Ras Al Khaimah Company Formation
Ras Al Khaimah Company Formation
Incorp International also offers easy and hassle-free company incorporation services in Ras Al Khaimah, including company registration, business licensing, banking services and accounting and tax stratagems. We also provide options for visa, as well as recruitment strategies and advice for employing staff. In addition, Incorp International also offers workspace rental solutions to foreign investors looking to set up offices in Ras Al Khaimah.
Advantages of Ras Al Khaimah Company Formation
- Formation of a Ras Al Khaimah company is a valuable substitute for Dubai company formation. The company incorporation process is quick and a wide variety of office and warehousing accommodations are provided.
- With appropriate configuring and documentation, a Ras Al Khaimah company will enable full repatriation of capital or profits allowed from the country for foreign investors, without having to pay corporate tax. There is also no need to pay capital gains or personal income tax in Ras Al Khaimah.
- Full ownership of a Ras Al Khaimah company by foreign investors is another viable option for foreign investors looking to set up a business in Ras Al Khaimah.
- Incorporation of a free zone company or free zone establishment will require at least one director and one shareholder in the Ras Al Khaimah free zone district. Maximum number of shareholders or corporate shareholders is unrestricted. Also, a Ras Al Khaimah company does not require a register of shareholders or directors.
- Formation of a Ras Al Khaimah offshore company enables the existence of a business entity and business address, minus the legal prerequisite of leasing office premises or staff.
- Formation of a branch company will enable foreign investors’ full ownership of the entity and pose no requirement to be subjected to an annual audit.
- An apt geographical location in close proximity to the Straits of Hormuz and only a 40 minute commuting distance to Dubai enables a Ras Al Khaimah company admittance to an excess of 1.2 billion consumers in the Middle East regions and the African continent.
- There is a plentiful supply of moderately priced energy for foreign investors to take advantage of.
- The UAE enjoys the reputation of being the 25th least corrupt country in the world, as stated by the 2014 Corruptions Perception Index by Transparency International, which monitors and weighs global corruption rates amid public officials and politicians.
- An astonishing average of 8% of economic growth has been calculated for Ras Al Khaimah since the previous few years.
- Ongoing discussions with USA and Japan in regard to enabling free trade agreements will afford UAE business entities, including those in the Ras Al Khaimah district, open and free access to markets with an excess of 500 million people.
Disadvantages of Ras Al Khaimah Company Formation
- Formation of a Limited Liability Company (LLC) in the Ras Al Khaimah district needs at least 51% shareholding rights by UAE citizens
- Formation of an offshore company will prevent it from trading within the United Arab Emirates, as well as not permitting it to rent local office spaces or open a corporate bank account in the United Arab Emirates.
- The majority of business entities formed in Ras Al Khaimah is stipulated to submit annual audited accounts to the government.
Frequently Asked Questions
Is a local resident director required to be appointed in the formation of a Ras Al Khaimah free zone business entity?
There is no need for a local resident director or a resident shareholder in order to incorporate a business in the Ras Al Khaimah free zone district. Hence, full ownership of a company is allowed by a foreign investor. However, for a company outside the Ras Al Khaimah free zone, it is incumbent that at least 51% shareholding rights is allotted to a UAE citizen.
Is it possible to have a virtual business address in the Ras Al Khaimah free zone district, or is a physical business location address required?
It varies according to the type of business entity incorporated by the foreign investor. A virtual office is allowed for an offshore company. However, if the foreign investor opts to undertake business within the UAE, he will have to lease a physical office space.
Incorp International will assist in obtaining its clients appropriate office space facilities in the Ras Al Khaimah free zone district.
What kind of business entities can be formed in the Ras Al Khaimah free zone district?
Customers can incorporate a Free Zone Establishment (FZC) or a Free Zone Company (FZC) in the Ras Al Khaimah free zone district. Requirements for a Free Zone Establishment are a single shareholder, in comparison to a Free Zone Company, which requires a minimum of two to five shareholders. If a parent company has been in running for a year, it can establish a presence of a branch.
How do I register a company in Ras AL Khaimah?
Submission of the following documents and requirements to the Ras Al Khaimah free zone authority is required:
- Passport copies of shareholders, directors and managers (if pertinent).
- Incorporation forms.
- A short description of the project planned.
- Company Memorandum and Articles of Association.
- A minimum share capital of US$30,000 as bank deposit.
- Branches of foreign business entities will have to show the certificate of incorporation of the parent company.
Incorp International will assist its clients in every aspect of company formation in the Ras Al Khaimah free zone business district.
Is the physical presence of a foreign investor required in Ras Al Khaimah free zone district for business incorporation?
No. Incorp International will take care of all the processes involved in incorporating the choice of business entity of its clients.