There are no corporate or personal taxes in RAK, UAE
There are many jurisdictions offering offshore companies however what distinguishes RAK from many others is that it is a ‘no tax emirate’. There are therefore no personal or corporate taxes at present.
RAK has three TIEAs (Tax Information Exchange Agreements)
Other than Sweden, Denmark and Norway UAE, including RAK, has not signed TIEAs with other countries.
The United Arab Emirates is NOT on any blacklist e.g. OECD, FAFT, EU etc., nor it is under any pressure from these organisations - unlike the BVI, Cayman Islands etc. that are UK overseas territories. Even the independent tax havens e.g. Seychelles, Belize etc are very dependent on their offshore sectors. They are therefore subject to pressure, particularly by the Americans and the EU.
Privacy of information
Directors & shareholders.
There is no public record of the directors and shareholders and the company registry is NOT open to public inspection. Beneficial owner information is not provided to RAKIA / government and therefore cannot be disclosed by them.
No audit or accounts filing requirements.
There is no requirement to audit or file accounts, however, as with all companies, accounts should be maintained and provided to shareholders.
There is no need to visit RAK to set up a company. TMS FZE, as licensed corporate service providers, can form your company quickly & efficiently. There is no need for you to visit UAE. As we will take care of all the necessary formalities on your behalf.
Unlike some other UAE companies, there is no requirement for a local director or shareholder.
There are no exchange controls whatsoever in RAK, Dubai or indeed any of the UAE. Funds can be easily moved in and out of any local or foreign bank account.