The Republic of Panama is an independent, sovereign state situated in Central America between Colombia and Costa Rica, bordering both the Caribbean Sea and the North Pacific Ocean.
Panama was formerly a province of Columbia and was ceded from Colombia in 1903 with the support of the United States of America. Panama thereafter signed a Treaty with the USA that granted the USA rights to build a canal, rights in perpetuity over land on both sides of the canal and a broad right of intervention in Panamanian affairs.
The internationally renowned Panama Canal was constructed between 1904 and 1914. Full control of the canal and the area supporting the canal was transferred to Panama on 31 December 1999.
Panama is a civil law jurisdiction which is based on the Spanish Civil Code, although its company law has been taken from the corporation law of Delaware in the USA.
Panamanian business types take the form of the Corporation limited by shares, (Sociedad Anonima), Foreign Corporation, general, civil and limited partnership, Trusts and the Foundation, an autonomous legal entity with no members or shareholders formed for the protection of assets.
The Panamanian offshore jurisdiction has become increasingly popular because of the privacy offered by the Panama Foundation which is not permitted to involvement in any business trade activity; this is similar to the Liechtenstein Foundation.
The Panamanian Foundation is suited to the holding of assets such as shares and property. Asset protection legislation is a strong which has made Panama foundation the asset protection vehicle of choice.
Business Inc or the Registro Publico Panama Foundation can provide further information on private foundations.
Advantages of the Panamanian Offshore Company Formation
Company Formation expertise ExcellentCharges ExcellentSecrecy ExcellentBanking services GoodLegal system ExcellentPolitical stability GoodPrestige Excellent
There are more than 120,000 registered companies in Panama and a considerable proportion of these are engaged in trading or related offshore operations in banking or shipping. The appeal of the jurisdiction to foreign investors is multifaceted; the absence of exchange controls, there is complete freedom to transfer funds with no currency restrictions.
There is low inflation and Income tax is levied only on income derived from business carried on within the country. There are no taxes on capital, stocks, bonds and other investments held by corporations.
Panama is an ideal location to base e-commerce services for retail or wholesale distribution of material or non-material goods. There is a well established banking centre and Panama has the world’s largest shipping registry. A trading Free Zone in the city of Colon at the Atlantic entrance of the canal provides operations trading in the Zone with special tax concessions and exemption from import and export taxes.
Confidentiality is guaranteed for Corporations, Trusts and Panama Foundations which are exempted from disclosing details of beneficial ownership and the names of beneficiaries. Limited Partnerships do however need to disclose the names of their members. Incorporation can be completed within a day.
There are good transport links by air and sea.
Offshore Company Formation Formalities
In comparison to other jurisdictions there are no restrictions on offshore entities carrying on business activities in Panama, except banks with International or Representation Licenses. The concept of ‘offshore’ is not recognized as such because all registered businesses are taxed only on income derived from domestic trading. Offshore entities therefore elect to register as Foreign Corporations or Corporations limited by shares, the latter is the usual choice for an offshore operation.
Panamanian Corporations are incorporated under the Corporation Statute, 32 of the 1927 Commercial Code.
There are no minimum capital requirements but the standard authorized share capital is usually US$ 10,000;
All Panamanian companies must appoint a registered agent, but do not require a local registered office. This function may be carried out by a local attorney or a firm of attorneys;
Both registered and bearer shares can be issued but no-par-value and bearer shares must be fully paid when issued. The registered agent must keep the bearer shares certificate in safe custody and must notify the Registrar that the shares have been issued;
There must be at least three Directors but they need not be nationals or residents of Panama. Corporations and national persons can act as Directors;
There is no legal minimum number of shareholders or nationality requirements;
Every corporation must have a share register and minute book. These may be kept anywhere;
Names and addresses of Directors must be on record at the Public Registry. Shareholder details are not kept on public record;
There is no requirement to hold Directors and Shareholders’ meetings and if held can take place anywhere in the world;
The positions of President, Corporate Secretary and Treasurer can be held by one person;
The most common endings for a company name include S.A, Corp., incorporated, Inc;
No accounts or annual summaries have to be filed with the Government, with the exception of the annual franchise tax filed by the registered agent.
Trusts
Panamanian Trusts (Fideicomiso) must be evidenced in writing the Settlor and Trustees Beneficiaries need not be Panamanian nationals or resident in Panama. However, a Panamanian lawyer must act as an agent for the Trust. There are no registration requirements or minimum capital requirements, or fees, and Trust documents can be in English or Spanish. Trusts are not protected by specific provisions against foreign inheritance laws, judgments or creditors. This protection is afforded to the Panama Foundation. Tax is levied directly on the Trust and not on the Trustee.
Taxation
In Panama there is no distinction between foreign and Panamanian employees; individuals pay income tax on Panama source income only. Employers also pay social security contributions.
There are annual taxes on the value of real estate, capital gains tax on profits from the sale of real estate, and a transfer tax arising on sale and Stamp Duty levied on Instruments.
Income tax is payable on the income of a Panama or foreign corporation or other entity derived from business carried on within Panama only at a rate of 30% rising to 42%. A corporation carrying on business both inside and outside Panama will pay tax on the proportion of its income that arises within the country. Domestic companies carrying on business in Panama (not Free Zone companies or offshore companies) are also required to pay an annual Commercial License Tax of 1% of the net worth of the business
Dividends are not treated to income and are subject to 10% withholding tax. Capital gains are counted as income after deduction of allowances.
Foundations
Foundations do not have beneficial owner but beneficiaries instead. Control of the foundation is determined by a legally executed Private Protectorate Agreement. The beneficiary is determined through a private letter of wishes and is known only to the controlling party and their bankers. Thus Panamanian foundation offers an unsurpassed level of privacy and flexibility.
Banking
Panama has an established banking sector with a significant number of international Banks. All Banks must be issued with a license of which there three types: a General License permitting trading both in and outside Panama, that can be issued to Panamanian or foreign banks; International (Restricted) licenses that permit offshore banking to be conducted from an office in Panama; Representation licenses issued to foreign banks and permit a local office but no local trading. Only banks with General Licenses will have any tax liability, in respect of Panamanian income.
Confidentiality is guaranteed with disclosure of investors and beneficial ownership only in cases of established criminal wrongdoing.
Employment Law
The rights of the employee and employer are enshrined in the Labor Code of 1971. Under the terms of the Code any relationship in which one party is subordinated to the other will fall within the terms of the Code, whether or not it is described as a contract of employment.
A contract is enforceable even if it is not evidenced in writing but an employer can only terminate employment during the first two years thereafter the employee is protected by the Code which defines ‘just causes’ for the termination of employment. In the event of an unlawful dismissal the employee is entitled to compensation. Unions are permitted but only a small percentage of the employed population is unionized.
There are minimum wage levels which vary according to the seniority of the employee. There are 11 public holidays per year, and the statutory paid vacation is 30 days.
The employment market is tightly regulated and maximum percentages for the employment of foreigners in a business are set according to the sector.
Geography, People and Culture
Panama is approximately 78,200 sq. km. (30,193 sq. mi.) and mountainous in its terrain. There are two seasons: the dry season lasts from January to mid-April and the rainy season from mid-April to December. Rainfall is heavier on the Caribbean side of the highlands. Temperatures are typically hot in the lowlands (between 21°C and 32°C/70°F and 90°F) and cool in the mountains (between 10 and 18°C/50 and 64°F). These vary little throughout the year.
The culture, customs, and language of Panama are predominantly Caribbean Spanish. The majority of the 3.1 million population is ethnically mestizo (mixed Amerindian and white) 70%, (West Indian) 14%, white 10%, Amerindian 6%. The dominant religion is Roman Catholicism. Spanish is the official and dominant language; English is a common second language spoken by the West Indians and by many business people and professionals. More than half the population lives in the capital Panama City; the other principle cities are Colon and David.
The most sought after attraction in Panama is the canal which stretches 80km (50mi) from Panama City on the Pacific coast to Colon on the Atlantic side and provides passage for nearly 14,000 ocean-going vessels per year.
Immigration and Residency
Foreigners entering the country are classified as Tourists, Temporary Visitors, Special Temporary Visitors, Tourist-Pensioners, Immigrants and Investors. UK, German and Swiss and many other nationalities need only a passport to enter Panama, while citizens from Australia, Japan, New Zealand, USA and Venezuela require a tourist visa or tourist card.
Short-stay visas are issued freely; the Tourist-Pensioner visa is given to those who can demonstrate a monthly income of not less than $750 from interest on time-deposits in a Panamanian bank; the Investor’s visa is for those who invest their own capital into local business activity. Immigrant visas cover long-stay working residents.
Legal and Political system
Panama is a constitutional democracy with three branches of government: Executive and Legislative branches elected by direct vote for five year terms, and an independently appointed judiciary. The Executive branch includes a President and two Vice Presidents. The Legislative branch consists of a 72-member unicameral Legislative Assembly. The Judicial branch is organized under a nine-member Supreme Court and includes all tribunals and municipal courts. An autonomous Electoral Tribunal supervises voter registration, the election process, and the activities of political parties. All citizens over the age of 18 are required to vote.
There two main political parties; the Arnulfista Party (PA) which in coalition with smaller parties from 1999 held a slim majority in the Legislative Assembly and the Democratic Revolutionary Party (PRD). Following national elections in May 2004 the PRD won the presidency and a legislative majority in the Assembly and took power on 1 September 2004.
Economy
The official currency is the Balboa, (PAB) which is at par with the United States dollar and is freely convertible. The US Dollar is also legal tender, and because there is no Panamanian paper currency it circulates freely.
The major industries are Banking, construction, petroleum refining, brewing, and cement and other construction materials, sugar milling, shipping and agriculture. The services sector accounts for 75% of GDP. Services include operating the Panama Canal, banking, the Colon Free Zone, insurance, container ports, flagship registry, and tourism.
