RAK International Corporate Centre (RAKICC) is a United Arab EmiratesCorporate Registry operating in Ras Al Khaimah.
RAK ICC is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business company activity. RAK ICC is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business company formation industry.
- What should I Know about Ras Al Khaimah?
Ras Al Khaimah is one of seven emirates that form the UAE and is located 45 minutes’ drive north of Dubaiand has a large international airport, making it convenient and easy for business travelers.
Naturally beautiful and serene, it’s a very peaceful city which boasts a variety of landscapes. It has the waters of the Arabian Gulf on one side and the mountain range of Ru’us Al Jibal on the other. At the same time, modern luxuries like freehold properties, yacht clubs and golf courses co-exist in this city to provide a very unique living experience.
It has a vibrant business environment, with administrative, manufacturing and industrial operations working side-by-side to create a thriving economic centre.
- Why should a Chinese company consider establishing an International Business Company with RAK ICC?
As the United Arab Emirates is a strategic trading hub for Chinese companies and with China being the U.A.E’s largest trading partner, RAK ICC is well positioned to provide the right environment for Chinese International Business Companies.
We offer a world class solution for corporate structuring to benefit from zero corporate and capital gains taxes, asset ring fencing and confidentiality on customer trade information, whilst at the same time meeting international requirements for transparency and compliance.
- Industry research suggests that China will soon rank first in the world as a source of new incorporations. Traditionally, which regions of the world has your jurisdiction been most popular for? What types of business activity is most suitable for incorporating in your jurisdiction.
RAKICC has been popular among several regions in the world including Europe, MENA region, Asia and CIS Countries. It is perceived as a premium jurisdiction for the provision of company formation services with a focus on a high level of compliance in line with global standards. Most types of business activities are suitable to be incorporated in RAKICC. The most frequently incorporated activity types include Trading, Holding company, Consultancy, Management Services and Investments.
- What is the single most important advantage your jurisdiction provides for Chinese clients?
There isn’t one advantage that stands out as RAK ICC offers many benefits, depending on the individual circumstances of the client, and the main benefits include:
100% Income tax exemption
100% corporate tax exemption
100% capital and profit repatriation
No capital gain tax
No Value-added tax
No withholding tax-
And being located in a strategic business hub, meeting international compliance obligations.
- It has been suggested that price remains a major factor for consideration for clients when choosing an offshore jurisdiction. Do you agree with this statement, and how do you think this will change in the years to come? Are you noticing a shift in emphasis on price to an emphasis on the quality of offshore structures? What other factors should someone looking to incorporate in your jurisdiction consider when choosing a provider?
Eventhough price is still an important factor when choosing a jurisdiction, we are seeing a shift towards better quality IBC structures, which are available in RAKICC through SPV’s& SPC’s.
The Quality& Reputation of the jurisdiction is becoming increasingly important also.RAKICC offers the ideal secure tax-free jurisdiction, with high level of compliance, political & economic stability, white listed, aligned with international standards with a state of the art banking system in a strategic location.
The cost of incorporating a company is not necessarily reflective of the overall cost / benefit to the business and it is the overall benefits package that is attracting businesses to RAK ICC and with substance requirements leading to move local activity the U.A.E. will become an increasingly attractive place to conduct international business.
- Do you agree that as the industry comes under increasing regulatory pressure, e.g. CRS, AEOI, FATCA, etc., Chinese business will gravitate to jurisdictions that are perceived as more transparent?
Yes, with the international regulatory increasing pressure,businesses around the world including Chinesewill look for transparent jurisdictions. RAKICC is positioning itself among the most compliantjurisdictions worldwide with transparent laws & regulations, whilst at the same time respecting the rights of confidentiality in business trade matters.
- Setting up a bank account for newly set-up companies has been a challenge for some jurisdictions in the past few years. Is it the casein your jurisdiction? How quickly can a company in your jurisdiction have their bank account set up?
It is apparent that banks have increased the compliance requirements in recent years but provided a company can provide details of the business model which explains the reason for operating an international business company and establishes the source of funds there is no reason why banks will not be willing to assist. RAK ICC companies bank with a range of local and international banks and clients can have multiple currency account which includes Chinese currency account RMB. The average time frame for the bank account opening is 7 working days.
- What are RAK companies suited for?
RAK ICC Companies are best suited for
- Wealth Management & Asset Protection
- International tax planning
- Offshore banking transactions
- Worldwide Investments & Global trade
- Ownership of real properties & assets
- Holding structures
- Estate Planning
- Trading & Invoicing
- How can a RAK ICC company be established?
All RAK ICC comapnies are established through Registsred Agents who provide the administrative support in the UAE to ensure the smooth operation of the companies. Contact details of the agents can be found on the RAK ICC website.
Contributed by: RAK International Corporate Center