I wanted to explain a little about setting up an offshore company in the UAE. There are certain advantages over setting up offshore companies there compared to other locations.
Firstly the UAE is not a member of the Organization for Economic Cooperation and Development (OECD). Any member of this group is obliged to pass on financial information to any other member when requested. This means that your financial records can be sent to another country upon request.
The UAE is not on the black list of offshore tax havens because they will give information on people who are expected of committing a crime such as money laundering subject to proof and verification by local courts (see below).
The offshore tax haven in the UAE is in Ras Al Khaimah which is a state of the UAE. It is the Ras Al Khaimah Investment Authority (RAKIA) that certifies and creates offshore companies. This orgnisation is 100% owned by the government of Ras Al Khaimah and is regulated by the UAE central bank which of course is much safer and more reliable. This is unlike any other offshore centre where it is usually private companies that manage and create offshore companies.
RAKIA has an “A” rating (S&P & Fitch ’08) and offers the ‘best environment’ with a ‘modern infrastructure’ for the setup of offshore companies with complete privacy and confidentiality for both individual and corporate investors.
Security is taken very seriously by RAKIA and they will refuse to acknowledge any requests for financial information from external parties. The only exception to this is if an external party believes you have committed a crime. They must then prove this by going through the ruler’s court in Ras Al Khaimah which is a long and laborious process.
There is of course zero tax, and no restrictions on repatriation on funds.
The capital of the company can be any amount divided into any denomination.
The minimum amount of directors and shareholders is one.
Setting up the company can be done in 1-2 days with minimum documentation required.
Creation of an offshore company via RAKIA can only be done with a certified agent who can be the company secretary if required.
There are no requirements for keeping any accounts or audits.
If you have any questions then please post them here so that I can answer for everyone’s benefit. PM me if you are interested.