Table of Statutes
Cabinet Decree 238 of 1970 (Banking Law)Cabinet Decree 413 of 1970 (Investment Incentives)Capital Laundering Law No. 41 of 2000Decree-Law No 5 of 1997 (Corporations)Decree-Law No 9 of 1998 (Banking Superintendence)Financial Intelligence Unit Decree No. 136 of 2000Fiscal CodeLaw No 32 of 1927 (Corporations)Law No 18 of 1948 (Colon Free Zone)Law No 24 of 1966 (Partnerships)Law No 3 of 1986 (Foreign Investment)Law No 25 of 1992 (Export Processing)Law No 28 of 1995 (Investment Incentives)Law No 28 of 1996 (Export Processing)Measures for the Prevention of the Crime of Capital Laundering, Law No. 42 of 2000Panama Private Foundation Law 1995Resolution 065 of 2003 (On-Line Gambling)Trust Law No 1 of 1984
Saturday, October 24, 2009
Gibralter Offshor company Information
Gibraltar is located at the entrance of the Mediterranean. It is connected to the Spanish mainland by a sandy isthmus, and by ferry to Morocco. The subject of repeated conquest and sieges, Gibraltar has been a British Territory since 1704. It was ceded under the Treaty of Utrecht. Since 1973 it is part of the European Union under the British accession.
The legal system is based on English common law with comparable business formation types, the private company limited by shares, private company limited by guarantee, general and limited partnerships, sole proprietor, Foundations and Trusts and there are offshore entities: the Exempt Company, the Qualifying Company and the Gibraltar1992 Holding Company.
Advantages of the Gibraltar Offshore Business Formation
Business Formation expertise ExcellentCharges ExcellentSecrecy SatisfactoryBanking services GoodLegal system ExcellentPolitical stability SatisfactoryPrestige Satisfactory
Gibraltar is an attractive offshore location for investment fund management, trust management, shipping, and investment holding companies because of its established cost and tax-effective base. There are no income or capital gains taxes and no exchange controls. Branches of foreign companies in Gibraltar can apply for special exempt tax status. A company can be incorporated within five days.
Offshore Formation Formalities
Offshore formations can take several types. Exempt Private Companies, which can be resident or non-resident in Gibraltar and are used for the avoidance of tax. The only liability is a yearly registration fee. Branches of Foreign incorporated companies which are created to allow dividend payments to be deferred from one EU member state to another without any withholding taxes. Qualifying Companies pay income tax on profits at a rate from 0%-35%. Non Resident Companies that are liable for tax in income arising or receive through local agents and Trusts.
The Exempt Company is the most popular offshore vehicle in Gibraltar and is generally used for holding bank accounts and investments (since capital and interest earned is tax-free); yacht/ship and property ownership; the management of ships and cargo; for operating businesses; invoicing so that payments received in Gibraltar are tax-free; re-invoicing so that tax liabilities in other jurisdictions are minimized and for the holding of family assets using trust structures.
To qualify for tax exempt status the company must adhere to certain stipulations:
At all times the paid-up share capital must not be less than £100 or the foreign currency equivalent
Gibraltarians or resident of Gibraltar are prohibited from any beneficial interest in the shares of the Exempt Company except as a shareholder in a public company which is registered in a country other than Gibraltar
If the company is incorporated in Gibraltar, it must keep its register of shares within Gibraltar and have a provision in its Memorandum and Articles of Association to the effect that its register will not be kept elsewhere. If the company is incorporated outside Gibraltar, it must keep a true copy of its register of members within Gibraltar
The company must not, without the approval of the Financial and Development Secretary, carry on any trade or business in Gibraltar or with Gibraltarians or residents of Gibraltar except where these are other exempt companies. An exempt company may, however, manage and control its business from Gibraltar and have an office and staff locally.
Its auditors must be approved by the Government of Gibraltar, who must confirm annually that the company is not in breach of the provisions of the Companies (Taxation and Concessions) Ordinance.
The legal requirements are as follows:
All Gibraltar companies require a local registered office for the service of process but there is no specific requirement for the appointment of a registered agent
Both registered and bearer shares can be issued. There must be at least one director. A director can either be a real person or a corporate entity. Details are on public record. Nominee directors can be supplied internally or externally
There are no nationality or residence requirements
There must be at least one shareholder. A shareholder can be a corporate entity and there are no nationality or residence requirements
There is a disclosure requirement for Exempt companies of the name and address of the beneficial owner but all such information is protected by a legal guarantee of confidentiality
The name of the required company should be checked with the Registrar and the ending will be either Limited or Public Limited Company
No accounts or annual returns to be filed with the Government in the case of Exempt companies.
Trusts
Trust management, particularly for wealthy UK individuals, has been a traditional business for Gibraltar. Gibraltar has a well-developed legal and financial infrastructure for trust management. With a large established base of trusts, and a growing reliance on corporate work, the volume of trust litigation is becoming significant. Trust income is exempt from tax. Under the Income Tax Interest, income received from a Gibraltar bank is normally exempt from taxation
Trustees are required to be licensed by the Financial Services Commission.
Taxation
Gibraltar is one of the cheapest European offshore jurisdictions and one of the first of the British dependent territories to develop tax-exempt corporate forms for offshore business. It has quite high internal income taxes, but offers low-tax regimes to both companies.
Exempt Companies are exempted from all taxes; Qualifying Companies are liable for tax on worldwide income at rates between 2% and 35% and 1992 Holding Companies subject to 35% tax on profits but the liability to withholding taxes on distributed dividends is limited to no more than 1 %.
Banking
The banking sector is well established in Gibraltar in both the offshore and local market with assets in the vicinity of G£6.5 billion. The advantages of offshore banking in Gibraltar include its attractive tax status, the lack of exchange controls, excellent communications, stable government, and EU membership. Much of the banking activity in Gibraltar is directed to asset management for high-net-worth individuals, not least because Gibraltar has tried hard to attract such people with special tax regimes.
Employment law
Gibraltar’s employment legislation largely mirrors that of the UK. There is legislation which permits statutory determination of wage levels in the event of an impasse between management and workers. The statutory minimum of holidays is 15 days rising to 20 days after 3 years, in addition to public holidays. There are also Industrial Tribunals to deal with cases of unfair dismissals
Businesses in Gibraltar are required to register their and their employees’ details with the Employment and Training Board – details of the business within 3 months of commencement, and details of employees within 14 days of engagement. Job vacancies must also be notified to the Board, since it administers the work permit system. This is no mere bureaucratic form-filling exercise: the Board’s stamped and signed Notice of Terms of Engagement is needed for an employee to obtain a Registration Card from the Immigration Department, or a Social Insurance Card from the Department of Labor and Social Security. An employer pays G£26 per employee per annum to the Board’s Employers’ Insolvency Fund, which compensates the employees of insolvent enterprises for unpaid wages, etc.
Social security contributions are compulsory for employed persons, but voluntary for the self-employed. There is a normal range of benefits, but access to them is tied to contribution record in many cases. Insurance contributions are payable at a standard flat rate for each week of employment. The standard rate is £42.69, of which £18.87 is paid by the insured person and £23.82 is paid by the employer.
As Gibraltar is part of the EU, EU nationals have the right of free movement of labor and should have no difficulty in obtaining a resident’s card.
Geography, People, and Culture
The population estimated at July 2004 was 27,833. The climate is Mediterranean with mild winters and warm summers. The terrain narrow coastal lowland borders the Rock of Gibraltar. The ethnic groups are Spanish, Italian, English, Maltese, and Portuguese. English is the official language, but more commonly spoken is what sounds to an outsider like perfect Andalucía Spanish. It is in fact llanito, an Andalucía dialect with borrowed words that reflect its diverse origins.
Immigration and Residency
Nationals of EU member states have the right to enter, live and work in Gibraltar. Initially a six-month visa is given, and then a 5 year, renewable residence permit provided that they have found suitable employment or have started a business. Work permits cannot be denied to EU citizens.
Other nationals have to apply for residency under the Immigration Control Ordinance and permission is issued by the Governor. Government guidelines indicate that an applicant for residency must be ready and able to purchase a property of sufficient size to accommodate his dependents, must be in good health, and must have adequate financial resources. The Government looks more favorably on those applicants who purchase luxury property in Gibraltar.
If Non-Gibraltarians need work permits, they are issued under the Control of Employment Ordinance. A work permit cannot be refused to an EU national.
Legal and Political System
Queen Elizabeth II is the Head of State and is represented in Gibraltar by the Governor and Commander-in-Chief Sir Francis Richards (since 27 May 2003).
Following elections, the leader of the majority party or the leader of the majority coalition is usually appointed chief minister for a four year term by the Governor.
A Council of Ministers is appointed from among the 15 elected members of the House of Assembly by the governor in consultation with the chief minister. The last held elections were on 27 November 2004. The current ruling party is the Gibraltar Social Democrats which received 58% of the vote. The opposition party is Gibraltar Socialist Labor Party.
Economy
The currency is the Gibraltar pound which is at par with the British pound. Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference centre. The financial sector, tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. The financial sector, the shipping sector, and tourism each contribute 25%-30% of GDP. Telecommunications accounts for another 10%. In recent years, Gibraltar has seen major structural change from a public to a private sector economy, but changes in government spending still have a major impact on the level of employment.
Legislation relating to offshore and non-resident business
If you require more information on any particular statute please contact us.
Banking (Accounts Directive) Regulations 1997Banking (Auditors and Information) Ordinance 1997Banking Ordinance 1992Bankruptcy OrdinanceCompanies Ordinance as amendedCompanies (Taxation and Concessions) OrdinanceDeposit Guarantee Scheme Ordinance 1997Development Aid OrdinanceEstate Duties OrdinanceFinancial Institutions (Prudential Supervision) Ordinance 1997Financial Services (Accounting and Financial) RegulationsFinancial Services (Collective Investment Schemes) Regulations 1991Financial Services (Conduct of Business) Regulations 1991Financial Services Ordinance 1998Immigration Control OrdinanceIncome Tax Ordinance 1984 as amendedIncome Tax (Allowances, Deductions and Exemptions) Rules 1992Income Tax (Qualifying Companies) Rules 1992Insurance Companies Ordinance 1987Limited Partnership Ordinance as amendedPartnership Act 1890 (UK)Perpetuities and Accumulations Ordinance 1986Private Foundation Ordinance 1999Qualifying (High Net-Worth Individuals) Rules 1992The Registered Trust Ordinance 1999Trust Recognition Ordinance
EU Directives having direct effect in Gibraltar
Directive 78/660/EEC (The Fourth Directive) as amendedDirective 83/349/EEC (The Seventh Directive) as amendedDirective 83/350/EEC (sharing of confidential banking information)Second Banking Co-ordination Directive 89/646/EC (passporting)
The legal system is based on English common law with comparable business formation types, the private company limited by shares, private company limited by guarantee, general and limited partnerships, sole proprietor, Foundations and Trusts and there are offshore entities: the Exempt Company, the Qualifying Company and the Gibraltar1992 Holding Company.
