Well known as a tourist destination, the Emirate of Ras-Al-Khaimah is a famous global spot that is visited by millions of global tourists. Settled in the heart of the United Arab Emirates, the ground has become a powerful business magnet over the years.
The Emirati government has been taking multiple steps to uplift each of the seven emirates, and thus, the ground of RAK has turned out to be a spiking one.
Today, it has established itself as one of the popular offshore jurisdictions that have grabbed the attention of millions of business investors and owners.
If you are a business owner who is planning to start an offshore business in the UAE, then you can count on Ras-Al-Khaimah.
Knowing the benefits that you would derive by incorporating an offshore company in a tax-haven jurisdiction is one of the smart moves. This guide highlights the essentials that you should know regarding the benefits of starting an offshore company in RAK.
1. Asset Protection
With a strong asset protection structure, the ground is a viable platform for any business investor or owner to protect their assets from creditors.
If you hold valuable assets and you want to protect your assets, then proceeding ahead with RAK would be a feasible option. The entire process is less costly as compared to the other UAE offshore locations, Ajman Offshore and Jebel Ali Free Zone Authority (JAFZA), also known as Dubai Offshore (JAFZA).
2. High-end Confidentiality
The next benefit that you would derive by starting an offshore company in Ras-Al-Khaimah is that the region has got strict laws when it comes to business confidentiality.
Business owners and investors find it much more feasible since the secrecy is maintained high, and any hindrance in the process might lead to legal actions.
3. A Stable Reputation
The United Arab Emirates (UAE) holds an international reputation when it comes to the business establishment process. Ras-Al-Khaimah, one of the seven emirates of the nation, also has a favorable climate for business investors to come forward and invest.
4. Flexible Economic and Political Jurisdiction
One of the significant factors that drive the business investors and owners to set up an offshore company in the ground of Ras-Al-Khaimah is the flexible economic ground the region holds.
The stabilized region includes the following aspects:
- Modern and legislative framework
- The easy company incorporation process
- Easy access to double taxation agreements (DTAs)
- High-end banking and telecommunication facilities
5. Access to Offshore Banking
Business investors also hold the flexibility to proceed with the opening of an offshore bank account, which helps the business investors to transact overseas with tax exemption.
6. An International Gateway
By incorporating an offshore company in Ras-Al-Khaimah, you end up opening multiple paths for you to earn high-end profits.
International businesses can be efficiently conducted in different parts of the world, which can fetch good revenue.
7. No Restrictions on Capital Repatriation
Another primary concern that troubles any business owner is the tax that one needs to pay upon company liquidation.
To free the burden, the government of the United Arab Emirates has removed restrictions when it comes to capital repatriation, which enables the business owners and investors to free themselves from paying any kind of tax during the liquidation process.
8. International Trading
Finally, by incorporating an offshore company in the Emirate of Ras-Al-Khaimah, you can enter into international forex trading.
Maximum of business investors proceed to invest in the international trading market and earn handsome profits. To know more about forex trading, here’s a guide on Offshore Company for Forex Trading.
Businesses Who Prefer to Set Up an Offshore Company in RAK
Different types of business entities prefer to establish their business ground in the Emirate of RAK. Some of the focused sectors which take the initiative of establishing one include:
- General trading business
- Business consultancy and advisory services
- Investments and joint-stock company
- Business entities providing digital/ internet services
- Professional services
- Shipping management companies
- Commission agent companies
Clearing the business legal proceedings is an essential task as it deals with multiple steps that get scrutinized by the government authorities.
We at Business Setup Worldwide so understand the proceedings in-depth and take the initiative to provide the best business setup solutions to our clients.
Be it onshore or offshore business; our business advisors are well-versed with the process of incorporating a business entity.
For more information regarding the onshore and offshore concept, have a look at the difference between onshore and offshore company formation.