Kuala Lumpur, Malaysia -- (ReleaseWire) -- 04/23/2014 -- ICO Services, the international company specialized in the formation of offshore companies and offshore banking, has recently expanded their services by setting up companies in Ras Al Khaimah (also called RAK) the fourth largest Emirates in the UAE. This business extension means mainly providing an excellent business image, financial privacy and safety and also access to a tax-free system full of benefits – a financial paradise coming true.
No need to travel to the UAE for setting up a company
“RAK is one of only two offshore jurisdictions in the entire UAE and, together with Dubai that became the first offshore tax heaven in 2003, is fast becoming the favourite place to set up a company for more and more economic operators worldwide. For our company, it is a part of a wider strategy of expansion and growth, for our clients it’s about an excellent business image in a tax free system. We are also providing free assistance to our prospects, because each applicant or corporate identity has its own needs and has to know all the advantages of setting up a company in the UAE”, said an ICO Services executive/official.
It is not required to travel to the UAE to set up a RAK offshore company. We follow all the necessary procedures without asking any client to get on the plane. It takes 3 to 5 working days to register a new company upon reception of the documents. One of the biggest advantages provided by ICO Services is that the registered address of the future company will not be in RAK but in Dubai, providing an excellent image to the company.
Keeping financial records just for oneself
The most important information to know when setting a company in RAK is that UAE is NOT a member of the Organization for Economic Cooperation and Development (OECD), which means any company established here is NOT obliged to pass on financial information to any other member, so ones financial records CAN’T be sent to another country upon simple request.
This financial privacy system is due to Ras Al Khaimah Investment Authority (RAKIA), which launched the incredible successful concept of International Business Company (IBC) in January 2007. According to RAKIA which set up business regulations by the International Business Company Regulation 2006 – RAK investment Authority, an IBC in RAK can conduct business internationally; own real estate in the UAE, keepmulti-currency bank accounts and much more.
In other words, RAKIA certifies offshore companies and is an organization fully owned by the government of RAK (unlike any other offshore area, where it is usually private companies that manage offshore companies) which means safe and reliable for doing business, absolute privacy, confidentiality and protection of assets and information. Security is a very serious issue for RAKIA, which will refuse to acknowledge any requests for financial information from any external party.
Combining the benefits of a free zone, an offshore financial center and a business center
ICO Services provide to its customers the option of opening a bank account in addition to an offshore company formation. The bank account can be open outside of the UAE remotely or in the UAE by travelling there at least one business day. It is also worth knowing that all deposits within the UAE are guaranteed 100% by the UAE central bank.
After setting up a company in UAE, the financial benefits will keep coming: exempt from all local taxes, 100% capital (that can by be any amount divided into any denomination) and profit repatriation, 100% ownership in free zones, no taxes on capital gains, no taxes added on value, no withholding tax… a tax heaven, indeed.
But most of all, there are no requirements for keeping any financial accounts or audits. No UAE authority will ask a RAK company to maintain books and records or make an annual report, so no accounting or accountant required.
A company in UAE can also be flexible in structure. Only one director and only one shareholder are required and these information remain strictly confidential since there is no company public registry.
Regarding the headquarters, a RAK offshore company doesn’t need to have physical offices in UAE, but it may own real estate in UAE, with prior authorization from RAKIA.
For more information about the new company formation service provided by ICO Services, visit www.icoservices.com
+60 3 6209 9910