Advantages of the Gibraltar Offshore Business Formation
Business Formation expertise ExcellentCharges ExcellentSecrecy SatisfactoryBanking services GoodLegal system ExcellentPolitical stability SatisfactoryPrestige Satisfactory
Gibraltar is an attractive offshore location for investment fund management, trust management, shipping, and investment holding companies because of its established cost and tax-effective base. There are no income or capital gains taxes and no exchange controls. Branches of foreign companies in Gibraltar can apply for special exempt tax status. A company can be incorporated within five days.
Offshore Formation Formalities
Offshore formations can take several types. Exempt Private Companies, which can be resident or non-resident in Gibraltar and are used for the avoidance of tax. The only liability is a yearly registration fee. Branches of Foreign incorporated companies which are created to allow dividend payments to be deferred from one EU member state to another without any withholding taxes. Qualifying Companies pay income tax on profits at a rate from 0%-35%. Non Resident Companies that are liable for tax in income arising or receive through local agents and Trusts.
The Exempt Company is the most popular offshore vehicle in Gibraltar and is generally used for holding bank accounts and investments (since capital and interest earned is tax-free); yacht/ship and property ownership; the management of ships and cargo; for operating businesses; invoicing so that payments received in Gibraltar are tax-free; re-invoicing so that tax liabilities in other jurisdictions are minimized and for the holding of family assets using trust structures.
To qualify for tax exempt status the company must adhere to certain stipulations:
At all times the paid-up share capital must not be less than £100 or the foreign currency equivalent
Gibraltarians or resident of Gibraltar are prohibited from any beneficial interest in the shares of the Exempt Company except as a shareholder in a public company which is registered in a country other than Gibraltar
If the company is incorporated in Gibraltar, it must keep its register of shares within Gibraltar and have a provision in its Memorandum and Articles of Association to the effect that its register will not be kept elsewhere. If the company is incorporated outside Gibraltar, it must keep a true copy of its register of members within Gibraltar
The company must not, without the approval of the Financial and Development Secretary, carry on any trade or business in Gibraltar or with Gibraltarians or residents of Gibraltar except where these are other exempt companies. An exempt company may, however, manage and control its business from Gibraltar and have an office and staff locally.
Its auditors must be approved by the Government of Gibraltar, who must confirm annually that the company is not in breach of the provisions of the Companies (Taxation and Concessions) Ordinance.
The legal requirements are as follows:
All Gibraltar companies require a local registered office for the service of process but there is no specific requirement for the appointment of a registered agent
Both registered and bearer shares can be issued. There must be at least one director. A director can either be a real person or a corporate entity. Details are on public record. Nominee directors can be supplied internally or externally
There are no nationality or residence requirements
There must be at least one shareholder. A shareholder can be a corporate entity and there are no nationality or residence requirements
There is a disclosure requirement for Exempt companies of the name and address of the beneficial owner but all such information is protected by a legal guarantee of confidentiality
The name of the required company should be checked with the Registrar and the ending will be either Limited or Public Limited Company
No accounts or annual returns to be filed with the Government in the case of Exempt companies.
Trusts
Trust management, particularly for wealthy UK individuals, has been a traditional business for Gibraltar. Gibraltar has a well-developed legal and financial infrastructure for trust management. With a large established base of trusts, and a growing reliance on corporate work, the volume of trust litigation is becoming significant. Trust income is exempt from tax. Under the Income Tax Interest, income received from a Gibraltar bank is normally exempt from taxation
Trustees are required to be licensed by the Financial Services Commission.
Taxation
Gibraltar is one of the cheapest European offshore jurisdictions and one of the first of the British dependent territories to develop tax-exempt corporate forms for offshore business. It has quite high internal income taxes, but offers low-tax regimes to both companies.
Exempt Companies are exempted from all taxes; Qualifying Companies are liable for tax on worldwide income at rates between 2% and 35% and 1992 Holding Companies subject to 35% tax on profits but the liability to withholding taxes on distributed dividends is limited to no more than 1 %.
Banking
The banking sector is well established in Gibraltar in both the offshore and local market with assets in the vicinity of G£6.5 billion. The advantages of offshore banking in Gibraltar include its attractive tax status, the lack of exchange controls, excellent communications, stable government, and EU membership. Much of the banking activity in Gibraltar is directed to asset management for high-net-worth individuals, not least because Gibraltar has tried hard to attract such people with special tax regimes.
Employment law
Gibraltar’s employment legislation largely mirrors that of the UK. There is legislation which permits statutory determination of wage levels in the event of an impasse between management and workers. The statutory minimum of holidays is 15 days rising to 20 days after 3 years, in addition to public holidays. There are also Industrial Tribunals to deal with cases of unfair dismissals
Businesses in Gibraltar are required to register their and their employees’ details with the Employment and Training Board – details of the business within 3 months of commencement, and details of employees within 14 days of engagement. Job vacancies must also be notified to the Board, since it administers the work permit system. This is no mere bureaucratic form-filling exercise: the Board’s stamped and signed Notice of Terms of Engagement is needed for an employee to obtain a Registration Card from the Immigration Department, or a Social Insurance Card from the Department of Labor and Social Security. An employer pays G£26 per employee per annum to the Board’s Employers’ Insolvency Fund, which compensates the employees of insolvent enterprises for unpaid wages, etc.
Social security contributions are compulsory for employed persons, but voluntary for the self-employed. There is a normal range of benefits, but access to them is tied to contribution record in many cases. Insurance contributions are payable at a standard flat rate for each week of employment. The standard rate is £42.69, of which £18.87 is paid by the insured person and £23.82 is paid by the employer.
As Gibraltar is part of the EU, EU nationals have the right of free movement of labor and should have no difficulty in obtaining a resident’s card.
Geography, People, and Culture
The population estimated at July 2004 was 27,833. The climate is Mediterranean with mild winters and warm summers. The terrain narrow coastal lowland borders the Rock of Gibraltar. The ethnic groups are Spanish, Italian, English, Maltese, and Portuguese. English is the official language, but more commonly spoken is what sounds to an outsider like perfect Andalucía Spanish. It is in fact llanito, an Andalucía dialect with borrowed words that reflect its diverse origins.
Immigration and Residency
Nationals of EU member states have the right to enter, live and work in Gibraltar. Initially a six-month visa is given, and then a 5 year, renewable residence permit provided that they have found suitable employment or have started a business. Work permits cannot be denied to EU citizens.
Other nationals have to apply for residency under the Immigration Control Ordinance and permission is issued by the Governor. Government guidelines indicate that an applicant for residency must be ready and able to purchase a property of sufficient size to accommodate his dependents, must be in good health, and must have adequate financial resources. The Government looks more favorably on those applicants who purchase luxury property in Gibraltar.
If Non-Gibraltarians need work permits, they are issued under the Control of Employment Ordinance. A work permit cannot be refused to an EU national.
Legal and Political System
Queen Elizabeth II is the Head of State and is represented in Gibraltar by the Governor and Commander-in-Chief Sir Francis Richards (since 27 May 2003).
Following elections, the leader of the majority party or the leader of the majority coalition is usually appointed chief minister for a four year term by the Governor.
A Council of Ministers is appointed from among the 15 elected members of the House of Assembly by the governor in consultation with the chief minister. The last held elections were on 27 November 2004. The current ruling party is the Gibraltar Social Democrats which received 58% of the vote. The opposition party is Gibraltar Socialist Labor Party.
Economy
The currency is the Gibraltar pound which is at par with the British pound. Gibraltar benefits from an extensive shipping trade, offshore banking, and its position as an international conference centre. The financial sector, tourism (almost 5 million visitors in 1998), shipping services fees, and duties on consumer goods also generate revenue. The financial sector, the shipping sector, and tourism each contribute 25%-30% of GDP. Telecommunications accounts for another 10%. In recent years, Gibraltar has seen major structural change from a public to a private sector economy, but changes in government spending still have a major impact on the level of employment.
Legislation relating to offshore and non-resident business
If you require more information on any particular statute please contact us.
Banking (Accounts Directive) Regulations 1997Banking (Auditors and Information) Ordinance 1997Banking Ordinance 1992Bankruptcy OrdinanceCompanies Ordinance as amendedCompanies (Taxation and Concessions) OrdinanceDeposit Guarantee Scheme Ordinance 1997Development Aid OrdinanceEstate Duties OrdinanceFinancial Institutions (Prudential Supervision) Ordinance 1997Financial Services (Accounting and Financial) RegulationsFinancial Services (Collective Investment Schemes) Regulations 1991Financial Services (Conduct of Business) Regulations 1991Financial Services Ordinance 1998Immigration Control OrdinanceIncome Tax Ordinance 1984 as amendedIncome Tax (Allowances, Deductions and Exemptions) Rules 1992Income Tax (Qualifying Companies) Rules 1992Insurance Companies Ordinance 1987Limited Partnership Ordinance as amendedPartnership Act 1890 (UK)Perpetuities and Accumulations Ordinance 1986Private Foundation Ordinance 1999Qualifying (High Net-Worth Individuals) Rules 1992The Registered Trust Ordinance 1999Trust Recognition Ordinance
EU Directives having direct effect in Gibraltar
Directive 78/660/EEC (The Fourth Directive) as amendedDirective 83/349/EEC (The Seventh Directive) as amendedDirective 83/350/EEC (sharing of confidential banking information)Second Banking Co-ordination Directive 89/646/EC (passporting)
Cyprus Offshore company Information
Cyprus is the third largest Island in the Mediterranean Sea and lies south of Turkey. Cyprus gained its independence from the United Kingdom and established a constitutional republic in 1960. Shortly after the founding of the republic, fundamental differences arose between the indigenous Greek and Turkish communities regarding the implementation and interpretation of the constitution. Hostilities between the two communities in 1974 divided the island into two de facto autonomous areas, a Greek Cypriot area controlled by the internationally recognized Cypriot Government and a Turkish-Cypriot area, separated by a UN buffer zone.
Cypriot Company law is based on that of the United Kingdom with similar company types, i.e. the private company limited by shares, exempt private company, public company limited by shares, company limited by guarantee, branch of overseas company, general partnership, limited partnership, sole proprietor and Trusts.
