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UAE – ICC Business Company
  • UAE is a highly developed jurisdiction with an excellent infrastructure and advanced economy aimed at international relations.
  • UAE’s economy is based mainly on oil and gas industries. However, other sectors make a considerable contribution to income of the country. Particularly, Dubai is one of major sea ports in the Middle East. There is also the Jebel Ali Free Zone which is one of the best known free economic zones of the world.
  • Since 2016, The Ras al Khaimakh ICC Business Companies Regulations 2016 are applicable. These companies registered in the emirate of Ras al Khaimakh and not operating any business in the territory of the UAE are exempt from taxes in full.

GENERAL INFORMATIONTotal area – 83,600 sq km
Population – 8,000,000
Location - click here to see the map of offshore jurisdictions
Political status – monarchy
Official language – Arabian
Official currency – UAE Dirham (AED)
Time zone – GMT + 4
Company typeBusiness Company
Directors/OfficersRas al Khaimakh business companies require a minimum of 1 Director, who may be natural person or a corporate body from any legal jurisdiction.
Each Ras al Khaimakh business company must file a Register of its Directors with the Ras al Khaimakh ICC Authority.
ShareholdersRas al Khaimakh business companies require a minimum of 1 shareholder, who may be a natural person or a corporate body from any legal jurisdiction.
Each Ras al Khaimakh business company must file a Register of its shareholders with the Ras al Khaimakh ICC Authority.
SecretaryRas al Khaimakh business companies require a minimum of 1 Secretary, who may be a natural person or a corporate body from any legal jurisdiction.
Each Ras al Khaimakh business company must file information on its Secretary with the Ras al Khaimakh ICC Authority.
Authorised share capital Standard authorised capital = AED 100,000.
There is no statutory requirement for capital to be fully or partly paid on incorporation.
Company Names The name of a Ras al Khaimakh business company must end with the words "Limited", "Incorporated" or suffixes "Ltd", "Inc".
Company names containing restricted words such as "Bank", "Insurance", "Assurance", "Savings", "Trust", etc. will not be permitted unless an appropriate national operating licence has been obtained by the company.
Beneficial Ownership information Information with regard to ultimate beneficial ownership must be disclosed to the Ras al Khaimakh ICC Authority and is held by the authority on a confidential basis.
Filing of Annual ReturnAn Annual Return must be submitted every 12 months after the date of registration.
Filing of Financial StatementsFinancial Statement must be prepared by a company and kept for a period of 5 years.
Corporate TaxationIncome sourced outside of United Arab Emirates is not subject to corporation tax in UAE.
Tax TreatiesRas al Khaimakh ICC companies are not regarded as resident for tax purposes in UAE and therefore are not entitled to take advantage of Double Tax treaties concluded by UAE with other countries.
Timeframe for incorporation 5/10 working days. A complete set of company documents can be delivered in 6/7 weeks.
Takeover of management & secretarial services for an existing Ras al Khaimakh IBC companyPossible, following verification of Beneficial Ownership and agreement with and discharge of liabilities to previous corporate service provider in UAE.
Description of incorporation documentsClick here for itemised description of company documents.
"Ready-made"("Shelf") companiesWe are happy to register new Ras al Khaimakh business companies in accordance with client instructions.
Price of Ras al Khaimakh IBC companyEUR 2,980, including preparation of foundation documents, procedure of registration, the registration duty, full domiciliary (Registered Agent/Office) costs and legal support services for one year.
Services of Directors and shareholders, if required, are paid separately.
Cost of annual support servicesEUR 1,780 per year, including full domiciliary (Registered Agent/Office) costs, annual Government Duty (the Business Registration Fee) and legal support services for each year. Preparation of Financial Statements, and also services of Directors and Shareholders if required, are paid separately.
  • INTERNATIONAL OVERSEAS SERVICES has the following comments: -
  • The United Arab Emirates are a highly developed and prestigious jurisdiction. The UAE are not known in the world as a tax-free jurisdiction and are not on ‘blacklists’ of any country. A company from the UAE appears prestigious and does not bear an image of a tax-free instrument, as the UAE is an internationally known trade jurisdiction. Accordingly, establishing a tax-free company in the UAE is a good option to be considered for respectable and large-scale projects.
  • Another option is to open a bank account in the UAE. However, it should be noted that UAE banks treat the shareholder rather that the director as the main representative of the company. Accordingly, if the client plans to open a bank account in the UAE, he or his representative should be appointed as a shareholder of the company for the purpose of the account opening procedures with the UAE bank and further management of that account.
  • The UAE are not a member of the Hague Convention. Accordingly, documents are not certified with the Apostille. Therefore, in order to use the company outside the UAE, it is possible to order further legalization of the required documents with the UAE Ministry of Foreign Affairs, with further certification of the documents with the Ministry of Foreign Affairs in the country of use or with the consulate of that country in the UAE. Consular legalization of the UAE is relatively expensive in comparison to that of other countries.