Dubai, through its Jebel Ali Free Zone, and Ras al Khaimah, through the RAKIA Free Zone and the RAK Free Trade Zone, offer an International Business Company (IBC) regime which is ideal for any type of business that does not require a local office i.e. real estate, property investments, etc. Through our network at GFA TRUST and UAE, we are able to offer corporate and banking services to our clients.
One of the most frequently chosen free zones in the United Arab Emirates is Ras Al Khaimah (RAK) where investors have numerous benefits i.e. 0% corporate tax, a business-friendly jurisdiction, the possibility to repatriate all of their profits, etc.
The type of the company formed is that of an International Business Company (IBC) i.e. a private company which is structured in such a manner in order to facilitate itself to be engaged into any international business activity. An IBC is exempted from tax in its home jurisdiction, safeguards to the maximum the privacy of its owner(s) and has no onerous reporting requirements attached on it.
The incorporation process of a RAK IBC takes 5 days. The tax on offshore profits and exchange controls are non-existent.
The zone’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in RAK with no obligation attached as to the presence of a local Company Secretary, Director or with the legal obligation that the meetings of the company take place in RAK, as the location of the Board Meetings, can be placed anywhere in the world as also the company’s administration. The minimum number of Directors and Shareholders is 1.
Public filings are restricted only to the Director(s) and Shareholder(s) of the company, hence, safeguarding the Ultimate Beneficial Owner(s) from publicly disclosing their information. Furthermore there are no Annual Filing Requirements attached i.e. there exists no obligation for the submission of the company’s Annual Return or Audited Accounts.
The issuance of bearer shares and company re-domiciliation are permitted, as also, the appointment of Corporate Directors. In contrast shelf companies are not available.