UAE Offshore Company
Ras Al-Khaimah (RAK), United Arab Emirates (UAE)
Ras Al Khaimah (RAK) is the fourth-largest emirate in the United Arab Emirates (UAE). It is estimated to have a total population of about 350,000. The emirate has a diverse economy, with no single sector contributing more than 30% to overall GD.
RAK Offshore Company
The RAK Investment Authority (RAKIA) launched the concept of the International Business Company (IBC) in January 2007 and has since become one of the most popular offshore destinations in the world. RAK Offshore company is exempted from income tax and is ideal for international businesses that do not require physical presence and business operation in the UAE.
It is important to know that offshore companies in the United Arab Emirates are restricted from carrying out activities in the UAE. For business owners who want to operate their business within the UAE, an offshore company is not feasible. But an offshore company can own interest in real estate (approved by the relevant authority where the offshore company is registered) and can act as a holding entity in the UAE.
Apart from the restriction in carrying out activities in the UAE, the offshore company is also restricted from carrying out certain activities. The offshore company cannot carry on a banking business or undertake the business of an insurance or reinsurance company, insurance agent or an insurance broker. The offshore company cannot carry on any business which may be restricted by the relevant authority and its regulations under where the offshore company is established.