Advantages of the Cyprus Offshore Company Formation
Company Formation expertise GoodCharges GoodSecrecy GoodBanking services ExcellentLegal system GoodPolitical stability GoodPrestige Good
There are more than 55,000 offshore enterprises registered in Cyprus and many international investors choose Cyprus as the location of choice for financial holding and investment companies because of the jurisdiction’s attractive combination of tax treaties and tax regime. Corporate taxation is levied at 10% on business turnover for both resident companies and offshore entities making Cyprus the lowest rate in the European Union, after Ireland (12.5%), with the exception of the Isle of Man, which has just announced a nil rate.
Cyprus has over 30 double taxation treaties with many advantageous provisions. Among emerging markets there are also very advantageous tax treaties with China, India, South Africa and a number of Middle Eastern countries
The jurisdiction has an excellent business infrastructure with sound telecommunications; this coupled with the widespread use of the English language and a legal system largely based on English law makes the island a very convenient and effective business base. The company registration procedures are efficient and should take no more than 2-3 weeks.
There is a thriving to e-commerce service sector for the provision of retail or wholesale distribution of material or non-material goods: There are a number of local banks, but many international banks have formed Offshore Banking Units on the island and provide services to foreign or offshore companies.
Offshore Company Formation Formalities
Under Cypriot law IBC’s are generally offshore limited liability companies, although they can take the other forms such as general or limited partnerships, International Banking Units or Shipping Companies.
Companies incorporated under the Companies Law Cap 113 whom have sought permission from the Central Bank of Cyprus by lodging a bank reference included on the Central Bank of Cyprus’s list of qualifying banks with a copy of the owner’s passport, will acquire IBC status provided that they adhere to the following restrictions:
The company is entirely foreign owned
There are no trading activities in Cyprus with Cypriot residents or businesses other than in relation to the maintenance of premises, banking or professional services
There is no business in banking, insurance or the provision of financial services unless special permission is granted
Local payments must be recorded and reported
The formalities for the creation of the offshore limited liability company are minimal
The share capital must be expressed in Cyprus pounds the usual authorized share capital is CYP 5,000. The Central Bank recommends a minimum authorized share capital of CYP 10,000
The minimum number of shareholders and Directors are one
A registered office and agent must be maintained in Cyprus
Registered shares of par value, redeemable shares and shares with no voting rights can be issued
Secrecy may be achieved by using nominee shareholders. However disclosure of beneficial ownership is mandatory to the Central Bank but the disclosure by the Bank of this information to any third party is strictly protected by statute
There is no provision under the law for migration or re-domiciliation;Audited annual accounts must be filed with the Central Bank of Cyprus annually in Greek within 42 days from the date of its Annual General Meeting.
However, there are some activities which are allowed within Cyprus but they must be compatible with the exercise of management and control, with the permission of the Central Bank of Cyprus, for example repackaging for re-export within a tariff classification; sales activities, provided these do not result in sales in Cyprus or to Cypriot companies; and storage, repair or maintenance of goods to be used or sold outside Cyprus
Trusts
There are three types of Cypriot Trusts. Local Trusts where the settler and beneficiaries are normally residents of Cyprus, and the trust and its property are subject to exchange controls. Offshore Trusts are the same as Local Trusts except that their beneficiaries must be non-resident and all the trust’s activities must be outside Cyprus.
The International Trust is a vehicle commonly used by foreign settlers because of the tax and legal advantages. The income and assets of the Trust are exempt from local taxes and Trust instruments only subject to stamp duty. Moreover secrecy is protected by law, and foreign judgments cannot be enforced against Trust assets. To secure the benefit of such a Trust the settler and the beneficiaries must be nonresident, but one of the Trustees must be a Cypriot. There are no registration requirements and the trust period may be up to 100 years, this can be longer for charitable trusts.Taxation
Cyprus levies taxes on Income, capital gains, and property. Employees and self employed residents contribute to a mandatory earnings related social security scheme. The main tax for companies is corporate tax on income. Prior to 2003 all offshore companies and branches of foreign companies with management and control in Cyprus were at taxed 4.25% on business profits. However, a new corporation tax regime based on residence was introduced with effect from 1st January 2003 to apply universally to all companies incorporated or registered under Cyprus law and any foreign company carrying on business or with an office in Cyprus. There is now a uniform 10 % corporate tax that is levied on worldwide income on all resident companies. Offshore companies incorporated before 2002 are allowed to opt to continue the 4.5% ‘offshore’ taxation until 2006.
Profits from activities of a permanent establishment situated outside Cyprus are completely exempt. This exemption will not apply to a Cyprus company if: its foreign permanent establishment directly or indirectly engages in more than fifty per cent of its activities in producing investment income; and the foreign tax burden is substantially lower than that in Cyprus.
Dividends, royalties from assets abroad will be exempted from withholding tax; profits from buying and selling shares are also exempt. Estate duty is not charged on inheritance of shares in offshore companies, and the sale of or transfer of their assets (other than Cyprus real estate) is exempt from capital gains and other taxes.
Cyprus has the highest number of double tax treaties compared to other jurisdictions and most have the effect of reducing the applicability of withholding taxes on dividends and royalties.
Offshore companies can also purchase many items for their own needs exempt from duty charges.
Banking
Non-Cypriot banks are restricted to banking operations with non-residents in foreign currencies, and with Cyprus-registered non-resident companies and their expatriate staff. Such International Banking Units take the form of branches or subsidiaries of foreign banks or representative offices.
All Offshore entities must disclose details of beneficial ownership to the Central Bank of Cyprus on formation, but the bank is bound by statute from nondisclosure to third parties.
Employment Law
There is minimal employment law and much pay bargaining is carried out directly between employers and employees. Bargaining between trade unions and employers’ organizations and the Government takes part in tri-partite resolution of disputes.
Work permits are normally issued to foreigners only when no suitably qualified local staff are available. For workers outside the EU it is notoriously difficult to obtain a five-year work permit in Cyprus. However, EU nationals and those employed in certain sectors (such as workers in offshore companies, journalists, and accountants in large firms, business people who invest more than £100, 000 and lecturers/teachers) are able to obtain five year permits with relative ease.
Geography, People & Culture
Cyprus is approximately 9,251 sq. km. (3,572 sq. mi.); the terrain is mountainous to the south and the north and the climate Mediterranean with hot, dry summers and cool, wet winters. The capital is Nicosia with other principal cities being Limassol, Larnaca, Famagusta, Paphos, Kyrenia, and Morphou. The population was recorded in July 2004 at 775,927 with the ethnic breakdown comprised of Greek (77%) Turkish (18%) Armenian and others (4%).
Greek and Turkish Cypriots share many customs but maintain distinct identities based on religion, language, and close ties with their respective “motherlands.” Greek is predominantly spoken in the south, Turkish in the north. English is widely used. Cyprus has a well-developed system of primary and secondary education. The majority of Cypriots earn their higher education at Greek, Turkish, British, and other European or American universities. Both the Turkish and Greek communities have developed private colleges and state-supported universities.
Immigration and Residency
A visa is not required for most members of the EU, the Council of Europe, the USA and the Commonwealth, to enter Cyprus. If a visa is required it is easily purchased on arrival at the airport or port
Residence Employment permits and other work permits are issued to foreigners only if there is no other suitably qualified local staff available. Non-EU foreigners, whether or not resident, require permits to acquire real estate in Cyprus, which should normally be for temporary or permanent residence.
Foreigners in Cyprus must either have a five-year work permit or have worked on the island for five years or have a combination of worked time and work permit totaling a minimum of five years before their spouses can join them.
For tax purposes, residence is defined as presence in the country for more than six months of a year.
Legal and Political System
The 1960 Cypriot Constitution provided for a presidential system of government with independent executive, legislative, and judicial branches, as well as a complex system of checks and balances, including a weighted power-sharing ratio designed to protect the interests of the Turkish Cypriots.
However, following the hostilities in 1974 between the Greek and Turkish communities, Cyprus has been divided de facto into the government-controlled two-thirds of the island and the Turkish Cypriot one-third. The Government of the Republic of Cyprus has continued as the internationally recognized authority; in practice, its authority extends only to the government-controlled areas. The Turkish Cypriots established their own institutions with an elected president and a prime minister responsible to the National Assembly exercising joint executive powers. In 1983, the Turkish Cypriots declared an independent Turkish Republic of Northern Cyprus (”TRNC”). Only Turkey recognizes the “TRNC”.
The executive arm of the Government is vested in the Council of Ministers to which the President, who is elected to a five year term, makes the appointments; the Legislative arm is vested in the unicameral House of Representatives and members are elected to a five year term. The electoral system is based on proportional representation with right wing, centralist and Socialist parties. The legal system is based on English common law with a Supreme Court and six District Courts.
The political parties for the Greek Cypriot Community- are Democratic Rally (right); Democratic Party (center-right); AKEL (communist); KISOS (socialist); United Democrats (center-left)
Turkish Cypriot Community political parties are –National Unity (right); Democratic party (center-right); Republican Turkish (left); Communal Liberation (center-left); National Revival (center-right); Patriotic Unity Movement (left); National Justice Party (ultra-nationalist).
Economy
The currency is the Cyprus Pound, divided into 100 cents. The currency is managed by the Central Bank using the Exchange Control Law Cap 199; the Bank targets stability against the Euro, but its plan to join the euro zone in the next few years will be hindered if public expenditure continues to run out of control.
The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy’s vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU.
The Turkish Cypriot economy has roughly one-third of the per capita GDP of the south. Because it is recognized only by Turkey, it has had much difficulty arranging foreign financing and investment. It remains heavily dependent on agriculture and government service, which together employ about half of the work force. To compensate for the economy’s weakness, Turkey provides grants and loans to support economic development. Ankara provided $200 million in 2002 and pledged $450 million for the 2003-05 periods. Future events throughout the island will be highly influenced by the outcome of negotiations on the UN-sponsored agreement to unite the Greek and Turkish areas.
