The United Arab Emirates (UAE) consists of seven independent federal Emirates where Ras Al Khaimah (RAK) is one of them. Recently the RAK enacted a law allowing for the formation of foreign owned International Business Companies (IBC) called the “Rasal Khaimah International Corporate Centre Business Companies Regulations of 2016”.
A RAK IBC is a purely nonresident company which is fast becoming a popular option to foreigners seeking to create an offshore company in the UAE. Some of the main reasons are to create an asset protection platform in the Middle East in order to conduct business in a tax free environment.
The Emirates of the RAK offers foreign companies a stable political and financial environment ranked by Moody’s with a credit rating of Aa3. It also offers a virtual free crime location conveniently linking the West with the East.
The United Arab Emirates (UAE) is often referred to as the “Emirates”. It is located on the Persian Gulf in the Arabian Peninsula. Its estimated population is 9.5 million with only around 1.5 million citizens and nearly 8 million expatriates from all over the world. The UAE consists of a seven emirates federation created in 1971. Its political system is a Federal Monarchy with a Federal National Council as its legislature.
A UAE RAK Offshore International Company (IBC) enjoys several benefits including:
• No Taxes: There are no corporate taxes, no capital gains tax, no income tax, no withholding tax; no value added tax (VAT), and no export or import taxes. However, U.S. taxpayers and everyone residing in a country which taxes global income must report all income to their tax authority.
• Limited Liability: The liability of a shareholder is limited any amount unpaid on a share held by the shareholder.
• Privacy: The names of the shareholders are not part of any public records.
• One Shareholder: Only a minimum of one shareholder is required.
• One Director: Only a minimum of one director is required.
• Numerous Business Activities: professional services, general trading, advisory and consulting services, investments, online business, and acting as a holding company for global assets.
• English: While not being the official language, all documents can be prepared in English which is a widely spoken language in the UAE.
The IBC is required to select a company name not similar to another UAE legal entity name. The company name must end with either “Limited” or “Incorporated” or the abbreviation “Ltd” or “Inc”.
A Memorandum is filed with the government Registrar which includes the share capital, share value, power of Directors and object of the company notarized by a UAE Court
Registered Agent and Office
The IBC will be required to appoint a local registered agent and to maintain a local registered office address.
Only a minimum of one shareholder is required. Shareholders can be corporations.
The following types of shares can be issued: redeemable, preferential rights, and with or without voting rights. Bearer shares are not permitted.
The liability of a shareholder is limited any amount unpaid on a share held by the shareholder.
Directors and Officers
Only a minimum of one director is required.
A company secretary is required who must be a local resident and can be a natural person or a corporation.
Minimum Share Capital
The minimum authorized share capital is 1,000 Dhs (currently, the Dirham is 3.67 per $1 USD).
Standard corporate accounting practices are required. There are no requirements for audits. Accounting records or financial statements are not required to be filed with the government. The public does not have access to accounting and financial records.
There are no corporate taxes, no capital gains tax, no income tax, no withholding tax; no value added tax (VAT), and no export or import taxes. However, U.S. taxpayers and everyone residing in a country which taxes global income must report all income to their tax authority.
The only companies which are taxed are: foreign banks with branches in the UAE, and oil, gas, and petrochemical companies.
There are no requirements for filing annual tax returns.
Annual General Meetings
There are no requirements to hold annual general meetings or any other types.
Time for Registration
It is estimated that the registration will be completed between one to two weeks.
There are no shelf companies available for purchase.
A UAE RAK Offshore International Company (IBC) enjoys several benefits including: no taxes, limited liability, privacy, only one shareholder and one director required, can conduct numerous business activities, and English is widely accepted.
1) About Belize:
Belize, formerly a British Colony, gained its independence in 1981 and is the only country in Central America having English as its official language. Nestled in the Yucatan peninsula, Belize is merely 200 miles south of Cancun, Mexico and less than 100 miles east of the Tikal Ruins of Guatemala. Belize is an independent country that has enjoyed a history of peace and tranquility, and is a proud member of the British Commonwealth, the United Nations, the Non-Aligned Movement, the Caribbean Community (CARICOM) and the Caribbean Financial Action Task Force (CFATF).
2.IBC in Belize
MAJOR ADVANTAGES OF BELIZE IBC:
This Act absorbed and further developed the best provisions of BVI offshore corporate legislation. It is considered as one of the most friendly business legislation in the offshore-financial sector.
The word "Limited", "Corporation", "Incorporated", "Society Anonyme" or "Sociedad Anonima" or “Aktiengesellschaft” or the abbreviation "Ltd", "Corp", "Inc" or "S.A." or "A.S." or "A.G." must be part of the name of every Belize offshore IBC.
A suggested corporate name is not acceptable in the following cases:
Registered office address must be located in Belize. Principal office address (business address) may be in any country.
Each company has to have a local registered agent authorized by the Belize government.
