Company registration in United Arab Emirates: practical advice on choosing offshore or onshore UAE and opening bank account in UAE.
Company in Ras al-Khaimah or RAK Offshore
Why Ras al-Khaimah (RAK) companies are the most popular?
If your business activity is not base in UAE, you don’t plan to buy real estate in UAE, inquire for residence permit, make deals with local UAE companies, then having a company in Ras al-Khaimah is the optimal decision, as the costs are much lower than for onshore UAE and there are nor requirements for financial reports, audit and share capital.
- RAK company is a pure offshore, tax haven entity. A lot of registered agents would quote the word “OFFSHORE” in the company name, however, other licensed registered agents are not obliged to register the name of your company with the ending “OFFSHORE”.
- Keep in mind that, Offshore company in RAK cannot make deals with local and onshore UAE companies. On the other hand, RAK company is allowed to make deals with another RAK company.
- NB! If you plan to open an EU bank account for RAK Offshore, we recommend to ask your bank if they accept companies registered in Ras al-Khaimah. If not, you would need to consider an onshore UAE company.
Onshore company in UAE
If you are reviewing other UAE free-zones, you might find that Umm Al Quain free-zone is the most efficient of all. There are no requirement for audit and share capital in Umm Al Quain, unlike other free-zones. Financial reports and audit are required in all Dubai free-zones, including Jafza, DMCC, Dafza, DWC, Tecom. Dubai free-zone companies will require share capital payment as well. The prices for audit start at $5,000 -7,000, while the share capitals are starting from 150,000 dirham, depending on the activity.
See other costs involved in UAE Onshore company maintenance or ask us to estimate the total for your business.
UAE banks have never being more demanded
CRS Standards push many clients to look for banks outside the EU. They stand in need for reliable bank, modern internet banking facilities, multi-currency accounts. Plus, the bank must be reachable if they visit it. Thus UAE banking services drive more and more clients today, develop their facilities and set-up investment projects.
It is not easy to choose the right structure and bank. Let us help you solving this. Contact us.
HOW DARWIN TAX CAN HELP?
- Advise on structure and taxation opportunities - free of charge
- Introduce to UAE or non-UAE banks
- Prepare fixed fee proposal for both offshore and onshore UAE companies