5 Key Benefits of Forming a Company in RAKICC

Benefits of Forming a Company in RAKICC

RAK International Corporate Centre is a corporate registry known as one of the highly regulated and compliant jurisdictions ensuring attention to its channel partners and registered agents, succession planning, and conducting trade/services internationally. The companies incorporated in RAKICC are mostly used for the management of wealth and assets protection, holding shares in local and International companies, holding of assets, and real properties and opening bank accounts locally or internationally.  

Advantages

• Operating the International Business
• 100 percent ownership for the ex-pats
• Opening of bank accounts locally and internationally
• Availability of dispute resolution centre
• No taxes are applicable
• Transfer of assets and properties from anywhere in the world in an easy and simple way

100 percent ownership and control.

When it comes to forming a company in the UAE, a RAKICC company can have 100 per cent shares in our name or on a corporate entity. The control regarding the ownership and the director of the company is purely our choice. RAKICC does not have any restrictions on the type of shares or the shareholder. RAKICC currently has over 30000 companies registered and shareholders coming from over 10 countries.

Flexibility

In the case of RAKICC company, there is no requirement of minimum share capital and no need to file the financial accounts, although it is recommended to maintain books of accounts. RAKICC offers the flexibility to operate onshore in UAE if the company is opened in the RAKEZ which is Ras Al Khaimah Economic Free Zone. The cost for the form the company is affordable. To open bank account in this case becomes very easy and this flexibility has helped a lot of investors also to get an opportunity to have their residency here. RAKICC is a well known offshore jurisdiction in the UAE.

Security

The legal benefits which RAKICC provides to the companies registered under them are impeccable and come along with a superlative business-friendly environment. The companies registered under RAKICC will come under the purview of Common Law Courts of the Abu Dhabi Global Markets (ADGM ) and Dubai International Finance Centre (DIFC), as well as the local courts of Ras Al Khaima. RAKICC have strict legal compliance and this can ensure companies' security and full protection, as well as the globally accepted legal framework. 

Savings

The cost for setting up a company in the RAKICC is comparatively very feasible and even the renewal costs are extremely affordable. As it’s an offshore company there is no requirement of office expenses for the same. Registering a company in RAKICC will give exposure to the UAE Double Tax Treaty (DTT) networks. Currently, the UAE Ministry of Finance has signed over 200 tax agreements to avoid the DTT.

Confidentiality

Shareholders details are not made public. All relevant information of the company, the shareholders is registered in the closed book of accounts which is accessible only to the agent and the authority. Any information that has been provided will stay in the closed registrar and be kept highly confidential. This blog is written by Ms. Florine Das, Director (Client Relationship) To learn more about 5 Key Benefits of Forming a Company in RAKICC, book a free consultation with one of the Flyingcolour team advisors, simply call +97144542366 or send WhatsApp messages to +971554413566. 

you can also drop an email to info (at) flyingcolour (dot) com. Please note that this article was published on  18/10/2020 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.