have to pay fees for this local “sponsor” for facilitation

Free zone companies in one free zone can trade with companies inside that free zone or with companies in any other free zone AND internationally with foreign companies but not inside (outside free zones) or with residents.

Offshore and Free Zone companies can have shares in other companies, Free Zone or Offshore.

Offshore companies can trade or internationally but not inside or with residents.

Banking – RAK Company Formation: RAK Company Bank Accounts

Bank account opening conditions / facts / practicalities that apply mainly to  Offshore Companies OR ‘non-resident personal accounts’ of individuals without a resident visa (n.b. Free Zone Shareholders do get a residence visa as opposed to offshore company shareholders and themselves and their companies do not suffer increased / enhanced due diligence procedures by local banks)

Bank account opening for offshore companies is a simple process but, as the wants to protect its image as a financial center as well as its advantages, there are some conditions:

  • Client (UBO) must come to the for a personal meeting with the bank to open a corporate and a personal account (we arrange the bank introductions) and satisfy the bank they are serious and professional and their companies will have specific activities (not more than one or two is recommended)
  • There is a minimum balance that must be kept in these accounts at all times (from $10,000 to $100,000 depending on the bank)
  • Proper and extensive KYC and due diligence to international standards are performed by all banks as part of the account opening process

Currently we cooperate with government majority-owned banks RECCOMMENDED by the RAK Investment Authorities to which we can introduce you and your business:

Mashreq Bank (mashreqbank.com) – Mashreq has provided banking and financial services to millions of customers and businesses since 1967. Mashreq is one of ’s leading financial institutions with a growing retail presence in the region including Egypt, Qatar, Kuwait and Bahrain. Mashreq is invariably among the highest performing banks in the Region.

Habib Bank (hbl.com) – Operating since 1841 with strong presence in ALL major financial centers like Switzerland and Luxembourg, flexible, very confidential understands the offshore business very well and we maintain a close contact with.

Abu Dhabi Commercial Bank (adcb.com) – one of the biggest and safest banks in the world … but slow in account opening like all big banks with a liking for bigger amounts of deposits and tough due diligence and the occasional rejections). However for free zone companies the process is a lot quicker.

Bank accounts take about a week after application and documentation is submitted to the bank.

Most clients prefer to apply to two (2) banks to minimize the chance of occasional rejection and also have a wider choice to decide which bank will suit their needs.

Bank account introductions and arrangement of meetings cost from $545 per bank per account. 25% discount applies if 2 banks are applied for.

Alternative solution for clients that do not require a bank account for their Offshore Company: Opening of a Cyprus Bank Account

On the negative side, we site the disadvantages of banking in the EU as mentioned in our previous newsletters. However, for smaller amounts (<$100,000) this should not be a major issue.

Confidential Banking and Banks in the UAE

Anonymity / confidentiality of beneficial owners

Here is a list of benefits of the relating to SAFE and confidential banking in a rich and economically stable country with huge financial (and oil) reserves.

  • 14th largest economy in the world having the 5th largest oil reserves and notably the reserves of the emirate of Abu Dhabi alone amount to over 1 trillion USD$!
  • FULL confidentiality for beneficial owners at banks and the authorities and NO information exchange agreements with any other country. Do we disclose UBO details / identity to the authorities? In RAK we do not! (the reason for choosing RAK) in Jebel Ali () we do and authorities need bank ref of UBO! To the banks? Yes as a general rule we disclose BUT there are no information exchange agreements
  • Solid bank confidentiality with NO exchange of information agreements with any country
  • Have not signed exchange of information treaties with any nation, not even the European Union but has commited to OECD CRS for Automatic Exchange of Information by 2018 – BUT… this will apply to passive cash box companies only. An active UAE Free Zone Company with the owner/manager having an investor Visa and Emirates ID (tax resident) is not a reportable person.
  • Many safe, adequately capitalized and solid banks with 100% government guarantees for the total value of the deposits and strict rules for anonymity / confidentiality.
  • Banks which allow the possibility of easy and non time consuming opening procedures and the option possibly of the client not being required to go to the country in person as well as the possibility of opening of a trading account / current account which allow frequent movements and not only investment accounts which are for few movements
  • Political and financially powerful and independent countries with no geopolitical risk which can withstand effectively against EU type attacks which are or possible outside Europe and which are not connected, dependant or in the same geographic region with Europe or America
  • A country with no currency control restrictions or limitations in the movement of capital and/or possibly without / little restrictions in cash withdrawal (withdrawal 100.000 euro from the till is not unusual)
  • Does not appear on any “black list”. It is on the “white list” of the OECD, FATF and EU and is not subject to the sizable pressures that weaker states face only to the extent of keeping of strict internal procedures for control and not exchange of information
  • Mature, safe and well capitalised and regulated banking sector
  • Existence of strong local banks without reliance from outside for business and preferably no foreign branches outside the Gulf Region
  • Banking system that allows 24/7 online transfer capability without limit (!) and capability for large cash withdrawals
  • A system that is controlled effectively by wise rulers so that it is not abused by large numbers just to get advantages without having REAL economic and commercial substance and economic contribution to that country
  • A system that has solid anti-money laundering regimes with rigorous due diligence procedures (know your client and know your client business) procedures from banks and corporate service providers and discouragement in opening personal or corporate bank accounts with parties that have no real personal or business interest locally

Which bank do you recommend?

