RAK ICC Facilitates International Trade and Commerce
1. How RAK ICC is positioning itself as a premium international jurisdiction?
The first steps that RAK ICC have taken to ensure it is well positioned as a premium international jurisdiction are to develop its products and services to provide a full suite of services that will compete favorably with other jurisdictions. This provides shareholders with flexible options to establish their company in a way that best suits their needs, whether for example for international business needs, investment and trading, holding purposes or securitization and asset protection. Our regulations are drafted in accordance with best practice internationally and our shareholders have the option to use the ADGM or DIFC common law courts or the RAK Courts. Companies at RAK ICC are established through our network of UAE Registered Agents, many of which have an international network and this provides us with a global reach.
2. What are the measures taken by RAK ICC to be compliant with the international standards?
RAK ICC Is very aware of the benefits that being compliant with the international standards brings in terms of attracting quality business. We follow developments both locally and internationally to ensure that the policies and procedures we operate under will enhance the reputation of both RAK ICC and the UAE. Recent initiatives include up-dating our Anti-Money Laundering and Countering Financial Terrorism Policies, we have also introduced a Register of Beneficial Ownership and are working in compliance with the recently introduced Economic Substance Requirements. All of this will ensure that shareholders, corporates and individuals dealing with RAK ICC companies can be confident that the best international standards are being applied.
3. What are key advantages of setting up an international business company at RAK ICC?
Flexibility, convenience, legal certainty and low cost are just some of the key advantages. Through the professional services of our Registered Agents and our team members, shareholders can be assured that their requirements will be met in a manner that best suits their needs. Needless to say, an international business setting up in the UAE can also take advantage of the favorable tax environment and our network of Double Taxation Treaties and Bilateral Agreements.
4. Is Migration to RAK ICC possible? What are the advantages of Redomiciliations?
Yes, we have seen a recent increase in the number of companies migrating to RAK ICC from other jurisdictions. Evolving client priorities are driving a shift from traditional offshore centres to high quality well-regulated mid-shore and on-shore jurisdictions and RAK ICC is benefitting from this. Through this redomiciliation process companies are able to maintain their existing legal status and preserve their operational and banking history. They may also find it is the best way to meet their economic substance requirements (ESR), given the depth and breadth of resources available in the UAE. It is clear that some traditional jurisdictions will not be able to meet ESR.
5. How does an IBC differ from FZCO?
The main difference between an International Business Company (IBC) and a Free Zone Company is that the activity of an IBC takes place outside of the jurisdiction that the company is incorporated in, whereas the activity of a Free Zone company would take place in the Zone. This provides opportunities for smooth international trade through the IBC, whilst at the same time ensuring that the international compliance requirements are being met. We have seen demand for our Premium Product which combines an IBC with a FZCO subsidiary allowing shareholders to benefit from all that the UAE has to offer.
6. Please brief us on RAK ICC, highlighting how you could help a company set up an international business presence in RAK?
As a Ras Al Khaimah Government owned entity, RAK ICC is keen to attract and facilitate international trade which will provide economic benefit both to the client and also the Emirate. With this in mind, we have established a wide network of Registered Agents, all with complimentary skills which will ensure that the shareholder can find a partner that will meet their needs and help them achieve the objectives of the company. The process is very straightforward, the client will contact their preferred Registered Agent who will discuss with them their requirements, collect the appropriate documents and submit the application through an on-line portal, which will mean that the company can be set up very quickly and efficiently. Also through our sister company RAKEZ we can help the client obtain a Free Zone license, find offices and set up a business in RAK.
7. How many companies are currently registered with RAK ICC?
With over 30,000 companies covering a wide range of activities having registered with RAK ICC, the Register has for many years demonstrated broad appeal to corporates and individuals from every corner of the globe. This makes us the largest offshore registry in the UAE and the region.
8. What makes RAK ICC different from other registries involved in the registration and incorporation of international business companies in the UAE?
RAK ICC is the only registry in the UAE that specifically focuses on International Business Companies, through its network of Registered Agents and advanced on-line services and is uniquely positioned to serve this market. We also have an office in Shanghai to serve the China and far east market which has been the traditional source of business for the Caribbean jurisdictions. Clients are quickly realizing that the UAE, through RAK ICC is a perfect gateway to the GCC, Middle East and African markets.
But the real differentiator like any other business is people and the quality of service. This is something that we take very seriously and are very proud about.
9.Finally, how do you plan to attract more investments to Ras Al Khaimah in the future?
With shareholders from over 160 countries, RAK ICC it has demonstrated its effectiveness and attractiveness in developing markets. RAK ICC is continually evolving to meet the needs of the ever changing marketplace and will attract more investment into Ras Al Khaimah through additional products and services, extending its network of High Quality Registered Agents and business partners and through focusing on developing existing markets and entering new ones.
Ras Al Khaimah is perfectly positioned to attract more investment from those looking to take advantage of the many benefits that the UAE offers as well as the lower real cost of doing business in RAK. The recent introduction of Economic Substance Requirements provides a clear opportunity for RAK to attract more business from other jurisdictions who are looking to meet ESR in a country that has substance and, in a cost, effective way.