Rak ICC: The United Arab Emirates (UAE) has been a destination of choice for starting or growing businesses for decades now. Most investors find its economic stability, steady growth, larger markets, investor-friendly processes and a tax-free regime
The United Arab Emirates (UAE) has been a destination of choice for starting or growing businesses for decades now. Most investors find its economic stability, steady growth, larger markets, investor-friendly processes and a tax-free regime too attractive to pass up.
The UAE has the enviable position of being the centre of the international time zones and therefore, is the ideal place to locate an international business. Being well served by international airlines, it has become truly accessible and, in this digital age, well-connected.
Ras Al Khaimah in the UAE allows for a very efficient and productive working day dealing with Asia in the morning, Europe and Africa during the day and the Americas in the afternoon.
Advantages of the United Arab Emirates include:
Facts and Figures
The UAE is no. 1 in the MENA region for ease of doing business index and no. 11 in the world bank’s annual ease of doing business ranking. Ease of doing business is an index published by the World Bank. It is an aggregate figure that includes different parameters which define the ease of doing business in a country.
The UAE is no. 2 in the World Government Trust Index, this report was prepared by Edelman Trust Barometer through online survey in 28 markets, 33,000+ respondents, finding that;
The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum that ranks countries based on the Global Competitiveness Index. The Global Competitiveness Index measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity.
Recent Developments in International Business Company Formation
In 2017, RAK International Corporate Centre (RAK ICC) was established in the picturesque emirate of Ras Al Khaimah (RAK). The emirate is known as the ’rising emirate’, having gained a reputation for its recent economic growth and emerging business opportunities. RAK ICC, which is an amalgamation of two company registries, is among the leading registries for international business companies in the region.
With shareholders from over 160 countries and a string network of qualified registered agents, both local and international, there is an appropriate partner to meet all requirements.
Why RAK ICC
There are numerous features that make RAC ICC the registry of choice for international business companies.
How can you use RAK ICC companies?
RAK ICC companies are used for a wide range of activities, including but not limited to:
RAK ICC Advantage
RAK ICC has a very competitive cost advantage compared to other regulatory authorities in the region. Moreover, the UAE is the ideal location to develop a business, particularly as it offers a sustainable environment to grow substance.
Challenges for Offshore Jurisdictions
With traditional offshore jurisdictions coming under pressure from competitor, regulatory and reputational pressures, it is evident that client priorities are driving a shift from traditional offshore centres to high quality, well-regulated mid-shore and onshore centres. RAK ICC is responding to this by developing its strategy, regulations and compliance as part of its ongoing transformation into a leading premium jurisdiction for company formation and administration.
UAE stance on the reporting obligations
Is the UAE a signatory?
As of May 2018, over 100 jurisdictions have signed or committed to sign the Common Reporting Standards (CRS), including Bahrain, Kuwait, Lebanon, Qatar, Saudi Arabia and the United Arab Emirates.
What information is expected to be shared, and by who?
Under the CRS, financial institutions are required to obtain the following information from customers and report to local tax authorities: name; address; jurisdiction(s) of tax residence; tax identification number(s); name of the reporting financial institution; account number; account balance; gross amount paid to the account in a year (profit, dividends, other income); and gross proceeds paid or credited to the account. Additional information in relation to controlling persons may include date of birth and place of birth.
How does this affect RAKICC companies?
RAK ICC companies holding bank accounts will have this information disclosed. Certain agents will have to make reports based on the services provided.
The UAE competent authority shall not exchange information under the CRS until it is satisfied that a reputable partner jurisdiction has in place adequate measures to ensure the required confidentiality and data security. These confidentiality obligations are evaluated by the global forum on transparency and exchange of information for tax purposes through its implementation monitoring programme.
RAK ICC is a well-established international business company registry with business-friendly and world-class regulations. It has a diverse client base reflecting its successful product offering and is operating under a strategy to continually update to meet the global demands of both regulators and clients.