From the latest in technology to fast and efficient service, Ras Al Khaimah Free Trade Zone has it all.
The Ras Al Khaimah Free Trade Zone (RAKFTZ) is strategically located with excellent road, sea and air connections and an access to more than 1.2 billion customers.
History
In September 2006 the Ras Al Khaimah Government launched an offshore facility, the second in the UAE, which is regulated by the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006.
Details
Ras Al Khaimah Free Trade Zone (RAKFTZ) allows 100 per cent foreign ownership. Although all UAE companies follow UAE law, RAKFTZ has allowed the international company to choose the jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum and Articles of Association.
The international company can own real estate on Palm Islands, or any properties owned by Nakheel Company LLC, Emaar, or any other real estate properties approved by the RAKFTZ authorities.
Despite a general prohibition on international companies to conduct business with individuals residing in the UAE, the authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).
The international company can hold a bank account in the UAE for the purpose of conducting routine operational transactions and can also maintain professional relations with legal consultants, accountants and management companies or other similar persons carrying out business within the UAE.
Incorporation documents can be signed at the offices of Jitendra Chartered Accountants without having to visit RAKFTZ.
The company will not be allowed to carry out business with UAE residents or carry out any trade in the free zone or in the UAE, unless they have first obtained the appropriate licence from the relevant competent authority.
Offshore companies registering in RAKFTZ have certain characteristics. They require a minimum of one shareholder. Corporate shareholders are permitted.
Shareholders will also decide the capital structure of the company. There are no minimum share capital requirements, but the par value of each share must be Dh1,000. Bearer shares are permitted. Different classes of shares are permitted and shares have to be fully paid when allotted. Every company shall maintain minutes of all proceedings at general meetings.
The Register of Members shall be open for inspection by any member of the offshore company and any other person. It is an offence to refuse inspection.
A minimum of one director is required and corporate directors are permitted. The details of directors, however, are not available for public inspection.
All companies must have at least one secretary each and must maintain accounting records. The records must be filed for a period of seven years from the year they were created. The accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAKFTZ authorities.
Services
To establish an offshore tax residency for a company, RAKFTZ can provide professional third party directors. In most cases it is essential to take this service if tax savings are to be made. RAKFTZ can open bank accounts for the company in most places in the world.
Also, as a part of the domiciliary services package, RAKFTZ provides a registered office address the jurisdiction of the incorporation of a company in order to meet the local statutory requirement. Many clients ask for re-mailing and other office services out of one or another group offices located in Hong Kong, London or elsewhere.
On receiving mail therefore RAKFTZ will re-package it into a plain envelope and can arrange for it to be posted, according to instructions, directly from the place of receipt or via one of the RAKFTZ onshore offices to ensure that correspondence is not received at the home address bearing an offshore postmark and the name of the company.
In this way confidentiality, which would be lost if mail was received directly, can be maintained. Faxes, e-mails and telephone calls can be dealt with according to an agreement to further ensure confidentiality.
For those companies that are particularly active or wish to have a higher profile, RAKFTZ can arrange the immediate allocation of a dedicated telephone line answered with the name of the company.
Additional costs apply to this service and details are available upon request.
- Courtesy: www.rakftz.com
