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Ras al-Khaimah

RAS AL-KHAIMAH

HISTORY AND POLITICAL STRUCTURE

Ras al-Khaimah is one of the emirates of the United Arab Emirates (UAE), in the east of the Persian Gulf. It is in the northern part of the UAE bordering Oman. The capital city and home of most residents is also called Ras al-Khaimah. The city has a population of approximately 300,000.

Ras Al Khaimah has been the site of human habitation for several millenniums and there are many historical and archaeological sites throughout the emirate dating from different time periods, including remnants of the Umm Al Nar Civilisation.

The city was historically known as Julfar. Archaeological evidence has demonstrated that the settlement known as Julfar shifted location over time as harbour channels silted up. Excavations of a sizable tell, which revealed remnants of a Sassanid Era fortification indicate that early Julfar was located in the Shamal area, not far from other sites of historical/ archaeological interest such as Sheba’s Palace and the largest Umm Al Nar tombs found on the Arabian Peninsula. Sources say that Julfar was inhabited by the Azd during the eighth and ninth centuries AD, and that the houses of the Azd were built of wood.

In the early 19th century a British naval force attacked and occupied Ras al Khaimah to put a stop to the powerful hold of the maritime powerful Quwasem tribe from the 18th century. The Quwasem served as a threat to the British imperialism, and endangered the ships in the Indian Ocean.

After British occupation, Sheikh Sultan bin Saqr al-Qasimi signed in 1822 the General Maritime Treaty with Britain, accepting a protectorate to keep the Ottoman Turks out. Like Ajman, Dubai, Umm al-Qaiwain and Sharjah, its position on the route to India made it important enough to be recognized as a salute state.

In 1869 Ras al-Khaimah became fully independent from neighbouring Sharjah. However from September 1900 to 7 July 1921 it was re-incorporated into Sharjah; the last governor became its next independent ruler.

On 11 February 1972, Ras Al Khaimah, under the leadership of Sheikh Saqr bin Muhammad al-Qasimi, joined the United Arab Emirates.

ECONOMY

Ras al-Khaimah is not a major oil producer, so it has focused on developing its industrial sector. It opened the UAE’s first cement company in the early 1970s and is now the UAE’s largest producer of cement. In the 1980s, the emirate formed Ras al-Khaimah Ceramics, which has become the world’s largest ceramics producer, and Gulf Pharmaceutical Industries (Julphar), the Persian Gulf region’s first pharmaceuticals company. It is trying to emerge as an investment destination par excellence.

WHY CHOOSE RAS AL-KHAIMAH WHEN STARTING A BUSINESS?

RAK offshore incorporation helps you to run your business or asset ownership in the Middle East in the most profitable manner. Especially because you avoid the cumbersome process of having the Offshore incorporation company documents attested by various embassies and Ministries of Foreign Affairs.

An Offshore Company is often used to make Investments and accumulate wealth. An offshore company does not have to pay tax on its profits, nor does it have to pay inheritance tax when it is passed on to heirs. In many jurisdictions, withholding Tax is levied on income remitted out of the jurisdiction, but the careful use of double-tax treaties can reduce or even eliminate tax on the investment income.

This may enable the Investor to make investments in high-tax countries from an Offshore base with minimal tax liability. Most importantly, the use of an Offshore Company also protects the identity of the ultimate beneficial owner. Anonymity comes automatically with Offshore Companies, and is respected by the law in the Offshore world.

Advantages of the Jurisdiction of Ras Al-Khaimah

•   Ras Al Khaimah company formation is an excellent alternative corporate structure to Dubai free zone company
      formation, with faster incorporation procedures and a wide choice of office and warehousing facilities.

•   If properly structured, Ras Al Khaimah company formation is an ideal way to legitimately book international profits
      without paying local corporation tax. In addition, there are no capital gains or personal income taxes in Ras Al
      Khaimah.

•   Ras Al Khaimah company formation permits 100% foreign ownership, if the investor opts to set up a company in
      Ras Al Khaimah Free Trade Zone. Ras Al Khaimah Free Trade Zone is highly regulated and has a wide choice of
     
office and warehouse facilities.

•   A minimum of one shareholder and one director is required to comply with company formation regulations in Ras Al
      Khaimah Free Trade Zone. There is no restriction on the maximum number of shareholders, and corporate share-
      holders are allowed. There is no register of shareholders or directors with Ras Al Khaimah company formation.

•   Through a Ras Al Khaimah Offshore Company, it is possible to have a Ras Al Khaimah entity and business address,
      without the legal requirement to rent a physical office and employ staff.

•   Through a Ras Al Khaimah Branch Company, investors can wholly own the entity and not be subject to an annual
      audit.

•   Ras Al Khaimah is strategically-located close to the Straits of Hormuz and only 40 minutes away from the centre
      of Dubai.

•   Investors choosing Ras Al Khaimah company formation can take advantage of abundant supplies of competitively-
     
priced energy.

•   The UAE is perceived as the 28th least corrupt country in the world, according to the 2010 Corruption Perceptions
      Index by Transparency International, a global measure of corruption amongst public officials and politicians.

•   Strategic location with access to over 1.2 billion consumers in the Middle East and Africa.

•   The Ras Al Khaimah economy is estimated to grow up to 12% during 2010, according to the Ras Al Khaimah In-
      vestment Authority (RAKIA)

•   Tourism is set to increase dramatically thanks to openings of many new hotels and part of an initiative that is hoping
      to increase visitor’s numbers to over 2.5 million by 2012.

