Dubai offshore company or International Company in Ras al-Khaimah (RAK)?

Ras al-Khaimah (Arabic: رأس الخيمة‎, rās al-Khaymah, literally “The Top of the Tent”, often abbreviated in RAK) is one of the emirates of the United Arab Emirates. Ras Al Khaimah (RAK), located in the northern part of the UAE bordering Oman, close to Dubai, covers an area of 656 square miles (1700 km²). The emirate is ruled by Sheikh Saqr bin Mohammad al-Qassimi. It is in the The emirate has a population of about 300,000 inhabitants.

Ras Al Khaimah (RAK)  is served by the Ras Al Khaimah International Airport in Al Jazirah Al Hamra, the Dubai International Airport is quite far (more or less 45-60 minutes by car).

The city has two main sections, Old Ras Al Khaimah (RAK) and Nakheel, on either side of the creek which flows through Ras Al Khaimah RAK.

Rulers of Ras Al Khaimah (RAK) were:

  • 17?? – 17?? Sheikh Rahman al-Qasimi
  • 17?? – 174? Sheikh Matar bin Rahman al-Qasimi
  • 174? – 1777 Sheikh Rashid bin Matar al-Qasimi
  • 1777 – 1803 Sheikh Saqr bin Rashid al-Qasimi
  • 1803 – 1808 Sheikh Sultan bin Saqr al-Qasimi (d. 1866) (1st time)
  • 1808 – 1814 Sheikh al-Husayn bin `Ali al-Qasimi (acting)
  • 1814 – 1820 Sheikh al-Hasan bin Rahman al-Qasimi (acting)
  • 1820 – 1866 Sheikh Sultan bin Saqr al-Qasimi (2nd time)
  • 1866 – May 1867 Sheikh Ibrahim bin Sultan al-Qasimi
  • May 1867 – 14 April 1868 Sheikh Khalid bin Sultan al-Qasimi (d. 1868)
  • 14 April 1868 – 1869 Sheikh Salim bin Sultan al-Qasimi (b. 18.. – d. 1919)
  • 1869 – August 1900 Sheikh Humayd bin Abdullah al-Qasimi (d. 1900)
  • Sharjah then appointed governors:
    • September 1900 – 1909 Currently Unknown
    • 1909 – August 1919 Sheikh Salim bin Sultan al-Qasimi (s.a.)
    • August 1919 – 10 July 1921 Sheikh Sultan bin Salim al-Qasimi (b. 1891 – d. 19..), who stayed on the first of its own rulers:
  • 10 July 1921 – Feb 1948 Sheikh Sultan bin Salim al-Qasimi (s.a.)
  • 17 July 1948 – present Sheikh Saqr bin Muhammad al-Qasimi (b. 1918)

Thanks to H.H. Sheikh Saqr bin Muhammad al-Qasimi on 11 February 1972,  Ras al-Khaimah (RAK) joined the United Arab Emirates.

As all the emirates of UAE (but Abu Dhabi),  Ras al-Khaimah (RAK) will never be a major oil producer; so Ras al-Khaimah (RAK) concentrated on development of its industrial sector. In Ras al-Khaimah (RAK) we found the UAE’s first concrete company – in the early 1970s – and actually is the UAE’s largest producer of concrete. In the 1980s, the emirate of Ras al-Khaimah (RAK) formed RAK Ceramics, which has become the world’s largest ceramics producer, and Julphar, the Persian Gulf region’s first pharmaceuticals company.

Transportation in Ras al-Khaimah (RAK)

Within Ras al-Khaimah (RAK): as well as Dubai and other emirates, metered taxis are the main mode of transport within Ras al-Khaimah (RAK). Public buses also operate only on long-haul routes and they cater mainly to people residing in far-flung towns, viz. Sha`am, Rams, Jazeerah-al-Hamra etc.

Emirate-to-Emirate: Ras al-Khaimah (RAK) is connected to other emirates by private or metered taxis which often embark from the taxi-stand located south of Al Dhaid town near the new Ras al-Khaimah (RAK) Police Headquarters.

Car renting: cars are available for rent from various Rent-A-Cars at negotiable (don’t forget you are in arabic conutry..) prices.

Highways: Three highways connect Ras al-Khaimah (RAK) to the other emirates and beyond:

one follows the coast with beaches on one side and stretches of desert on the other;

the other, new route runs out towards the airport in the direction of Khatt, Masafi, Fujairah and Dhaid and further onto Oman.

the latest one, the Emirates Road (E311 Highway) allows journeys from Ras al-Khaimah (RAK) to Dubai in 45-60  minutes crossing the emirates of Umm Al Quwain, Ajman  and Sharjah.

Seaport: Saqr Port, located in the industrial area of Khor Khuwair, is the Emirate’s main port, providing bulk and container services.

