RAK International Company – New Legal Structures
In this post, let’s look at some new legal structures in the form of RAK International Company. The term “International Company” relates to registering, managing, directing, and administrating a legal entity in a foreign country, usually with low or zero taxation policy and many more benefits. It has a lot of mutual features with traditional offshore companies in terms of easiness of management, but with a better level of reputation and confidentiality. An International Company allows you to control your business remotely from any country in the world. Like most of the other jurisdictions, an International Company can have a bank account, purchase property and sell various services and products. Ras Al Khaimah International Corporate Centre (RAK ICC) Companies are IBCs of the similar type like in other classic jurisdictions – BVI, Seychelles etc. Yet, RAK ICC Companies are more favored between all of them due to some factors: the word “offshore” is not used in the issued documents, the company holds the status of “international company”, they can open multi-currency bank account in home country and other foreign jurisdictions, such companies can perform essentially any type of business outside UAE. Let’s have a look at the advantages: 1. Conducting business as an international entity 2. 100% of Foreign Ownership 3. Dispute resolution for settlement of commercial disputes 4. Worldwide bank account opening 5. No corporate/personal taxes 6. Investment protection in other foreign countries 7. Easy transfer of assets in foreign countries 8. Re-domiciliation or Continuation in or out of RAK 9. Absolute privacy and confidentiality 10.Quick incorporation process 11.Simple Due Diligence requirements 12.Cheapest option for Offshore company in UAE 13.Easy going renewal Apart from the incorporation of the company as a former regime limited by shares, now RAK ICC brings an innovation by granting the possibility to have various kind of companies