•   No bookkeeping, auditory responsibility (it is internal policy of the IBC, but not obligatory)

How to form a Ras Al-Khaimah Company

In order to proceed with incorporation of a Ras Al-Khaimah company, an application form and the Articles of incorporation are required to be filed with the relevant authorities. The Articles of incorporation provide the details regarding the internal conduct of the business and its internal affairs.

An article of incorporation in the formation of the business is a legal document that establishes the structure and pur-
pose of a company offshore registration. This is a basic document for incorporating your corporation or company
Articles of Incorporation set the objectives and scope of the business as to what activities the business will undertake
and what path will be adopted by the business in order to achieve its goal. Once they are filed with the appropriate
regulatory authority in the territory in which you are incorporating your business, the incorporation process begins.

After they are duly accepted by the authorities they issue incorporation’s offshore certificate of existence. The incorporations offshore certificate of existence is evidence of existence and formation of a company offshore registration. This is also called a Certificate of Incorporation.

 

Requirements for the Registration of a Ras Al-Khaimah Company

 

•   Director: A minimum of one director is required and corporate directors are permitted. A register of directors must
      be held at the Registered Office, but it is not a matter of public record. The number of directors can be fixed in the
      Memorandum and Articles of Association. Any shareholder may be appointed as a director and/or secretary. One
      secretary is required and corporate secretaries are permitted.

•   Shareholder: RAK offshore company can have a minimum of one shareholder and there is no limitation on the
     
maximum. 100% foreign ownership of the company is allowed. Corporate shareholders are permitted. Sharehold-
     
ers meetings should be held at least once a year and every RAK offshore company shall take minutes of all pro-
      ceedings at general meetings.

•   Shares & Capital: There is no minimum capital requirement. Usually we recommend share capital to be US Dollars
      1,000. Share certificates must be issued within two months from the date of payment of the capital. Bearer shares
     
are not allowed. Shares may be issued fully, partly or nil paid.

•   Name of the Company: Dubai offshore companies must use the suffix Limited or Ltd. to denote limited liability.

The following words and their associated activities are prohibited: Banking, Insurance and Re-insurance. Required Documents to register the company:

•   Application Forms will be made by agent

•   MOA - done by registered agents

•   The Government Fees will deposited with your Agent

 

1. For Individual Applicants:

•   Passport Copy - Copy attested by your firm and your agent

•   Bank Reference Letter - original required

•   Proof of residence (Utility bill) - original required

•   Any other documents requested by the Registrar during the incorporation.

 

2. For Non-individual Applicants:

•   Copy of license or incorporation certificate issued by the chamber of commerce or any other body. copy attested
      by your firm

•   Board of Resolution - original required

•   MOA of the parental company - copy attested by your firm and your Agent. The MOA will be made by the agent.

•   Passport Copy of the Director & the Shareholders - copy attested by your firm and your Agent.

•   Good Standing Certificate - original required

•   Any other documents requested by the Registrar during the incorporation.

•   Ras Al Khaimah, only 45 minutes from business hub Dubai, is fast becoming the investment destination by choice

            of investors from across the globe.

With access to over 2 billion consumers and awarded “Best Emerging Free Zone” for the second year running, Ras Al khaimah Free Trade Zone (RAKFTZ) has already developed into a world-class business hub with state-of-the-art infrastructure and hi-tech facilities for industrial growth and development in less than ten years of its inception. The Free Zone, offers customized support services to its investors. It is one of the most cost-effective free zones in the region and most importantly, it offers an absolutely trouble-free, customer-friendly environment, which is very important for the success of any enterprise.


 

GENERAL OVERVIEW

Location

Ras Al Khaimah is located in the northen part of UAE. Latitude: 25° 47’ North

Longitude: 55° 57’ East

Time zone

UTC/GMT +4

Population

300,000

Capital

Ras Al-Khaimah

Airport(s)

RAK International Airport, Dubai International Airport DXB About 83 km Southwest, Sharjah Inter­national Airport SHJ About 67 km Southwest

Language

Arabic, English, Hindi, Malayalam, Urdu, Persian

Currency

AE Dirham pegged to the US Dollar

Political system

Absolute monarchy

International dialling code

International country code: + 971 (United Arab Emirates) Area code: 7

Legal system

Islamic and civil legal system

Centre’s expertise

Investment Opportunities, Banking, General Trading, Real Estate and Industry.

TAX

Personal income tax

None

Corporate income tax

None

Exchange restrictions

None

Tax treaties

Yes, some of the countries are the following, China, France, Gernamy, India, Indonesia, Italy, Malta, Luxembourg, South Korea, Singapore, Malaysia and the Netherlands

SHARE CAPITAL

Permitted currencies

AED, USD, EUR

Minimum authorised capital

10,000 AED

Minimum share issue

One share

TYPE OF ENTITY

Shelf companies

Timescale for new entities

1 - 2 Days

Incorporation fees

Approximately 15,000 AED

Annual fees

Approximately 5,000 AED

DIRECTORS

Minimum number

One

Residency requirements

None

Corporate directors

No requirement, but can have.

Meetings/frequency

Not required

SHAREHOLDERS

Disclosure

No

Bearer shares

No

Minimum number

One

Public share registry

No

Meetings / frequency

Not required

ACCOUNTS

Annual return

Not required to file annual returns

Audit requirements

No audit requirements, unless requested by the Ras Al-Khaimah Financial Services Authority in case of suspicion of criminal activity only.

OTHER

Registered office

Must be located in Ras Al-Khaimah

Domicile issues

May transfer there domicile according to the Companies (Transfer of Domicile) regulations 2009.

Company naming restrictions

Names restricted which have connection with the Government of UAE, its agencies or identical bodies of any of the member states of the federation, patronage of their highnesses, members of the Federal National Council.

Successful

Integrity is the essence of everything successful