Ras al Khaimah is an hour’s drive from Abu Dhabi and is growing at a rapid pace in the faculty of multiple industries and broadcasts a GDP growth of 26% in the manufacturing sector. RAK makes great business sense as cost of doing business is 25 to 50 % lesser than the rest of the UAE making it lucrative for quicker growth and bigger returns on investment.
The RAK Offshore Company structure was launched in 2006 under the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006, since then the emirate has come a long way in establishing a reputation worthy for big business.
KEY FEATURES OF A RAK OFFSHORE COMPANY:
• Shareholders – A minimum of one shareholder is required and corporate shareholders are permitted. International corporate shareholders are required to have all company documents attested.
- Directors – A minimum of one director is required and corporate directors are permitted.
- Secretary – Every company must have a secretary. A company director may also act as company secretary.
- Share Capital – No minimum share capital requirements.
- Annual Reporting – Every company must keep accounting records for 7 years from the date of grounding. The accounts do not however have to be filed with the RAK authorities.
KEY BENEFITS OF OPENING A RAK OFFSHORE COMPANY:
- 100% Foreign Ownership
- Shares in Local Companies
- Local Bank Account
- Fast Incorporation
- Shareholder/Director details can be kept private
- Invoicing on international trade
- Can act as holding company