China Offshore Summit SHENZHEN, CHINA 25-26 May, 2016 1
UNITED ARAB EMIRATES 2 nd largest economy in the Gulf Cooperation Council (GCC) region Population of about 10 million GDP (2014): USD 419 billion Government Trust Index: # 1 in the World Ease of doing business: # 1 in the Middle East North Africa (MENA) region 8 th largest oil producer in the world 5 th largest proven gas reserves Major roles in Gulf Cooperation Council (GCC) and Greater Arab Free Trade Agreement (GAFTA) Stable political and economic systems Member of WTO and General Agreement on Tariffs and Trade (GATT) 2
USD 8.4 billion (2013) Ras Al Khaimah Sharjah Umm al Quwain Ajman Abu Dhabi UAE OMAN Population Manufacturing of GDP 3
Designed by Entrepreneurs for Entrepreneurs RAK International Corporate Centre is Ras Al Khaimah s new single government corporate registry unifying the two existing International Business Centers RAK Offshore & RAK IC. RAKICC will have more than 20,000 registered IBC s (combining RAK Offshore & RAK IC). RAKICC will be launched on the 1 st of January 2016. RAKICC will be offering International Business Companies (IBC S) & Free Zone Companies (Consultancy & Commercial license). RAKICC will be the optimal and efficient solution for a successful business Political and economic stability of the jurisdiction. Simple incorporation and filing requirements. 4
100% capital and profit repatriation. State of the art banking system. Can be used for trading operations, asset protection & planning, tax optimization, estate planning, real & intellectual property holding Set up time: one day for the ICC company. Availability of Re-domiciliation. Zero Tax Jurisdiction. Onshore License Type Available : Consulting-Services/ Commercial. 5
Types of Companies Free Zone Company FZC Offshore Company Consulting/ Services Commercial International Business Company IBC 6
VOLUME OF NEW INCORPORATIONS RAKICC IBC VOLUME OF NEW INCORPORATIONS BY HALF YEAR- 2012-2014 Compared to other jurisdictions Bermuda BVI Cayman Guernsey IOM Jersey Mauritius Seychelles Offshore Total RAK Offshore + RAK IC 2012 H1 465 33,065 4,794 814 1,214 1,204 1,100 8,051 50,707 1481 2012 H2 498 31,034 4,176 770 1,073 1,169 970 8,051 47,741 1511 2013 H1 538 29,144 4,813 790 1,167 1,215 1,058 10,096 48,821 1813 2013 H2 576 24,185 4,620 858 1,285 1,302 1,138 10,651 44,615 1801 2014 H1 572 25,533 5,390 833 1,385 1,385 1,278 10,374 46,455 2226 7
Businesses, that want to be registered in the United Arab Emirates, but do not intend to conduct any substantial activity in the country, can opt for RAKICC international registry service. This service is particularly suitable for companies and individuals looking for minimizing their overall tax liability, seeking asset protection or in need of establishing an exchange control trading vehicle. To Save Tax RAKICC IBC can form part of an overall taxation reduction strategy for certain individuals or entities. Favorable Local Legislation Relating to Reporting The amount of company information and accounting data that needs to be submitted and held on file is far reduced which goes hand in hand making a RAKICC IBC much easier to manage and run. Offshore Asset Protection RAK ICC IBC is the perfect entity for enabling individuals to achieve asset protection. Assets can be owned by the company rather than directly by an individual, and the company can be placed in trust or foundation for example. Achieve a higher level of anonymity The names of directors and shareholders are kept off public record. 8
Why choosing RAKICC: Fast services RAK ICC IBC s are incorporated with one working day. Other services like renewals, amendments etc. are also completed in a matter of one to two working days. Robust compliance procedures are in place The jurisdiction is audited regularly by external auditors. Due diligence checks are conducted on both Registered Agents and RAK ICC IBC s Registered Agents are taken on board only after strict review. Further, ongoing monitoring of our Agents and onsite inspections of the Agents are conducted. Regular trainings are imparted to the staff of Registered Agents on the subjects including updates on Compliance, documentation requirements, AML and KYC. RAK jurisdiction and the United Arab Emirates generally was never black listed by any international body. RAKICC follows best practices and international standards in offshore company formation. 9
The jurisdiction is promoted only through associations of professionals and our main focus is on the target segments like lawyers, tax & management consultants, wealth managers, bankers & chartered accountants. RAKICC assists in developing the intermediary segment for the Registered Agents. Opportunity is given to Registered Agents to participate in marketing activities in selected countries. Introductions could be provided to Registered Agents in opening bank accounts for the RAK ICC IBC s due to the excellent liaison and business relationships maintained with the prominent banks in the UAE and also with banks in foreign countries. UAE is a sovereign state and not a member of the of the Organization for Economic Cooperation and Development (OECD). UAE is not on the blacklist of the OECD and FATCA. RAK is a real economy. Transfer of Domicile Transfer of Domicile is permitted. 10
RAKICC FZC Advantages of the RAK IC FZC (Free Zone Company): RAKICC FZC can operate and do business in the UAE. Most competitive lease rates in the region. Availability of affordable utilities. Residence visas for investors & staff. Low cost of living and high living standards. Quick and efficient services. Benefit from the Double Taxation Avoidance Agreements signed by the UAE with 55 countries. 11
Political and economic stability. Transparent laws and regulations. 100% tax exemptions (no corporate or personal taxes). 100% foreign ownership in Free Zone companies. 100% repatriation of capital and profits. Fixed exchange rate against the US dollar. 12
Thank You! 13