Our fee includes Belize registered office address and registered agent for the first year.
There is no Belize residency requirement. Shares could be issued to any individual or company.
A minimum of one shareholder is required. Just one share for US$1.00 could be issued to that shareholder.
If you need a nominee shareholder, our company provides such services.
Any individual or legal entity (corporation or LLC), who is a resident of any country may be appointed as a director and officer of Belize offshore company.
One person could hold all positions, such as directors, president, secretary and treasurer. However, if you would like to have several directors in your Belize IBC, there is no problem. We could appoint any number of directors from a minimum of one to a maximum of ten.
If you need a nominee director and officers, our company is able to provide nominees. However, in most cases it's preferable to be appointed as a director of your own Belize company. It simplifies dealing with banks, suppliers and customers and makes the annual renewal fee cheaper.
Authorized capital of US$50,000 divided into 50,000 registered shares of US$1.00 each is considered as the standard authorized capital. Such capital keeps the incorporation and annual cost of Belize offshore company at a minimum level and perfectly fits business needs of 99% of our clients.
Authorized capital of Belize IBC is the amount, which the company may receive from its shareholders in consideration for the issued shares. For example, if a company has an authorized capital of US$50,000 divided into 50,000 registered shares of US$1.00 each, the company is allowed to issue up to 50,000 registered shares and receive from its shareholders not less that US$1 for each issued share.
Belize offshore legislation offers a great level of flexibility. Belize companies could have any fixed amount of authorized capital starting from US$1 or have no authorized capital at all. When a Belize offshore company is incorporated, the authorized capital is stated in the Memorandum and Articles of Association.
Belize IBC is not obliged to issue all its shares for the total amount of authorized capital in any mandatory time frames. The company could issue just one share for US$1.00 to a single shareholder and remaining shares or any part of them could be issued any time in the future. All issued shares must be paid up by shareholders.
Authorized capital affects the government incorporation fee and annual fee.
The lowest incorporation and annual government fee of US$100 is applicable, when IBC has authorized capital up to US$50,000.
The highest incorporation and annual government fee of US$1,000 must be paid, when authorized capital exceeds US$50,000.
If Belize IBC has no authorized capital and all its shares have no par value, the government fee is US$350.
Belize IBC is exempt from all local taxes including income tax, capital gain tax, dividend tax, and stamp duty on transfer of corporate shares, and other property.
Each Belize IBC must pay the annual renewal fee starting from the second year..
Information about all persons connected to Belize IBC is completely private.
The Memorandum and Articles of Association is the only document filed with the Belize Registrar. This document does not include any information about corporate directors, officers, shareholders and beneficial owners. It lists only name of the Belize registered agent and Belize registered office address.
Our company offers Nominee services, as an extra layer of privacy protection.
There are no statutory requirements of audit for Belize international business companies.
In October 2013 Belize enacted the Accounting Records (Maintenance) Act. According to the Act all international business companies are required to maintain accounting records and keep them in any place within or outside of Belize as may be determined by the Board of directors.
There is no requirement to file tax returns with the Belize tax authority or any other Belize government organization. As a result, your Belize company will get a great advantage - on one side the requirement to keep accounting records creates onshore image for the company, but on other side the company is not required to file tax returns and pay taxes in Belize, which in fact preserves its offshore essentual nature.
Annual meetings are not required. Board of directors may decide to conduct an annual meeting of shareholders in any place inside and outside of Belize.
We incorporate all Belize offshore companies the same or next business day.
Additional 2 to 4 business days are required for preparation of resolutions, share certificates, registers and legalization of corporate documents with Apostille.
Located off the coast of the state of Sabah, Labuan is an interesting place. It is given a wide latitude to govern its own affairs. Having said that, it is part of Malaysia that possesses a number of benefits of Malaysian sovereignty, which includes the low tax benefits.
Ever wonder of setting up a company in Labuan? Here’re few things you need to know before heading to the tiny island.
A Labuan company is an excellent business entity incorporated in a low tax jurisdiction. One of the great things about doing business on this tiny island is, all companies can secure Malaysia employment visas for staff. What’s more, Labuan was set up as an international offshore financial and banking centre 26 years ago. Malaysia has a tax haven on Labuan island, offering corporate tax rates as low as 3 percent. Labuan company is permissible to trade with Malaysia company or resident at a tax rate of 25% (which is same as local company tax rate) with the requirement to report the transaction to the Labuan Authority.
As a matter of fact, Labuan company registration is, if properly structured, a legitimately tax-exempt way of conducting in the areas of offshore banking, insurance, trust and fund management and investment holding. For investors who want to enter Malaysian market, Labuan is absolutely the best answer for your offshore company.