Legislation affecting offshore and nonresident business
If you require more information on any particular statute
Banking Business (Temporary Restrictions) Law of 1939 (banking licenses)Banking Law 1997 (secrecy, confidentiality, offshore banking)Capital Gains Tax (Amendment) Law No. N119(I) of 2002Central Bank of Cyprus Law 37 of 1975 (secrecy)Companies Law Chapter 113 (types of company)Companies (Amendment) Law of 2000 (Law 2(I)/2000)Companies (Amendment) (No. 3) Law of 2000 (151(I)/2000)Companies (Amendment) Law of 2001, Law 76(I) of 2001Customs and Excise Duties Law 34 of 1975Cyprus Trustee Law Chapter 193Exchange Control Law Chapter 199Income Tax (Amendment) Law 15 of 1977 (set up offshore regime)Income Tax Law No. 118(I) of 2002Insurance Companies Laws 1984-1990 (deals with captives)Insurance Regulation 1995 (deals with captives)International Collective Investment Schemes Law No. 47 (1)/99International Trusts Law 69(I) of 1992Liberalization of Investment Laws 1997Merchant Shipping (Registration of Ships, Sales and Mortgages) Law 45 of 1963Merchant Shipping (Fees and Taxing Provisions) Law 38(I) of 1992Partnership and Business Names Law Chapter 116Prevention and Suppression of Money Laundering Law 1996
Cypriot Company law is based on that of the United Kingdom with similar company types, i.e. the private company limited by shares, exempt private company, public company limited by shares, company limited by guarantee, branch of overseas company, general partnership, limited partnership, sole proprietor and Trusts.
Advantages of the Cyprus Offshore Company Formation
Company Formation expertise GoodCharges GoodSecrecy GoodBanking services ExcellentLegal system GoodPolitical stability GoodPrestige Good
There are more than 55,000 offshore enterprises registered in Cyprus and many international investors choose Cyprus as the location of choice for financial holding and investment companies because of the jurisdiction’s attractive combination of tax treaties and tax regime. Corporate taxation is levied at 10% on business turnover for both resident companies and offshore entities making Cyprus the lowest rate in the European Union, after Ireland (12.5%), with the exception of the Isle of Man, which has just announced a nil rate.
Cyprus has over 30 double taxation treaties with many advantageous provisions. Among emerging markets there are also very advantageous tax treaties with China, India, South Africa and a number of Middle Eastern countries
The jurisdiction has an excellent business infrastructure with sound telecommunications; this coupled with the widespread use of the English language and a legal system largely based on English law makes the island a very convenient and effective business base. The company registration procedures are efficient and should take no more than 2-3 weeks.
There is a thriving to e-commerce service sector for the provision of retail or wholesale distribution of material or non-material goods: There are a number of local banks, but many international banks have formed Offshore Banking Units on the island and provide services to foreign or offshore companies.
Offshore Company Formation Formalities
Under Cypriot law IBC’s are generally offshore limited liability companies, although they can take the other forms such as general or limited partnerships, International Banking Units or Shipping Companies.
Companies incorporated under the Companies Law Cap 113 whom have sought permission from the Central Bank of Cyprus by lodging a bank reference included on the Central Bank of Cyprus’s list of qualifying banks with a copy of the owner’s passport, will acquire IBC status provided that they adhere to the following restrictions:
The company is entirely foreign owned
There are no trading activities in Cyprus with Cypriot residents or businesses other than in relation to the maintenance of premises, banking or professional services
There is no business in banking, insurance or the provision of financial services unless special permission is granted
Local payments must be recorded and reported
The formalities for the creation of the offshore limited liability company are minimal
The share capital must be expressed in Cyprus pounds the usual authorized share capital is CYP 5,000. The Central Bank recommends a minimum authorized share capital of CYP 10,000
The minimum number of shareholders and Directors are one
A registered office and agent must be maintained in Cyprus
Registered shares of par value, redeemable shares and shares with no voting rights can be issued
Secrecy may be achieved by using nominee shareholders. However disclosure of beneficial ownership is mandatory to the Central Bank but the disclosure by the Bank of this information to any third party is strictly protected by statute
There is no provision under the law for migration or re-domiciliation;Audited annual accounts must be filed with the Central Bank of Cyprus annually in Greek within 42 days from the date of its Annual General Meeting.
However, there are some activities which are allowed within Cyprus but they must be compatible with the exercise of management and control, with the permission of the Central Bank of Cyprus, for example repackaging for re-export within a tariff classification; sales activities, provided these do not result in sales in Cyprus or to Cypriot companies; and storage, repair or maintenance of goods to be used or sold outside Cyprus
Trusts
There are three types of Cypriot Trusts. Local Trusts where the settler and beneficiaries are normally residents of Cyprus, and the trust and its property are subject to exchange controls. Offshore Trusts are the same as Local Trusts except that their beneficiaries must be non-resident and all the trust’s activities must be outside Cyprus.
The International Trust is a vehicle commonly used by foreign settlers because of the tax and legal advantages. The income and assets of the Trust are exempt from local taxes and Trust instruments only subject to stamp duty. Moreover secrecy is protected by law, and foreign judgments cannot be enforced against Trust assets. To secure the benefit of such a Trust the settler and the beneficiaries must be nonresident, but one of the Trustees must be a Cypriot. There are no registration requirements and the trust period may be up to 100 years, this can be longer for charitable trusts.Taxation
Cyprus levies taxes on Income, capital gains, and property. Employees and self employed residents contribute to a mandatory earnings related social security scheme. The main tax for companies is corporate tax on income. Prior to 2003 all offshore companies and branches of foreign companies with management and control in Cyprus were at taxed 4.25% on business profits. However, a new corporation tax regime based on residence was introduced with effect from 1st January 2003 to apply universally to all companies incorporated or registered under Cyprus law and any foreign company carrying on business or with an office in Cyprus. There is now a uniform 10 % corporate tax that is levied on worldwide income on all resident companies. Offshore companies incorporated before 2002 are allowed to opt to continue the 4.5% ‘offshore’ taxation until 2006.
Profits from activities of a permanent establishment situated outside Cyprus are completely exempt. This exemption will not apply to a Cyprus company if: its foreign permanent establishment directly or indirectly engages in more than fifty per cent of its activities in producing investment income; and the foreign tax burden is substantially lower than that in Cyprus.
Dividends, royalties from assets abroad will be exempted from withholding tax; profits from buying and selling shares are also exempt. Estate duty is not charged on inheritance of shares in offshore companies, and the sale of or transfer of their assets (other than Cyprus real estate) is exempt from capital gains and other taxes.
Cyprus has the highest number of double tax treaties compared to other jurisdictions and most have the effect of reducing the applicability of withholding taxes on dividends and royalties.
Offshore companies can also purchase many items for their own needs exempt from duty charges.
Banking
Non-Cypriot banks are restricted to banking operations with non-residents in foreign currencies, and with Cyprus-registered non-resident companies and their expatriate staff. Such International Banking Units take the form of branches or subsidiaries of foreign banks or representative offices.
All Offshore entities must disclose details of beneficial ownership to the Central Bank of Cyprus on formation, but the bank is bound by statute from nondisclosure to third parties.
Employment Law
There is minimal employment law and much pay bargaining is carried out directly between employers and employees. Bargaining between trade unions and employers’ organizations and the Government takes part in tri-partite resolution of disputes.
Work permits are normally issued to foreigners only when no suitably qualified local staff are available. For workers outside the EU it is notoriously difficult to obtain a five-year work permit in Cyprus. However, EU nationals and those employed in certain sectors (such as workers in offshore companies, journalists, and accountants in large firms, business people who invest more than £100, 000 and lecturers/teachers) are able to obtain five year permits with relative ease.
Geography, People & Culture
Cyprus is approximately 9,251 sq. km. (3,572 sq. mi.); the terrain is mountainous to the south and the north and the climate Mediterranean with hot, dry summers and cool, wet winters. The capital is Nicosia with other principal cities being Limassol, Larnaca, Famagusta, Paphos, Kyrenia, and Morphou. The population was recorded in July 2004 at 775,927 with the ethnic breakdown comprised of Greek (77%) Turkish (18%) Armenian and others (4%).
Greek and Turkish Cypriots share many customs but maintain distinct identities based on religion, language, and close ties with their respective “motherlands.” Greek is predominantly spoken in the south, Turkish in the north. English is widely used. Cyprus has a well-developed system of primary and secondary education. The majority of Cypriots earn their higher education at Greek, Turkish, British, and other European or American universities. Both the Turkish and Greek communities have developed private colleges and state-supported universities.
Immigration and Residency
A visa is not required for most members of the EU, the Council of Europe, the USA and the Commonwealth, to enter Cyprus. If a visa is required it is easily purchased on arrival at the airport or port
Residence Employment permits and other work permits are issued to foreigners only if there is no other suitably qualified local staff available. Non-EU foreigners, whether or not resident, require permits to acquire real estate in Cyprus, which should normally be for temporary or permanent residence.
Foreigners in Cyprus must either have a five-year work permit or have worked on the island for five years or have a combination of worked time and work permit totaling a minimum of five years before their spouses can join them.
For tax purposes, residence is defined as presence in the country for more than six months of a year.
Legal and Political System
The 1960 Cypriot Constitution provided for a presidential system of government with independent executive, legislative, and judicial branches, as well as a complex system of checks and balances, including a weighted power-sharing ratio designed to protect the interests of the Turkish Cypriots.
However, following the hostilities in 1974 between the Greek and Turkish communities, Cyprus has been divided de facto into the government-controlled two-thirds of the island and the Turkish Cypriot one-third. The Government of the Republic of Cyprus has continued as the internationally recognized authority; in practice, its authority extends only to the government-controlled areas. The Turkish Cypriots established their own institutions with an elected president and a prime minister responsible to the National Assembly exercising joint executive powers. In 1983, the Turkish Cypriots declared an independent Turkish Republic of Northern Cyprus (”TRNC”). Only Turkey recognizes the “TRNC”.
The executive arm of the Government is vested in the Council of Ministers to which the President, who is elected to a five year term, makes the appointments; the Legislative arm is vested in the unicameral House of Representatives and members are elected to a five year term. The electoral system is based on proportional representation with right wing, centralist and Socialist parties. The legal system is based on English common law with a Supreme Court and six District Courts.
The political parties for the Greek Cypriot Community- are Democratic Rally (right); Democratic Party (center-right); AKEL (communist); KISOS (socialist); United Democrats (center-left)
Turkish Cypriot Community political parties are –National Unity (right); Democratic party (center-right); Republican Turkish (left); Communal Liberation (center-left); National Revival (center-right); Patriotic Unity Movement (left); National Justice Party (ultra-nationalist).
Economy
The currency is the Cyprus Pound, divided into 100 cents. The currency is managed by the Central Bank using the Exchange Control Law Cap 199; the Bank targets stability against the Euro, but its plan to join the euro zone in the next few years will be hindered if public expenditure continues to run out of control.
The Greek Cypriot economy is prosperous but highly susceptible to external shocks. Erratic growth rates over the past decade reflect the economy’s vulnerability to swings in tourist arrivals, caused by political instability in the region and fluctuations in economic conditions in Western Europe. Economic policy is focused on meeting the criteria for admission to the EU.
