Information List Ras Al Khaimah

RAS AL KHAIMAH QUICK FACTS  

 

LANGUAGES:  

Arabic, English, Hindi, Urdu, Farsi

 

CURRENCY:     

AE Dirham

 

TIME ZONES: 

GMT + 4 – Winter

GMT + 3 - Summer

 

AIRPORTS:    

Ras Al Khaimah Airport  - 15 minutes drive

Sharjah Airport – 30 minutes drive

Dubai Airport – 45 minutes drive

 

PORTS:          

Saqr Port – with Eight 200-meter long deep water berths, dreged to 12.2 meters, serves over 1 400 vessels annually

Al Jazeera Port – new multipurpose

RAK Port – Historical trading port

 

Ras Al Khaimah (RAK) is one of the fast developing Emirates in UAE, situated against the backdrop of the Al Hajar Mountain Range, in the north of the UAE.

RAK is one of the seven Emirates that forms the United Arab Emirates and is only 45 minutes drive from Dubai.

Since incorporation in May 2000, Ras Al Khaimah Free Trade Zone (RAKFTZ) has been committed to sourcing and attracting environmentally friendly and quality investors in the service, manufacturing and industrial sectors.

Its booming economy and proximity to the major international centres like Dubai has attracted hundreds of large, medium and small businesses form every part of the word.

Ras Al Khaimah is located at the crossroads of trade and commerce between East and West.

 

It is ideally positioned to service and access markets that span the Middle East, Africa, the Indian Subcontinent and the Confederation of Independent States and Europe.

RAK is based on leverage on natural topography, with abundance of natural beauty and a unique location which has allowed to strategize the economic development mainly on four pillars, mainly, Industries, Trade and Commerce, Tourism and Real Estate.

It has 65 km of coastal sandy beaches, magical mountains, a green belt and unspoilt deserts.

In September 2006, Ras Al Khaimah Government launched an offshore facility, the second in the UAE, which is regulated by the Ras Al Khaimah - Free Trade Zone Authority, International Companies Regulations 2006.

 

LOCATION	Gulf	Unique offshore location: RAK is the outbound port for India, Russia & CIS countries, Iran, Pakistan and the Middle East
RELEVANT LEGISLATION	RAK OFFSHORE Regulations, 2006
LANGUAGE(S)	English, Arabic, Hindi, German, Russian, Farsi, French, Italian, and Urdu	A truly multi-cultural environment
EXCHANGE CONTROLS	None	Onshore and offshore
TIME ZONE	GMT + 4 hours (Winter) GMT + 3 hours (Summer)	Between London & Tokyo
TREATIES FOR THE AVOIDANCE OF DOUBLE TAXATION   (55 Treaties)	Algeria, China, Jordan, Kuwait, Egypt, Finland, France, Malta, Pakistan, Poland, Germany, India, Indonesia, Italy, Malaysia, Mauritius, Romania, Seychelles, Singapore, South Korea, Sudan, Syria, Turkey, Yemen, Turkmenistan, Armenia, Tajikistan, Tunisia, Mongolia, Morocco, Azerbaijan, Austria, Lebanon, Mozambique, Czech, Sri Lanka, Philippine, Belgium, Singapore, Luxemburg, Thailand, Spain, Malta, Bosnia & Herzegovina, New Zealand, Seychelles, Ukraine, Belarus, Canada, Holland, Uzbekistan, Bulgaria	The most comprehensive list of bilateral tax treaties among financial centres Can only be relied upon provided a tax residency certificate  is issued
TAXATION	Zero for resident or non-resident subject to specific exemptions No VAT	RAK is a tax free international company
INTERNATIONAL BUSINESS COMPANIES (IBC)	Yes	The simplest, fastest and a less expensive vehicle
IBC CAN OWN REAL ESTATE IN JURISDICTION OF REGISTRATION	Yes, within designated free zones
COMPANY REGISTRATION TIME	1 day

 

KEY FEATURES

• RAKFTZ International Company Regulations require no “local” shareholding, thus enabling 100% foreign ownership.
• Although all UAE companies follow UAE law, RAKFTZ have the option of jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum & Articles of Association.
• RAKFTZ have imposed very few restrictions on the activities of International Companies allowing for a wide range of business activities to be carried out.
• Despite a general prohibition on International Companies to conduct business with persons resident in UAE, the Authorities frequently allow offshore companies to hold shares in both international and onshore UAE companies (i.e. local LLC companies).
• The International Business Company could own real estate properties in the UAE in designated areas.
• The International Business Company can hold a bank account in the UAE for the purpose of conducting routine operational and can also maintain professional relations with legal consultants, accountants and management companies or other similar persons carrying out business within UAE.
• Incorporation documents can be signed at the offices or Representative offices of HCS Group in Cyprus and other countries without having to visit RAKFTZ.

 

INTERNATIONAL BUSINESS COMPANIES

Characteristics of an international business company registered in RAKFTZ are as follows:

 

SHAREHOLDERS

A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Whilst there are no minimum share capital requirements please note that par value of each share must be AED 1 000. Bearer shares are permitted. Different classes of shares are permitted and shares have to be fully paid when allotted. The Register of members shall be available and open for inspection by any member of the company and any other related person. It is an offence to refuse inspection.

 

DIRECTORS

A minimum of one director is required and corporate directors are permitted. Details of directors are available for public inspection.

 

SECRETARY

Every company must have a secretary

 

TIMESCALE

Registration of a company in RAK Free Zone will take under normal conditions 1-2 weeks.

 

RESTRICTIONS ON NAME AND ACTIVITY

Names must end with Limited or Incorporated.

The following word, and their associated activities, cannot be used: Assurance, Bank, Building, Society, Chamber of Commerce, Charted, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust. 

NB: If the International Company wishes to conduct trade or other business outside the Ras Al Khaimah Free Trade Zone, it must obtain the appropriate approval and license to conduct such trade or other business activity from the competent authorities in UAE.

 

SHAREHOLDERS Minimum Residency requirements	1 No requirements
SHARE CAPITAL Minimum authorised Minimum issued	No minimum requirement 1 share
DIRECTORS Minimum number Residency requirements Corporate directors	1 Not required Allowed
LOCAL PRESENCE REQUIREMENTS Directors Company Officers Meetings Annual general meeting	Not required Not required Not required Not required
AUDIT REQUIREMENTS	None, unless requested by the relevant authorities
MIGRATION	Allowed
SHARE TRANSFER DUTY	Nill
SPECIAL MENTION ON THE NAME	Ltd. (Limited)

 

CONFIDENTIALITY

Confidentiality and financial privacy coupled with the issues such as political uncertainty, weak currencies, taxes, severe foreign exchange controls and asset protection that can be identified in certain countries makes RAK a viable option for business.