Preferable strong / solid local banks for confidentiality with no major EU presence (so they cannot be blackmailed) – foreign banks keep transactions booked in the EU (!) and practically they may exchange information. We can recommend a number of safe banks.

What do you recommend relating to Bank account opening?

Recommended / are more popular, easy, fast and practical – the incorporation of a new company with bank account and beneficial owner – natural person (not subsidiary of a foreign company – as a second stage changes can be made to accomplish this if we prefer) instead of the opening of an account of a natural person or foreign company, which although not recommended by the Authorities and the banks for risk management purposes, with the introduction of time consuming and high cost procedures.

Multi currency Current accounts or Private Banking/Brokerage accounts possible with funds transfer facilities and cash withdrawals with NO LIMITS

For…

company (offshore or FZ) – no problem / cheaper / better.

Personal accounts – no problem BUT client must attend bank interview at the .

Foreign company (BVI, Seychelles, Cyprus or Malta) – no problem but time consuming PLUS high cost of document attestations / certifications.

Fees and Costs for Bank Accounts

Fees for opening bank accounts in the and other international financial centres?

Ras Al Khaimah / Bank Account

Opening of corporate account for a foreign entity – a Cyprus, Maltese or Seychelles company or other offshore or foreign company:

On hourly charge of $195 / hour and minimum fee USD$ 1.900

However it is not recommended (preferable to open a new company with a bank account – $345):

  • Banks and authorities are suspicious of foreign companies with no business activities in the and the compliance / control is stricter
  • Because the do not recognise the Hague Convention and as a result do not accept international certifications for documents by apostille and the certification procedure is expensive and time consuming (certification of each document by the Ministry of Foreign Affairs and Embassy and then Ministry of Foreign Affairs in ! The cost amounts to a few thousand euros)
  • If the company is old and needs audited financial statements and timely review for its affairs. Also for reasons of protection from money laundering, the restraints of Islamic law and their image, the authorities of actively refrain and thus we recommend instead the opening of a Ras Al Khaimah company with bank account

Opening of personal bank account (natural persons):

$345

  • Banks and authorities are suspicious of foreign individuals with no personal interests in the (e.g. real estate) or business interests ( company) and the compliance / control is stricter.
  • But also see above for complicated / costly document certification or need to personally travel to  we we can introduce you to the bank’s officers.
  • Simpler and more economical is the opening of a Ras Al Khaimah company with bank account.

UAE Company Formation Packages
Start-up Fee PackagesCompany Set-up in Dubai, RAK and UAE
UAE Offshore Company FormationStartup Fee Package - 1st year

By forming an offshore company in the UAE you can have a UAE address and run your business tax free internationally, open a bank account in the UAE or outside the UAE and own property in Dubai or RAK

Dubai  Offshore Company: $995 + annual fees $1.450 = $2.445


Ras Al Khaimah - RAK ICC: $99 formation + $995 annual fees = $1.094

Free Zone Company Incorporation in the UAEStartup Package - 1st year

By setting up a free zone company in the UAE you can enjoy the privileges of onshore presence and UAE and international trading  tax free, open a bank account in the UAE or outside the UAE and own property in Dubai or RAK. Residence Visa is given to investors and staff.

Dubai Free Zone Company: $1.450


RAK Free Zone Company: $1.450


Sharjah Free Zone Company: $1.450


Abu Dhabi Free Zone Company: $1.450

Extra UAE Company Set-up Services on requestPrices

Virtual office, telephone  answering, mail forwarding, accounting, tax and VAT services and consulting, PRO services and Visa processing

On request - we price our services very competitively and are flexible to find fair agreements with clients

Offshore Companies and Free Zone Companies in Dubai, RAK and UAE
RAK Offshore Company - RAK ICCDubai Offshore Company - JAFZA
DMCCRAK Trade Free Zone
DAFZAAjman Free Zone
JLTRAKIA - RAK Investment Authority

Use the form below or Click Here to Email Us Now
Is your message urgent?
YesNo

  • Your Name (required)
  • Your Email (required)
  • Your Mobile
  • Subject
  • Your Message
  • Input this code           captcha


error: © 1998 – 2017 Kotsomitis Group
Skype Me™!