The Turkish Cypriot economy has roughly one-third of the per capita GDP of the south. Because it is recognized only by Turkey, it has had much difficulty arranging foreign financing and investment. It remains heavily dependent on agriculture and government service, which together employ about half of the work force. To compensate for the economy’s weakness, Turkey provides grants and loans to support economic development. Ankara provided $200 million in 2002 and pledged $450 million for the 2003-05 periods. Future events throughout the island will be highly influenced by the outcome of negotiations on the UN-sponsored agreement to unite the Greek and Turkish areas.
Legislation affecting offshore and nonresident business
If you require more information on any particular statute
Banking Business (Temporary Restrictions) Law of 1939 (banking licenses)Banking Law 1997 (secrecy, confidentiality, offshore banking)Capital Gains Tax (Amendment) Law No. N119(I) of 2002Central Bank of Cyprus Law 37 of 1975 (secrecy)Companies Law Chapter 113 (types of company)Companies (Amendment) Law of 2000 (Law 2(I)/2000)Companies (Amendment) (No. 3) Law of 2000 (151(I)/2000)Companies (Amendment) Law of 2001, Law 76(I) of 2001Customs and Excise Duties Law 34 of 1975Cyprus Trustee Law Chapter 193Exchange Control Law Chapter 199Income Tax (Amendment) Law 15 of 1977 (set up offshore regime)Income Tax Law No. 118(I) of 2002Insurance Companies Laws 1984-1990 (deals with captives)Insurance Regulation 1995 (deals with captives)International Collective Investment Schemes Law No. 47 (1)/99International Trusts Law 69(I) of 1992Liberalization of Investment Laws 1997Merchant Shipping (Registration of Ships, Sales and Mortgages) Law 45 of 1963Merchant Shipping (Fees and Taxing Provisions) Law 38(I) of 1992Partnership and Business Names Law Chapter 116Prevention and Suppression of Money Laundering Law 1996
Dubai Tourist Visa Provider
Dubai Tourist Visa
Visa Application Type
Tourist Visa Fee
Tourist Visa Fee
Tourist Visa Fee
1-14 days stay
15-30 days stay
60 days stay
Visa Fee Per Person
AED 630 (USD 175)
AED 1,064 (USD 295)
AED 2,468 (USD 690)
Processing Time
1-3 Business Days*
1-3 Business Days*
1-3 Business Days*
Terms & Conditions1- A clear color scanned passport and passport size photo is required to apply a visa.2- Full Payment is required to apply the visas.3- There visa fees is non-refundable whether the visa is approved or rejected by Dubai immigration department4- For Some nationalities such as Morocco, Algeria, Iraq etc Dubai Immigration department requires a refundable security deposit of AED 2000 + AED 150 service fee from which AED 2000 will be refunded 15 days after the applicant exits Dubai or UAE.5- The visa issues in 1 to 3 days time excluding public holidays on normal circumstances we are not responsible for any delays caused by third parties such as Dubai Immigration department sections e.g. committee, visa, security etc, Dubai Commercial Bank, Technical issues with Dubai Immigration online portal ednrd.ae and missing supporting documents from applicants.6- Visa Approval is at sole discretion of the Immigration Officials and not Gulf Sun Tours. We cannot guarantee that all applications will be approved. Once your Visa Application is submitted to Immigration Department, you will be provided with a proof of rejection for your records and customer reference.7- Once applicant’s Visa is approved, we will be sending you a copy via e-mail, you need to print the visa copy and upon arrival at the airport you may proceed to the passport control section, it’s an e-visa you don’t need any other documents.8- Visa holders can arrive at any UAE airports, we require exit stamp copy or if anyone changes his visa status to employment we need the new employment visa copy in UAE of visa holders when they exit UAE and will be required.9- In case of visa holder overstaying or attempting any illegal activities in UAE Company is responsible for the fines occurred and will pay it. Overstaying fine is AED 8500 under the recent update in the entry permit rules and regulations dated August 200810- This Entry Permit has an electronic bar code which will be used by Dubai Immigration upon your arrival, you should make sure that this document is with you together with your passport copy, we advise you to additionally carry with you some other form of identification so as in the unlikely event that you misplace your passport copy whilst in Dubai you retain some sort of documentation.11- Please note that in the event that you are not able to provide the following information your visa will not be processed without the security deposit being paid upfrontA. Inward & Outward Copies of Airline TicketsB. Copy of Hotel Reservation or Letter of accommodation
VERIFICATION OF AUTHENTICITYVisa status and authenticity can be checked by calling Dubai Immigration Customer service number +97143139999 or by taking the visa copy to Dubai Airport Terminal 1 immigration department.
Visa Application Type
Tourist Visa Fee
Tourist Visa Fee
Tourist Visa Fee
1-14 days stay
15-30 days stay
60 days stay
Visa Fee Per Person
AED 630 (USD 175)
AED 1,064 (USD 295)
AED 2,468 (USD 690)
Processing Time
1-3 Business Days*
1-3 Business Days*
1-3 Business Days*
Terms & Conditions1- A clear color scanned passport and passport size photo is required to apply a visa.2- Full Payment is required to apply the visas.3- There visa fees is non-refundable whether the visa is approved or rejected by Dubai immigration department4- For Some nationalities such as Morocco, Algeria, Iraq etc Dubai Immigration department requires a refundable security deposit of AED 2000 + AED 150 service fee from which AED 2000 will be refunded 15 days after the applicant exits Dubai or UAE.5- The visa issues in 1 to 3 days time excluding public holidays on normal circumstances we are not responsible for any delays caused by third parties such as Dubai Immigration department sections e.g. committee, visa, security etc, Dubai Commercial Bank, Technical issues with Dubai Immigration online portal ednrd.ae and missing supporting documents from applicants.6- Visa Approval is at sole discretion of the Immigration Officials and not Gulf Sun Tours. We cannot guarantee that all applications will be approved. Once your Visa Application is submitted to Immigration Department, you will be provided with a proof of rejection for your records and customer reference.7- Once applicant’s Visa is approved, we will be sending you a copy via e-mail, you need to print the visa copy and upon arrival at the airport you may proceed to the passport control section, it’s an e-visa you don’t need any other documents.8- Visa holders can arrive at any UAE airports, we require exit stamp copy or if anyone changes his visa status to employment we need the new employment visa copy in UAE of visa holders when they exit UAE and will be required.9- In case of visa holder overstaying or attempting any illegal activities in UAE Company is responsible for the fines occurred and will pay it. Overstaying fine is AED 8500 under the recent update in the entry permit rules and regulations dated August 200810- This Entry Permit has an electronic bar code which will be used by Dubai Immigration upon your arrival, you should make sure that this document is with you together with your passport copy, we advise you to additionally carry with you some other form of identification so as in the unlikely event that you misplace your passport copy whilst in Dubai you retain some sort of documentation.11- Please note that in the event that you are not able to provide the following information your visa will not be processed without the security deposit being paid upfrontA. Inward & Outward Copies of Airline TicketsB. Copy of Hotel Reservation or Letter of accommodation
VERIFICATION OF AUTHENTICITYVisa status and authenticity can be checked by calling Dubai Immigration Customer service number +97143139999 or by taking the visa copy to Dubai Airport Terminal 1 immigration department.
LIVE & WORK IN EUROPE – VIA YOUR OWN COMPANY
ACCESS THE SCHENGEN ZONE – LIVE & WORK IN EUROPE – VIA YOUR OWN COMPANY
A fast efficient method for obtaining residency in your worldwide location of choice, become your own CEO own you own Company and relocate. We specialize in studying each client on their unique situation – citizenship, income, family status, secrecy, privacy etc., and propose a solution that is 100% legitimate. This process is very fast and efficient. If all the required information is in place, you can be on your way in as little time as 6 week.
Terms & Conditions
Agency
We accept orders and instructions subject to our terms and conditions and only on the basis that those instructing us do so as principals and are liable directly to us for payment of our account.
Overseas Work
If you instruct us in relation to work we may, as your agent, directly or through an intermediary request another contractor to carry out some or all of this work for you. In such circumstances we have no control over the activities of those providing the service to you (”Third Party Contractors”). We take all reasonable care to choose Third Party Contractors with good reputations and in instructing them on your behalf. We accept no responsibility however for the services Third Party Contractors provide neither to you nor for any errors or omissions in their work product. If a mistake is made by Third Party Contractors that causes you loss, we will, on being properly secured by you as to costs, co-operate with you in bringing proceedings against the contractor concerned. Acting as agent we shall pay the charges of Third Party Contractors on your behalf and recharge them to you with our own agency fees.
Adequacy of Instructions
We provide services only on the basis that those instructing us give us all proper, necessary and timely instructions, authority and information (including the execution of all documents required) to enable us to undertake lawfully and effectively the business instructed, and indemnify us accordingly. We are not liable for any errors or omissions in the information provided to us or for the consequences of such errors and omissions. Failure to provide adequate instructions or contactable telephone numbers will delay the processing of an order. We are not liable for such failure by customers and will not be liable for cost or loss incurred whether direct or consequential.
Confidentiality
It is our policy to observe confidentiality with regard to the identity and affairs of our customers to the extent permitted by law, but, in common with other service providers, we may be required exceptionally to disclose information to governmental and other public authorities.
Not Legal Advice
We endeavour to provide true and correct information on all its services, it is not providing legal or accountancy advice. Information contained in this site is for guidance purposes only. Before proceeding it may be advisable that independent advice is sought from appropriately qualified persons familiar with each individual’s personal circumstances. Further, at no time may we be held liable for advice provided by any and or all its partners.
Right to Refuse
We specifically reserve the right to refuse any and/or all its services to any client without giving any reason or explanation.
Payment
The charges for our services shall be as specified to you. Payment is usually taken at the time of purchase. Invoiced accounts are due for payment fourteen days from the date of the invoice. We reserve the right to charge for costs and expenses incurred in recovering late payments and overdue amounts.
Performance of contract
In event of the performance of any obligation accepted by the company being prevented, delayed or in any way interfered with by either
a) An act of god, outbreak of war, either general or local riot or other civil commotion, strike, lockout, act or decree of any government or any other act, matter or thing beyond our reasonable control.b) Non-delivery or non-performance by the company’s suppliers or damage, loss or destruction of the whole or part of the goods or work, the company may at its option suspend performance or cancel its obligation under the contract without liability for any damage or consequential loss resulting there from such suspension or cancellation being without prejudice to the company’s right to recover all sums owing to it in respect of consignments delivered, or collected and costs incurred to date.c) By any cause beyond the company’s control.
