December 19th, 2018
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What is an Offhore International Company “IC”?

The OffShore IC in UAE is a legal entity incorporated in an OffShore financial centre (which are frequently in a free zone) authorized to establish ICs, and regulated by specific legislation, which guarantees a special status. An OffShore IC generally enjoys full tax exemption and a high level of confidentiality and protection for investors. However, these companies have strong limitations such as no VISA for residential/working purposes, cannot carry out any commercial activity in UAE and cannot access to any benefit under the DTAA (Double Taxation Avoidance Agreements) or Conventions against double taxation signed by UAE.

With regard to OffShore IC scenario the following general context must be clarified:

Not in the whole territory of UAE is possible establish ICs.

Not in the whole territory of the unique 2 Emirates: (Dubai and Ras AlKhaimah) is possible to establish ICs, but only in specific FTZ area (Jafza-Dubai, RAKFTZ-Ras AlKhaimah).

ICs in UAE are not equal, different ICs have different functions and limits.

Not everyone can set up offshore companies, only certificated and registered Agents can do it.

Key Factor

Incorporation Costs
15%
Yearly Costs
10%
Speed
70%
Foreign Ownership
100%
Foreign Directorship
100%
Tax Duty Exemption
100%
Anonymity
100%
UAE Trading
0%
World Wide Trading
100%
DTAA
0%
UAE Visa
0%
Self-Managements
90%
  • Feedback with this type of company

Why choose Gemana for your Offshore IC?

There are numerous offshore jurisdictions worldwide, this makes it not always easy to find the most suitable jurisdiction depending on the purpose and intention for its establishment. Given that every process pass through the registered agent, not only the choice of jurisdiction is relevant: perhaps the choice of the right offshore agent is more important.

In the case of the Ras Al Khaimah Free Trade Zone, the role of the OffShore company registered agent is to act as professional intermediary between the RAK Free Trade Zone (RAK FTZ) companies registry and the client. The client cannot get in touch with the companies registry himself, in fact he must refer to a registered agent approved by RAK FTZ authorities.

To acquire such status the registered agent must have professional background and experience relating to the activity and make sure to comply on a daily basis with all the duties of a registered agent.

Only agents can act on IBCs incorporation without disclosing the identity of the constituent member for whom are acting.

There are operators who tell they are Agents but are not. Don’t trust in fake logos…

We have the status of registered agent for RAK Free Trade Zone (RAK FTZ, UAE) companies Licence n. 82. and can incorporate Offshore ICs for you with fast cost-effective and confidential approach handling directly with the RAK FTZ authority.

Only trust in what you see…

Our procedure:

  • Mandate and Agent P.o.A.

    Mandate to Gemana
    Notarized PoA to Gemana as Agent
    CV of Shareholder/s
    Passport copy of Shareholder/s Director/s
    Bank Reference Letter
    Two utility bills
    (no more than 4 months old)

  • Flight to Dubai

    Meeting at Gemana office
    Meeting with Bank officers in Gemana office
    Underwriting bank documents for opening company account

  • Your company is ready to operate

    Documents delivery
    (Gemana will provide one original doc):
    a) Company share
    b) Certificate of incorporation
    c) Memorandum & articles of association
    d) Flash drive document copy
    e) Token delivery for banking transactions.

Why Establish a
RAS AL KHAIMAH (R.A.K. FTZ) INTERNATIONAL COMPANY?

OVERVIEW:

SHAREHOLDERS: 100% foreign ownership. A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Whilst there are no minimum share capital requirements please note that par value of each share must be AED 1.

SHARES: Different classes of shares are permitted and shares have to be fully paid when allotted.

DIRECTORS: A minimum of one director is required and directors can be individuals either companies. Details of directors are not available for public inspection.

SECRETARY: Every company must have a secretary.

ANNUAL REPORTING: Every company must keep accounting records, which must be kept for 7 years. Accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAK FTZ Authorities, no auditing is required unless in case of strike off.

RESTRICTIONS ON NAME AND ACTIVITY: Names must end with Limited or Incorporated. The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.

LOCAL REQUIREMENTS: As stated by the RAK FTZ law, the ICs must keep a registered office address within the Free Trade Zone and appoint an authorized registered agent – like Gemana.

BENEFITS:

RAK FTZ OffShore ICs portray an international positive image to clients, as they do not have a tax heaven stigma attached to them.

No minimum capital requirement

100% Tax/duty exemption

100% foreign ownership permitted

Dubai OffShore bank account

Anonymity

No accounting or reporting requirements

No auditing

No requirement to deposit the capital in the bank

Which bank and which account?

We help clients jointly with their advisor to open all types of bank accounts in Dubai, both saving or business. All banks in Dubai offer high quality service with remote access via telephone and internet banking, but some banks may offer better management instruments to allow the client’s personal financial advisor to operate in the best way possible.

© 2018 Gemana Services & Management FZE
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