And, here’s some benefits that you wouldn’t want to miss:
Ready to setup company in Labuan? You don’t have to jump-start a business but engage with us, we will help you to setup Company for you. Global Link Asia Consulting is a professional team that provide a one-stop-solution which include accounting, taxation, secretarial, and marketing, for you to setup your company in Labuan. Furthermore, our company registration services packages are like a complete toolkit for you to realize your dream in a hassle-free manner, where you don’t have to worry about the red tapes like business licenses application, company names selection as well as business setup.
1. Where is British Virgin Islands ?
The British Virgin Islands (BVI), officially the Virgin Islands, is a British overseas territory located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago; the remaining islands constitute the U.S. Virgin Islandsand the Spanish Virgin Islands.
The 150-square-kilometre (58-square-mile) British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada, andJost Van Dyke, along with over fifty other smaller islands and cays. About 15 of the islands are inhabited. The capital, Road Town, is situated on Tortola, the largest island, which is approximately 20 km (12 mi) long and 5 km (3 mi) wide. The islands have a population of about 28,000, of whom approximately 23,500 live on Tortola.
British Virgin Islanders are classed as British Overseas Territories citizens and since 2002 have had an entitlement to take up fullUK citizenship. Although the territory is not part of the European Union and not directly subject to EU law, its citizens are deemed to be citizens of the EU as well.
Due to its Government policy, BVI appears to be one of the most attracting investment destination in the world and is named "offshore tax havens".
2. Setting up in BVI
IBC-International Business Company is the most commonly used official name for what is more popularly known as an "offshore company". IBC's are the basic building blocks of the offshore financial services industry.
Essentially, a modern IBC is a private corporation which is exempt from tax, suitable for virtually any international business activity, has a flexible organizational structure, is not burdened by excessive reporting and record-keeping requirements, and maintains strict confidentiality provisions.
Since the adoption of the British Virgin Islands International Business Companies Ordinance in 1984, the BVI IBC has attained a model status in the offshore services industry. With more than 600,000 total incorporations and more than 5000 new companies registered every month, BVI is by far the most popular offshore tax haven. Such is the dominance of the British Virgin Islands as an offshore corporate domicile, that in many regions of the Far East International Business Companies are called simply as "BVI's".
3. Benefits when setting up in BVI
A BVI Business Company is exempt from the BVI income tax, the same exemption applies to all dividends, interest, rents, royalties, compensations and other amounts paid by a company, and all capital gains realised with respect to any shares, debt obligations or other securities of the company
A BVI Business Company requires a minimum of only one owner, one shareholder, and one director. All of them can be one and the same person.
US dollar is the official currency in the BVI - therefore, by definition, there can be no currency controls and no artificial manipulation of money supply by the local government.
Confidentiality is one of the key features of the BVI Business Company as details of the company beneficial owners, directors and shareholders are NOT part of public record.
The shareholder's or director's meetings need not be held in the British Virgin Islands and there is no requirement for an Annual General Meeting.
BVI Business Companies does not have an obligation to prepare of file financial accounts. However, records must be kept that are sufficient to show and explain the Company's transactions; and will, at any time, enable the financial position of the Company to be determined with reasonable accuracy. Such records do not have to be kept in the British Virgin Islands and the location for keeping such records can be freely determined by the owners of the Company.
*** For more information regarding incorporation in BVI, read more at here
4. Incorporation procedure and documents required
In order to set up company Singapore, you may need:
- 1 director
- 1 sharehoder
- The shareholders, directors and officers of a BVI Business Company may be individuals or corporations and of any nationality. All of them can be one and the same person
- Directors and shareholders must have adequate capability and legal status and at least 18 year olds.
Working hours : from 5 - 7 working days.
5. How do we support you?
Global Link Asia Consulting Pte Ltd will support you in:
Setting up company in BVI, making company chop, company's names, preparing Certificate of Incorporation, Article of Association, Memorandum of Articles.
Submitting fee to BVI Government
Providing registered addres in BVI (for 1 year)
Providing office address in Singapore (optional, fee for 1 year)
Opening bank account in Singapore. Bank chosen shall belong to 5 reputable local banks in Singapore. This support service shal include buying documents from BVI, preparing bank applications forms... Please kindly note that the bank authoriser shall have to come to Singapore for the purpose of interviewing with bankers.
Building and designing website
Should you require further information regarding incorporation service, please do not hesitate to give us a call.
Setup Company In Singapore
IBC Registrasion: BVI, Malaysia,...
Setup Company in other countries
Opening Offshore Bank Accounts
470, North Bridge Road, #05-12, Bugis Cube, Singapore ( 188735 )
83/1 Wireless Road, Lumpini, Pathumwan, Bangkok10330
151, Dao Duy Anh St, Phu Nhuan Dist, Ho Chi Minh City
GLOBAL LINK ASIA CONSULTING PTE. LTD.
11 Beach Road, #03-01Crasco Building , Singapore
(+84) 0938 531 588 / (+65) 3163 4102
(+65) 8355 1210
(+65) 8355 1210