100% foreign ownership is permitted in the Ras Al Khaimah International Corporate Centre, also known as RAK Offshore. A minimum of one owner is required for a company. The company must also have one director. The name of the director(s) and the ultimate beneficial owner, if different from the director, must be provided to the Ras Al Khaimah International Corporate Centre. This is for anti-money laundering purposes only and the information will not be made public in any way.

An offshore company incorporated in the Ras Al Khaimah International Corporate Centre is exempt from all import and export duties. There is no short-term capital gains tax or long-term capital gains tax payable. The director(s) and/or ultimate beneficial owner are not required to pay any tax on their personal income arising in the UAE. Offshore companies incorporated in the Ras Al Khaimah International Corporate Centre are not required to pay any corporate tax.

The UAE has double taxation treaties with 135 countries, so if your country of residence or citizenship is on the list, you will not have to pay any taxes on the income generated by your offshore company in the UAE. This is subject to the specific double taxation treaty signed with your country of citizenship or residence. For more details, contact us.

Offshore companies incorporated in the Ras Al Khaimah International Corporate Centre are not required to have their accounts audited. Accounting requirements are simple. Annual accounts must be approved by the director(s) and kept for seven years. These do not need to be filed anywhere. An annual general meeting of shareholders must be held each year, but this can be held anywhere in the world.

An offshore company incorporated in the Ras Al Khaimah International Corporate Centre must have at least one share. This can be in US dollars, British pounds, euros, or UAE dirhams. There are no foreign currency restrictions for offshore companies incorporated in the Ras Al Khaimah International Corporate Centre. The company name must end with ‘Limited’ or ‘Incorporated’, and shares can be transferred at any time without attracting any duty.

There is no limit to the number of staff that can be hired. In fact, it is possible to run an offshore company without hiring any staff outside of the Ras Al Khaimah International Corporate Centre. An office is a must, and the Ras Al Khaimah International Corporate Centre itself provides you with a number of office options to choose from.

You can also engage in up to five business activities at a time. You can incorporate your offshore company as a holding company to hold assets or shares in other companies, invest in real estate, engage in business management consulting or real estate consulting. You can also establish your offshore company to offer information technology consulting services or engage in general trade.

It takes five business days to register an offshore company at the Ras Al Khaimah International Corporate Centre. You must have a registered agent, who will take over all responsibilities for operating the offshore company’s registered office located at the Ras Al Khaimah International Corporate Centre. If the ultimate beneficial owner of the company changes at any time, this must be reported immediately to the Ras Al Khaimah International Corporate Centre.

The Ras Al Khaimah International Corporate Centre does not share tax information with any country. However, the Registrar reserves the right to remove a company from the Companies Register if it does not pay the applicable fees to the Ras Al Khaimah International Corporate Centre or is involved in any activity that is contrary to the interests of the UAE.