Airport: The Ras al-Khaimah International Airport is currently undergoing an upgrade. It operates cargo and passenger services to a variety of destinations covering the Middle East, North & East Africa, Central Asia, India and the Far East.

Spaceport: On February 17 2006, Space Adventures announced its plans to develop a $265 m commercial spaceport in Ras al-Khaimah (RAK): Ras al-Khaimah (RAK) spaceport for purposes of space tourism.

Internationa Company in Ras al-Khaimah (RAK)

In order to bring foreign capitals in Ras al-Khaimah (RAK) and to create a new branch in the economy (we remember you that Ras al-Khaimah is not producer of oil), ruler of the emirate, decided to established in 2000, Ras al-Khaimah Free Trade Zone (RAK FTZ): actually one of the fastest growing and most cost-effective free trade zones in the UAE, today base for almost 5000 companies. Commitment of Ras al-Khaimah Free Trade Zone (RAK FTZ) is to realize and mantain customer-friendly procedures.

A) What is an IC-Rak al-Khaimah (RAK)?

Similar to the concept of offshore company, Ras al-Khaimah (RAK) FTZ Authorities have laid down the “International Companies Ras al-Khaimah (RAK) Regulations 2006” to incorporate International Companies in the Ras Al-Khaimah Free Trade Zone (RAKFTZ or RAKFZ).

*Advantages of a Ras al-Khaimah (RAK) International Company:

  • Absolute privacy, confidentiality and protection of assets and information
  • 100% foreign ownership
  • No personal or corporate income tax
  • No tax Information Exchange with a country
  • No minimum capital requirement.
  • Limited liability status (private company limited by shares) and possible name suffixes are “Limited” or “Incorporated” or their abbreviations “Ltd” or “Inc”
  • Shares can be of different classes (multiple classes of shares)
  • Shareholders and directors are not required to be personally present before the authorities for incorporating the company.
  • Provision for Company name reservation (Up to 90 days)
  • Ability to maintain bank accounts in the UAE
  • No Requirement to have the accounts audited on an annual basis.
  • Option for choosing the law

–         International companies are allowed to:

  • Have contacts with local professionals in the UAE such as legal consultants, lawyers, accountants and auditors
  • Become shareholders in a new or existing FZE, FZCO or an LLC
  • Hold shareholders and directors meeting within UAE (not required on a regular basis)

–         International companies are not allowed to:

  • Carry on business with persons in the Zone or the UAE and hold assets unless licensed by the appropriate authorities
  • Carry on a banking business
  • Carry on business as an insurance or re-insurance company, insurance agents or insurance brokers
  • Carry on any other business which may, by regulations be prohibited by the authorities

–         International Companies can be suitably utilized for the following:

  • International trading
  • To act as a holding company and to hold  properties and investments either in U.A.E or in foreign countries
  • For holding properties either in U.A.E or in foreign countries

B) Company Requirements:

  • Appointment of Registered Agent
  • Minimum of one shareholder
  • Minimum of one director and secretary is required and there is no restriction in one person assuming these offices (shareholder may be appointed) or exercising the said capacities
  • Bearer shares are permitted.  However, the bearer shareholding is permitted with a restriction that it shall be held by the registered agent acting as a nominee on behalf of  the beneficial shareholder.  The beneficial shareholders details and any change thereof would require to be furnished to the RAKFTZ.

C) Office Requirements:

  • A physical office does not need to be taken up within Ras al-Khaimah (RAK) or the UAE
  • The company, however, must maintain a registered office with an address in the UAE. The use of a Registered Agent’s address in the UAE can be used for this purpose.

D) Annual Requirements:

  • Renewal of company license
  • Accounting records must be kept but no statutory annual audit is required

E) Time Scales:

  • An IC- Ras al-Khaimah (RAK) Company can be incorporated within 1-2 weeks from receipt of all required documents.

For more information or for a list of legal documents required for International Company formation: visit the website www.exitorgroup.com

4 thoughts on “Dubai offshore company or International Company in Ras al-Khaimah (RAK)?

  • Pingback: Anonimo

  • 24 Luglio 2009 at 18:14
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    Hi guys just wanted to share with you that I have used Companies Express to incorporate companies. Very fast, very polite and great service. You can visit their site for more info www(dot)companiesexpress(dot)com

    Thanks
    Tom

  • 4 Febbraio 2010 at 19:38
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    Wow so much info available on this page about IC Rak.
    Very good info.Must read.

  • 13 Novembre 2010 at 21:47
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    Clients who are interested in setting up an Offshore Company in Dubai or Ras Al Khaimah (RAK) or a Free Zone Company in the UAE are welcome to contact Offshore.ae via their website. There clients get excellent value for money.
    Or contact their German consultant Mark directly by phone +971 50 9981xxx

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