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Incoporation of an offshore company in the Emirate of Ras Al Khaimah (RAK), UAE. Service offer

Ras Al Khaimah is an emirate in the north of the UAE. The formation of offshore companies became possible in 2006 after special Regulations were adopted .
Offshore companies are completely exempted from taxes in the territory of the UAE, but they may not conduct business in the Emirates.

General information

Ras Al Khaimah is an emirate in the north of the UAE. The formation of offshore companies became possible in 2006 after special Regulations were adopted[1].

Offshore companies are completely exempted from taxes in the territory of the UAE, but they may not conduct business in the Emirates.

Any individuals or legal entities (except for private funds and trusts) may be shareholders and directors of a company irrespective of their citizenship/country of incorporation, and the company is not required to have local shareholders. The minimum share capital is AED 1,000 (approximately 275 USD), but the deadline for its payment is not set. Shares of a company may either have or not have declared par value (in any currency).

An offshore company may not take on lease an office in the territory of the UAE[2] and, unlike a resident company, may not be used to obtain visas for its employees or directors.

An offshore company must have a local registered agent whose data is entered in the Memorandum of Association.

A company may have a nominee director, but nominee shareholders are not allowed. The register of shareholders and directors of an offshore company is not available to third persons.

An offshore company is not obliged to file accounts with any state authorities in the UAE, however in accordance with part 7 of the Ras Al Khaimah Regulations on International Business Companies 2006 a company must keep documents on its economic activity to the extent that enables its directors to determine the financial position of the company.

Main features of incorporation procedures

The following documents have to be provided in order to incorporate a company:

  • Order form (with data on the structure and business of the company);
  • Passport of each director and shareholder of the company;
  • Document confirming the residential address of each director and shareholder of the company (it can be cell phone, gas, electric power, water receipt, etc., but it must contain the current address and full name);
  • Each director and shareholder’s resume;
  • After viewing the standard package of documents, the Registrar may request additional documents / information (reference letters for the beneficiary, documents on the source of funds, etc.)

The documents have to be translated into English; currently the translation is not required to be certified by a notary or professional translator.

The documents must not be older than 3 months.

Shareholders’ visit to the UAE is not required to incorporate a company.

The incorporation takes approximately 5 workdays after the full set of documents and information required for incorporation have been provided.

The cost of incorporation is USD 3,800, which includes:

  • Preparation and filing of all necessary founding documents with the Registrar and subsequent handing over of the original documents to the client;
  • Provision of a registered address and services of a registered agent for the first year after the incorporation;
  • Standard compliance fee;
  • Making of the company’s seal;Sending of documents.

The cost of renewal of a company starting from the second year after the incorporation is USD 3,200, excluding the compliance fee**

The cost of services of a nominee director is USD 1,140 per year, including the issue of one apostilled power of attorney

IMPORTANT: The UAE is not a signatory to the Hague Apostille Convention; the costs of legalization of the founding documents are not included in the cost of incorporation and are determined separately depending on prices of the consulate of a country where the company’s documents will be used.

** The compliance fee is calculated as follows:

Option 1

150 USD (standard fee – includes check of 1 individual)

+ 50 USD for each additional individual (director, shareholder or beneficiary) or legal entity (director or shareholder) if legal entity is serviced by GSL

+ 100 USD for each additional legal entity (director or shareholder) if legal entity is not serviced by GSL

Option 2

250 USD (check for High Risk companies, including check of 1 individual)

+ 50 USD for each additional individual (director, shareholder or beneficiary) or legal entity (director or shareholder) if legal entity is serviced by GSL

+ 100 USD for each additional legal entity (director or shareholder) if legal entity is not serviced by GSL

[1] Regulations on International Business Companies 2006.

[2] An offshore company has the right to own immovable property located in free zones, and the list of such zones must be approved by a special state authority – RAK Investment Authority.

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3800 USD
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