Liability
Except in respect of claims for death or personal injury resulting from negligence or as otherwise prohibited by law, we have no liability for loss or damage (direct, indirect or consequential) arising out of any single claim, event, or series of related claims or events (including claims based on negligence).
These terms of business are not exhaustive and there are other terms and/or conditions which relate to other services. Please read them. By purchasing a service you are also acknowledging the other General Terms of Trade as well as any which may be specific to that product or service. By accepting these terms you affirm that you have read and agreed to others posted on the legal section of our website.
Right to Amend Terms & Conditions
We expressly reserve the right to modify these terms and conditions at any time by making such modifications on this page of the website to take into account changing circumstances. If services are ordered in the future, the Instructing/Paying Party is advised to revisit the Terms & Conditions pages of the website to familiarize themselves with any amendments that may have been made.
A fast efficient method for obtaining residency in your worldwide location of choice, become your own CEO own you own Company and relocate. We specialize in studying each client on their unique situation – citizenship, income, family status, secrecy, privacy etc., and propose a solution that is 100% legitimate. This process is very fast and efficient. If all the required information is in place, you can be on your way in as little time as 6 week.
Terms & Conditions
Agency
We accept orders and instructions subject to our terms and conditions and only on the basis that those instructing us do so as principals and are liable directly to us for payment of our account.
Overseas Work
If you instruct us in relation to work we may, as your agent, directly or through an intermediary request another contractor to carry out some or all of this work for you. In such circumstances we have no control over the activities of those providing the service to you (”Third Party Contractors”). We take all reasonable care to choose Third Party Contractors with good reputations and in instructing them on your behalf. We accept no responsibility however for the services Third Party Contractors provide neither to you nor for any errors or omissions in their work product. If a mistake is made by Third Party Contractors that causes you loss, we will, on being properly secured by you as to costs, co-operate with you in bringing proceedings against the contractor concerned. Acting as agent we shall pay the charges of Third Party Contractors on your behalf and recharge them to you with our own agency fees.
Adequacy of Instructions
We provide services only on the basis that those instructing us give us all proper, necessary and timely instructions, authority and information (including the execution of all documents required) to enable us to undertake lawfully and effectively the business instructed, and indemnify us accordingly. We are not liable for any errors or omissions in the information provided to us or for the consequences of such errors and omissions. Failure to provide adequate instructions or contactable telephone numbers will delay the processing of an order. We are not liable for such failure by customers and will not be liable for cost or loss incurred whether direct or consequential.
Confidentiality
It is our policy to observe confidentiality with regard to the identity and affairs of our customers to the extent permitted by law, but, in common with other service providers, we may be required exceptionally to disclose information to governmental and other public authorities.
Not Legal Advice
We endeavour to provide true and correct information on all its services, it is not providing legal or accountancy advice. Information contained in this site is for guidance purposes only. Before proceeding it may be advisable that independent advice is sought from appropriately qualified persons familiar with each individual’s personal circumstances. Further, at no time may we be held liable for advice provided by any and or all its partners.
Right to Refuse
We specifically reserve the right to refuse any and/or all its services to any client without giving any reason or explanation.
Payment
The charges for our services shall be as specified to you. Payment is usually taken at the time of purchase. Invoiced accounts are due for payment fourteen days from the date of the invoice. We reserve the right to charge for costs and expenses incurred in recovering late payments and overdue amounts.
Performance of contract
In event of the performance of any obligation accepted by the company being prevented, delayed or in any way interfered with by either
a) An act of god, outbreak of war, either general or local riot or other civil commotion, strike, lockout, act or decree of any government or any other act, matter or thing beyond our reasonable control.b) Non-delivery or non-performance by the company’s suppliers or damage, loss or destruction of the whole or part of the goods or work, the company may at its option suspend performance or cancel its obligation under the contract without liability for any damage or consequential loss resulting there from such suspension or cancellation being without prejudice to the company’s right to recover all sums owing to it in respect of consignments delivered, or collected and costs incurred to date.c) By any cause beyond the company’s control.
Liability
Except in respect of claims for death or personal injury resulting from negligence or as otherwise prohibited by law, we have no liability for loss or damage (direct, indirect or consequential) arising out of any single claim, event, or series of related claims or events (including claims based on negligence).
These terms of business are not exhaustive and there are other terms and/or conditions which relate to other services. Please read them. By purchasing a service you are also acknowledging the other General Terms of Trade as well as any which may be specific to that product or service. By accepting these terms you affirm that you have read and agreed to others posted on the legal section of our website.
Right to Amend Terms & Conditions
We expressly reserve the right to modify these terms and conditions at any time by making such modifications on this page of the website to take into account changing circumstances. If services are ordered in the future, the Instructing/Paying Party is advised to revisit the Terms & Conditions pages of the website to familiarize themselves with any amendments that may have been made.
Friday, October 23, 2009
Dubai Offshor companies
DUBAI OFFSHORE COMPANIES (RAK) OFFICIAL APPOINTED AGENTS
We specialize in studying each client on their unique situation – citizenship, income, family status, secrecy, privacy etc., and propose a solution that is 100% legitimate. This process is very fast and efficient. If all the required information is in place, you can be on your way to freedom from taxes in as little time as 1 week.
Ras Al Khaimah
Ras Al Khaimah ranks among the smaller emirates of the UAE federation but it has always had an important position: in the past it was a centre of traditional shipbuilding and maritime commerce, more recently as a centre of quarrying, manufacturing and tourism. Since 2003, the government of the emirate has been pursuing the policy of diversification of the economy, industrialization and promotion of tourism, investment into education and public health and by investment into public utilities.
With a renewed drive for development over the past few years, Ras Al Khaimah has been pursuing the goal of becoming a serious investment destination. In a few years the emirate could become one of the top tourist draws in the Gulf thanks to its varied landscape which includes both the coast and the sand dune areas and the mountainous regions with pleasant wadis in the Hajar Mountains.
Government and Politics
Ras Al Khaimah joined the UAE federation in 1972 as the last of the seven emirates. The ruler of the emirate, Sheikh Saqr bin Mohammed Al Qasimi, has been in power since 1948. Since 2002, most of the day-to-day political and economic operations are carried out by the crown prince and deputy ruler, Sheikh Saud bins Saqr Al Qasimi.
Local government departments in Ras Al Khaimah include:
- Emiri Court
- Law Court
- Land Department
- Municipality Department
- Public Works and Services Department
- Economic Department
- General Accounts Department
- Ras Al Khaimah Oil and Gas Commission
- Ports and Customs Department
- Civil Aviation Department
- Information and Tourism Department
- Ras Al Khaimah Broadcasting Corporation
- Antiques and Museums Department
Economy
Ras Al Khaimah´s economy is not based on oil as it has only small oil reserves. Its gas reserves are more important but revenues from gas are also of a lesser importance than in other emirates and the emirate has had to look beyond its borders to fulfil its demand for gas. As the emirate will never be a major oil producer, RAK has instead had to concentrate on developing its industrial sector.
The Emirate is rich with raw materials such as limestone, clay, quartz and other minerals. Ras Al Khaimah is unique in the Gulf region as it has a high concentration of leading industrial units which process these natural resources and manufacture various types of cement, clinker, ceramics and other building materials. It opened the UAE’s first cement company in the early 1970s and is now the UAE’s largest producer of cement. RAK also boasts the largest rock quarry in the Gulf region.
In the 1980s, the emirate formed RAK Ceramics, which has become the world’s largest ceramics producer, and Julphar, the Gulf region’s first pharmaceuticals company. As the first pharmaceutical and medical supplies manufacturer in the Gulf region, Gulf Pharmaceuticals (also known as Julphar) has developed into a global brand and now sells its products, which meet the rigorous US Food and Drug Administration and European Commission guidelines, to almost 50 countries.
Since the 1980, other advanced manufacturing companies have set up operations in Ras Al Khaimah, including companies producing glass, CD and DVD discs, air-conditioning equipment, machinery parts, metal products and others. The total number of industrial companies registered in Ras Al Khaimah exceeded 100 in 2006.
RAK Freezone Company – Go Offshore with advantages
An offshore company is a company which is incorporated outside the jurisdiction of its primary operations. Offshore companies are sometimes known as non-resident companies. An offshore company should not conduct substantial business within the offshore jurisdiction where it is incorporated.
An Offshore company is a very flexible corporate entity commonly used in international tax planning, and can be integrated into a wide variety of business arrangements. Tax optimization, asset protection and confidentially are just a few benefits which can be achieved by a proper application of an offshore company.
There is no standard reply as to which is the best offshore jurisdiction. Depending on the personal situation and business activities of its owners and upon the various tax regulations in force in the countries where the offshore company will engage in business are decisive factors.
There are a number of business activities which are suited to be operated through an offshore company, these include:
- General Trading
- Consulting and Advisory Services
- Holding Company (buy/hold/sell stakes of companies)
- Investments and Joint Investments Company
- Property Owning
- International services
- Professional Services
- Shipping and ship management companies
- Commission Agents Company – Intermediary Brokers (IB’s)
Why United Arab Emirates Offshore Company Formations
Expanding and shifting your business activity through a UAE Offshore Company set up
The Emirate of Ras Al Khaimah (RAK) has launched an offshore facility – The second in the UAE.
The International Business Companies (IBC) Registry allows foreign investors to register offshore companies as RAK Offshore, a division of RAK Investment Authority (RAKIA) without the need to establish a physical presence in the UAE.
RAKCA is Ras Al Khaimah’s first and largest registered agent for the incorporation of International Offshore Business Companies (IBC). Companies are usually incorporated within 24 hours. Any non-resident individual or corporate entity can register a company with RAKCA.
AK Investment Authority (RAKIA) is a Government body formed in 2005 with mandate to promote industry, trade, investment, tourism and infrastructure in the Emirate of Ras Al Khaimah in the UAE.
Located within 1 hour driving distance from Dubai (85 kms) and 30 minutes drive from Sharjah (45 kms), the land and infrastructure costs are very competitive by as much 50-60% as compared to any neighbouring Emirate.
Many jurisdictions are considered only as tax havens. The United Arab Emirates is a ‘real’ country with a ‘real economy’ with a population of approximately 4 million. It has an established history of international trade, finance and business, and today it is one of the fastest growing countries in the world with one of the highest standards of living.
