MIRRASIA  BUSINESS  ADVISORY

Ras Al Khaimah International Incorporation Guide

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Corporate and other taxes:

exemption

summary: 
It is the most popular offshore corporation in the United Arab Emirates, and has considerable external status and public confidence. 
Business cannot be conducted in the United Arab Emirates or free trade zones, and business transactions occurring in other countries are exempt from tax.
Countries that signed the OECD Financial Information Exchange Agreement

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Suitable for:
International trade, overseas advisory service, international professional service, holding company, intangible asset holding, investment, joint venture, brokerage broker, overseas real estate investment, shipping business, etc.

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Prohibited industries:
Bank, insurance, reinsurance, fund, collective investment, trust, etc.

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Equity capital:
There is no minimum capital requirement, and authorized capital or the maximum number of approved shares can be set
Multiple classes of shares can be issued, and rights, privileges, restrictions, and conditions can be set per share.
You can set the par value of the issuance of shares or issue shares without par, and you can freely set the currency of the par value.
The minimum number of issued shares is one share, and shareholder information is not disclosed in online registration.

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move:
At least one natural or legal person must be registered, and non-residents can also register.

Director information is not disclosed in online registration.

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Secretary:
At least one natural or legal person must be registered, and non-residents can also register.

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Annual reporting requirements:
Annual accounting books must be prepared, but not subject to government reporting
No annual reporting, tax reporting, or auditing obligations

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Open a local bank account:
The representative must have a local visa to open a business. 
(Can be opened without a visa if the initial deposit of USD 3 million and annual sales of USD 25 million or more is available at the local bank)

As an alternative to this, it is recommended to open a bank account in Seker in Cyprus (fixed deposit of US$10,000) or a bank account in another country.

Incorporation cost:
USD 5,000

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Seker bank account opening fee:
USD 400

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Requirements and required documents for incorporation:

1. A copy of the shareholder/director's passport

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2. Original fact authentication for the passport copy of the shareholder/director 
   - Korean passport: English passport copy certificate (issued by the ward office)     ( View sample )
   - Passport from other countries: Certified True Copy or Notarial Certificate      ( see sample  )
 
3. Two types of documents for the most recent (within 3 months) address in English for shareholders/directors (however, the address must be the same)
   - Residency in Korea: English certified copy (community center) + Scan the front/back of the driver’s license  ( View sample )
   - Residence in another country: Utility Bill + Bank Statement (or equivalent official document)   ( View sample )

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4. Fill out the application for incorporation

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​ *If you wish to open an account after establishment, please contact us in advance.

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Procedure:
1. Submit the required documents for the shareholder/director to be registered

2. Evaluation of suitability for incorporation and customer due diligence verification

3. Payment of establishment cost
4. Confirmation after confirming whether the name of the corporation is possible
5. Sign the incorporation document provided by our company and send it by international mail
6. After receiving the documents, the establishment proceeds
7. Incorporation​ completion

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​ *If you wish to open an account after establishment, please contact us in advance.