Companies incorporated under RAK Business Companies Regulations 2018 are exempt from corporate income tax, capital gains, withholding, estate, inheritance, succession tax or stamp duty.
A RAK ICC company can be registered in the following types:
Company limited by shares is the most popular one among others.
A RAK ICC company can adapt multiple business objectives such as follows:
A company should, at all times have at least one director and one shareholder. Company members could be of any nationality and can be body corporate given that one natural director is available.
Registers of company directors and members have to be filed with the Registrar for registration. However, particulars related to company members are not disclosed to the public.
The share capital has no required minimum registered amount and can be expressed in any currency.
Registered or ordinary shares, shares with preferential rights related to voting, redemption or dividend, non-voting shares, par value and non-par value shares. Bearer shares are not permitted.
A company has to maintain at all times at least one director, on shareholder along with a local registered agent and registered office address in RAK. There is no need for filing annual return, tax return or submitting financial accounts.
Final Rules of BVI Economic Substance Released
For those who are BVI legal entities, it should be noted that amendments have been made on The Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA) which was enacted in the British Virgin Islands on 31 December 2018 and came into effect on 1 January 2019.
