RAS AL KHAIMAH/UAE OFFSHORE COMPANY WITH DUBAI BANK ACCOUNT
Please click here to place your order for a Ras al Khaimah company with Dubai bank account.
About the United Arab Emirates
The United Arab Emirates, often shortened UAE or simply the Emirates, is a federation in the southeast of the Arabian peninsula, bordering Oman and Saudi Arabia. UAE consists of seven emirates, ruled by emirs; Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. The capital is Abu Dhabi and is the country's center for political, industrial and cultural activities. The country has the world's 6th largest oil reserves and is one of the most developped economies in West Asia. It is the 35th largest economy in the world and possesses a per capita GDP of 47 407 USD according to the IMF.
Ras al Khaimah (RAK) Offshore Companies
In May 2011, LP Corporates Services received a CSP-license from Ras al Khaimahs Investment Authority (RAKIA), under the name of LPCS International Ltd., allowing us to form and manage offshore companies in Ras al Khaimah (RAK), which is part of the UAE. RAK is the only emirate in UAE that has implemented a similar offshore structure as is used in other financial centers as BVI, Cayman Islands, Panama, Seychelles etc.
One of the major benefits of incorporating a company in RAK is that UAE is on the OECD's white list and has no TIEAs. The country has not even been approached by the OECD to change its strict bank or corporate secrecy laws or to sign any TIEA. We think that the main reason, could be the country's giant oil reserves. Basically the OECD countries do not want to get on the wrong side of the UAE government. According to officials we have spoken to in the authorities, they will not sign any TIEAs at all.
Banking
Although the company is set up in Ras al Khaimah, the corporate bank account is normally set up in Dubai. We have relations with Barclays Bank and Standard Chartered, two of the largest banks in the world. We tend to recommend Barclays in most cases since they can have the bank account set up through correspondence, while Standard Chartered can not. However if you are willing to come to Dubai, then a bank account can be arranged with Standard Chartered should you prefer. The banks offer multicurrency accounts, internet banking, debit cards and investment services. The debit cards that are offered with Barclays, have both your personal name and corporate name printed on them. However the card belongs to the corporation, and the only name that can be seen if ATM and POS transactions are monitored, is the name of the corporation. The debit cards issued by Standard Chartered have only the corporate name on them. Another important benefit of banking in Dubai/UAE, is that all deposits are guaranteed by the state. The minimum balance is 25000 AED with both banks (ap. 6800 USD). It is not a problem should you fall below this level, however then they will charge you a small maintenance fee.
Time Frame
The turnaround is 24 hours for the company and ap. 10 working days for the corporate bank account.
Key facts about Ras al Khaimah and UAE
- All deposits guaranteed by the state
- No tax haven stigma as UAE is on the white list of OECD
- No TIEAs, and no intention to sign any TIEAs
- Absolute privacy, confidentiality and protection of assets and information
- 100% tax exemption
- 100% foreign ownership (no local sponsor is required)
- Limited liability company(option to have Inc. or Ltd.)
- Only one director required
- Only one shareholder required
- Minimum share capital only AED 1,000 (ap. 275 USD)
- Ability to maintain corporate bank accounts in UAE
- Ability to own real estate, patents and trademarks in UAE
- Ability to taylor the company, Memorandum of Articles and Articles of Association to suit your needs (e.g. to common law)
- No accounting or reporting requirements
- No annual audit report needs to be submitted to the authorities
- Option of chosing the law (common law or civil law)
From 1895 EUR (incl. registered office, agent, first year's government fees/tax etc.) Renewal fee from second year, only 995 EUR (incl. registered office, agent, annual government fees/tax etc.)
+ Add 995 EUR for corporate bank account opening with Barclays Bank Dubai or Standard Chartered Dubai. They both have multicurrency accounts, internet banking, corporate debit and credit cards (debit card with personal and corporate name printed on them, but no personal name will appear on ATM and POS transactions).
+ Add 995 EUR for corporate bank account in Switzerland. The bank has multicurrency accounts, credit cards, anonymous debit cards, internet banking, stock trading, forex trading etc.
+ Or you can add 995 EUR and we can have a bank account set up with a trillion dollar bank in Hong Kong. The bank has multi currency accounts, ATM debit cards, corporate cards can be arranged and internet banking. You must come to our office in Hong Kong to meet with the banker for this option. We can do it through correspondence also, however the fee is then 1495 EUR, since the certification process will be more expensive, and needs to go through the Qualified Intermediary program. Also if you order your company together with nominees your application has to go through the QI program, but there is then no need for you to come to physically to Hong Kong.
Please click here to place your order for a Ras al Khaimah company with Dubai bank account.
Required documentation from all beneficial shareholers:
If you only have ordered a company without a bank account, the following documentation is sufficient:
* Notarized passport copy
* Utility bill
No documentation can be older than 3 months. Certain banks also require bank references, please inquire for more information.