A brief overview of the rak icc

CVML

Published on October 12 , 2023

The United Arab Emirates (“UAE”) is a leading modern jurisdiction providing on-shore, off-shore and free zone company solutions. Located in one of the seven emirates in the UAE and only an hour away from Dubai’s International Airport, the Ras Al Khaimah International Corporate Center (“RAK ICC”) is an international corporate registry.

This registry supports the setting up and structuring of an international or offshore company or can facilitate the re-domiciliation and migration of businesses from various other jurisdictions into Ras Al Khaimah

This process is fast, cost effective, and does not necessitate a minimum capital requirement.

Why pursue an SPC (Segregated Portfolio Company) in RAK ICC?

Taxation Benefits:

Offshore companies registered in United Arab Emirates are exempted from paying all types of taxes including personal, corporate and dividend taxes. In addition, the ministry of finance has signed double taxation avoidance agreements (DTTA) with over 134 countries in the world, which will eliminate double taxation and fiscal evasion and encourage the exchange of goods and services.

Privacy:

Shareholders and company directors information are not visible to public thread nor their financial information. Offshore authorities in the United Arab Emirates does not disclose this information to any third party unless criminal or terrorist activities are reported by law enforcements such as Interpol. Thereby, increasing secrecy of the offshore entity.

Asset Protection:

Offshore companies in UAE are widely used to safeguard your assets such as intellectual property, real estate and investments no matter where the asset is registered around the world. The corporate structure will boost investors confidence from unwanted and unnecessary law suits which can be easily encountered in different onshore jurisdictions.

Law Legislation:

Offshore companies in RAK ICC have access to a variety of legal structures based on their needs and this will grant them access to common law courts of Dubai International Financial Center (DIFC) and Abu Dhabi Global Markets (ADGM) with jurisdiction over governing commercial disputes nationally, regionally and worldwide.

Real Estate and Ownership structures in United Arab Emirates

Its easy to say that a politically and economically stable country like the United Arab Emirates has been ravishing to potential real estate investors by offering them high standard of living and a safe environment.

In 2006, the Dubai government has passed a law allowing foreign investors to own property in numerous Designated Areas in Dubai such as Palm Jumeirah, Downtown Dubai, Dubai Marina, Business bay and many other prestigious locations. In addition, the development of Dubai Land Department (DLD) policies over ownership structure has attracted more and more real estate investors into the country to purchase properties under a corporate body which waved concerns over tax complications, asset protection, privacy and inheritance planning. On the contrary, offshore entities registered in international jurisdiction such as BVI, Cayman Islands and many more are not permitted to purchase property in Dubai unless owned by offshore entities registered in United Arab Emirates such as RAK ICC. However, if the offshore structure is excessively complicated, Dubai Land Department reserves the right to reject the adopted structure to purchase the property.