RAK Company Formation

RAK Onshore Company Formation

Ras Al Khaimah (RAK) is one of the seven Emirates of the United Arab Emirates and one of the most business friendly.  There has been considerable growth in the number of business licenses issued for RAK Free Zone onshore companies. The government is also looking at establishing air connectivity between Ras Al Khaimah and other parts of the world to boost business activity.

In the past few years the Emirate of Ras Al Khaimah has developed from a northern outpost into a business and leisure hub more affordable than its neighbours.   Ras Al Khaimah plays a vital role in the prosperity of the United Arab Emirates, contributing to strengthening ties between the UAE and the rest of the world.

For RAK onshore company formation in the UAE, all businesses must obtain a license to operate in the UAE. The UAE Commercial Company Law recognizes the following major forms of companies in the UAE:

 – Limited liabilities companies

 – Representative office

 – Free Zone companies

There are many benefits of registering a company in RAK, namely

 – Corporate tax and  VAT- 0%

 – No restrictions on the shareholders’/directors’ residency and citizenship

 – No exchange currency control

 – 100% foreign companies ownership

 – 100% repatriation of capital and profits

 – Economic stability, business-friendly environment

 – Variety of Licensing Options (Consulting /Commercial / Industrial)

 – A foreigner can become sole shareholder / Director

 – Opening of Corporate Bank Account anywhere in UAE

Company documents do not need any attestation for use in the UAE, Saudi Arabia, Qatar, Oman and Bahrain.  The UAE has Double Taxation Agreements with more than 50 countries, which clearly gives companies great incentives provided they meet all the requirements of the treaty.

Long-term residency in the UAE is possible through applying for a resident visa .The resident visa gives you an opportunity to work, live or continuously visit UAE

There are no limitations on the directors’/shareholders’ citizenship in terms of obtaining a resident visa.

Additionally, the resident visa ia granted to dependents of foreign nationals. As a director or shareholder of a company in Ras Al Khaimah you can receive a resident visa in the UAE and your family can subsequently apply for the same type of visa.

The resident visa is granted for a period of 3 years and can be extended after its expiry date provided you visit the country at least twice a year.  All investors and partners must pay the Immigration Fee at the time of applying for residence visa renewal.

In case your company is registered as an offshore company, then no resident visa can be obtained. In case of  incorporation of an onshore company in any Free Trade Zone, this company will provide such a possibility.  Each of the directors/ shareholders and their family members are eligible for this type of visa.

The following documentation is required to proceed with RAK onshore company formation and obtaining a license for the type of business activity you are engaged in.

 – Passport copies

 – CV with professional/educational qualifications

 – Business plan

 – Utility bill not more than 3 months old

 – Bank reference letter

 – Bank statement 3-6 months

Fastco can assist you in incorporating a RAK onshore company as well as opening of a bank account in the UAE. FastCo provides you with specialized tailored solutions.  Our team is comprised of professionals who are fully qualified in their field of expertise.

We are a trusted provider of corporate services including:

 – Provision of fiduciary services
– Opening of corporate bank accounts
– Management and administration of companies
– Audits
– Tax planning
– Accounting
– Company registration
www.fastcoregister.com

 

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