5 Key Benefits of Forming a Company in RAKICC
RAK International Corporate Centre is a corporate registry known as one of the highly regulated and compliant jurisdiction ensuring attention to its channel partners and registered agents, succession planning, conducting trade/services internationally. The companies incorporated in RAKICC are mostly used for management of wealth and assets protection, holding shares in local and International companies, holding of assets, real properties and to open bank account locally or internationally.
Advantages
- Operating the International Business
- 100 percent ownership for the expats
- Opening of bank accounts locally and internationally
- Availability of dispute resolution center
- No taxes are applicable
- Transfer of assets and properties from anywhere in the world in a easy and simple way
100 percent ownership and control.
When it comes to forming a company in the UAE, a RAKICC company can have the 100 percent 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 incase 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 is impeccable which comes along with 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 a strict legal compliance and this can ensure companies the security and the full protection, as well as globally accepted legal framework.
Savings
The cost for the setting up a company in the RAKICC is comparatively very feasible and evens 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 an 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 kept highly confidential.
This blog is written by Ms. Florine Das, Director (Client Relationship) at Flyingcolour Business Setup, Accounting & Tax Services in Dubai & across UAE . Feel free to call us for more info about company formation in RAKICC or anywhere across the UAE. You can also send your inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366.
Please Note: This article was published on 18th October, 2020. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent update or change.