The choice of a suitable jurisdiction is an important decision and requires careful considerations. Important aspects to be examined and which RAK offers may be outlined as follows:
Political and economic stability of the jurisdiction
- The availability of a modern and flexible legislative framework
- Simple incorporation and filing requirements
- The availability of Double Taxation Avoidance Agreement (DTAA)
- State of the art banking system
- State of the art telecommunication facilities
Uniqueness
UAE is not a dependent or ‘overseas’ territory of another country
Pressure has been put on traditional low tax jurisdictions by the Commission of the European Community (EU) in conjunction with the Organization for Economic Cooperation and Development (OECD). The UK parliament has converted British Dependent Territories to British ‘Overseas’ Territories (in 1998). The UK government may apply greater control over its tax haven progeny (i.e. Bermuda, BVI, Caymans, Gibraltar, Turks & Caicos)
UAE has Double Taxation Avoidance Agreements (DTAA) with a number of countries
Double taxation agreements prevent individuals and corporations from being susceptible to paying tax on the same item during the same time period. These agreements determine which of the two states concerned should levy tax in a particular situation: Austria, Belarus, Belgium, Canada, China, Czech Rep., Egypt, Finland, France, Germany, India, Indonesia, Italy, Lebanon, Malaysia, Malta, Morocco, New Zealand, Pakistan, Poland, Romania, Singapore, Sudan, Thailand, Tunisia, Turkey, and Ukraine.
UAE is not a member of the Organization for Economic Cooperation and Development (OECD)
No foreign exchange of information.
UAE is not on the OECD “blacklist” of tax havens (nor the FATF blacklist)
UAE is not a member of the EU, and is not subject to EU regulation
Main activities of UAE OFFSHORE COMPANY
- General Trading
- Consulting and Advisory Services
- Holding Company (Buy/Hold/Sell stakes of companies)
- Investments and Joint Investments Company
- Property Owning
- International services
- Professional Services
- Shipping and ship management companies
- Commission Agents Company – Intermediary Brokers (IB’s)
Fiscal & Regulatory benefits of UAE OFFSHORE COMPANY
- 100% income tax exemption
- 100% corporate tax exemption
- 100% capital and profit repatriation
- 100% ownership in Free Zones
- No Import or Export taxes
- No capital gains tax
- No Value-added tax
- No Withholding tax
- Proximity to entire Gulf and global markets
Main features of UAE OFFSHORE COMPANY
- It does not need to have physical offices in the UAE.
- It may not carry on business within the UAE.
- It may not obtain UAE Residency Visa.
- It may have non UAE resident as director or shareholder.
- It may have UAE resident as director or shareholder.
- It may have corporate shareholder/corporate director
- It does not require the shareholder/director to be physically present in the UAE for incorporation
- It may own real estate in the UAE, with prior authorization from RAK Investment Authority.
- It may not do banking and insurance business without special license.
- It may maintain bank accounts and deposits in the UAE or worldwide.
- It is not obliged to maintain its books and records.
- It may hold shares in other UAE and worldwide companies.
- It may own yachts registered in the UAE.
In Brief
| Location | Gulf | RAK Offshore is the first comprehensive offshore centre in the Gulf region. |
| Time Zone | GMT+4 | Between Europe and Asia. Open on Sundays. |
| International Business Companies | Yes | First centre in the Middle East to offer IBC registration. |
| Trusts | No | Not offered yet. |
| Offshore Banking | Yes | Authorized to open bank account with UAE banks. |
You can register International Business Companies bearing the status of “Limited” or “Ltd.” at RAK Offshore.
Middle East and the Gulf
Thanks to geographical proximity and cultural similarities, RAK Offshore is an attractive location for businesses from countries in the Gulf and the Middle East. These countries already have strong business links with the United Arab Emirates. RAK Offshore is also likely to benefit from the fact that some countries in the region suffer from political unrest and/or asset protection issues.
Russia & CIS Countries
Confidentiality and financial privacy coupled with issues such as political uncertainty, weak currencies, taxes, severe foreign exchange controls and asset protection in Russia and CIS countries make RAK Offshore a viable option for businesses from these regions who seek an offshore location.
Europe, India & Other Countries
Companies in this region have a favourable image of the UAE as a business centre. Add to that their interest in investing in the booming economies and financial markets of the GCC and it is not hard to see why RAK Offshore is a perfect offshore location for these companies.
| Statutory description of private limited company | International Business Company (IBC). |
| Governing corporate legislation | RAK Investment Authority (RAKIA) is the governing body and the companies are regulated under RAK Offshore Regulations 2006. |
| Time-scale for incorporation | 24 hours. There is a time difference of +4 hours to GMT. |
| Availability of ready-made companies | No. |
| The regulations governing availability of names | Generally the nature of the company has to be indicated through the words “Limited” or “Ltd.”. |
| Minimum and maximum number of shareholders | A company may be formed with minimum of one shareholder and there is no limitation as of maximum. |
| Statutory minimum paid-up capital requirements | Capital is required for the incorporation of an offshore company but there is no minimum capital requirement. |
| Classes of share available | Share capital may be divided into different classes. Bearer shares are not allowed. Shares may be issued fully, partly or nil paid. |
| Denomination of share capital | AE Dirham and US Dollar can be used as the denomination for the capital. Any foreign currency is acceptable but prior consent has to be approved by the RAK Authority. |
| Annual Costs | As per request. |
| Residency requirement on shareholders or shareholders’ meetings | No requirement for a local resident to be a Shareholder, only proof of residence is required to be submitted. |
| Information published relating to shares and shareholders | The company must keep a copy of the share register at the registered office address. This is available for inspection by the members and is not publicly available. The company may voluntarily file at the Registrar the copies of the register of members. |
| Minimum and maximum number of directors | Sole directors are permissible. There is no statutory limitation for maximum number of directors permitted, although the articles may impose a limit. |
| Are corporate directors or corporate shareholders permitted? | Yes. Corporate entities are even permitted to hold shares in a RAK Offshore companies. |
| Nationality and residency requirements of directors | The director can be a resident or any foreign citizen but is required to submit the proof of residence and other relevant documents. |
| Nature of the powers of the directors | The directors have all the powers of the company that are not reserved to the members under the Regulation or in the memorandum and articles. |
| Directors & apos; meetings | The directors may meet at such times and places within or outside the UAE as the directors may determine to be necessary or desirable. |
| Information published relating to directors | There is no public register of directors, although the company may voluntarily file its register of directors with the Registrar. |
| Must accounts be prepared by the directors? | A company incorporated under the Regulation shall keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company. |
| Must such accounts be filed with the financial authorities? | No. |
| Must such accounts be audited, and if so by whom? | No. They may be audited by persons approved by the directors. |
| Must the company have a registered presence in the territory of incorporation? | Yes. The company must at all times have a registered office and registered agent within Ras Al Khaimah. The registered office must be maintained either by the company or its registered agent. |
| What records must be maintained in the territory and are they available for public inspection? | A copy of the share register and the register of directors and an imprint of the common seal must be kept at the registered agent & apos address. Other records such as minutes of meetings of directors, members and copies of all resolutions may be kept at such places as the directors determine, but copies must be kept at the registered agent’s address. |
| Can the company make secured loans? | Yes. |
| Can the company make unsecured loans? | Yes. |
| What are the limits placed on the company’s borrowing powers? | None. There are no debt/equity ratios under the law. |
| Is there a register of company charges? | A company may maintain at its registered office a register charges and other encumbrances. This is not mandatory. Similarly, a public register may be maintained at the option of the company. |
| Company seal | A company must have a common seal. |
| Re-domiciliation provisions | A company incorporated under the laws of a foreign jurisdiction may continue its existence as a company registered under the Act. Similarly, RAK Offshore business companies may transfer their domicile to foreign territories that permit such procedures. |
Compliance and Safety
Ras Al Khaimah is one of the fastest growing emirates in one of the fastest growing economies in the world, the United Arab Emirates.
Renowned for its natural beauty and art de vivre, Ras Al Khaimah has also gained a reputation for being a transparent, tax-free, corruption-free and no-red-tape location to do business. Its booming economy and proximity to other major international centres like Dubai has attracted hundreds of large, medium and small businesses from every part of the world.
Now, RAK Offshore is making it possible for non-resident corporations, entrepreneurs and individuals worldwide to enjoy all the advantages which were available only to resident entities.
At RAK Offshore, the sole raison d’être is to help your business succeed. From the very outset, it was conceived to allow you to unleash your entrepreneurial spirit by making it easier and more cost-effective to start and operate an offshore business. RAK Offshore offers businesses and individuals a wide range of comprehensive services and structures that are dedicated to non-residents.
RAK Offshore also benefits from one of the most comprehensive lists of non-double taxation treaties in the world, including with China, India, Italy, France and Germany.
Day-to-day operations are managed by the Registrar, under the control of the RAK Investment Authority (RAKIA), and the independent and dedicated RAK Financial Services Authority (RAKFSA), as well as the Central Bank of the United Arab Emirates. In delivering its functions and in considering applications by organisations and individuals wishing to establish businesses within or through RAK Offshore, the Registrar and RAKFSA aim to adopt a firm but flexible regulatory approach.
It is of paramount concern to the government that Ras Al Khaimah’s reputation is not tainted by the use of the jurisdiction for money laundering or other illegal purposes. Therefore, RAK Company Administration, as a licensed Registered Agent is expected, in accordance with a set of strict guidelines, to carry out proper due diligence and “know your customer” checks so that we are satisfied as to the identity of the clients and the legitimate origin of the clients & apos; funds. Although total confidentiality is ensured by the legislation, the authorities will cooperate with law enforcement agencies and regulators in case of illegality.
Professional Business Environment – The RAKIA Advantage
Fiscal Benefits
- 100% income and corporate tax exemptions.
- No Foreign exchange controls.
- 100% capital and profit repatriation.
- Strong appreciating and fully convertible currency.
- Low Inflation.
- Easy funding from International Banks.
Regulatory Benefits
- 100% ownership in Free Zones.
- No trade barriers or quotas.
- Easy Licensing Procedures
- Simple Import, Export Policies
- Liberal labour laws.
- No restrictions on hiring expatriates.
- Issue of visit and residence visa
- Open door policy.
- Single window clearance for permits and consents.
- Every investor gets personal attention.
- Cost and time savings
- International Bank Accounts (with electronic banking facilities)
Highlights
No need to Travel
Our clients are not required to visit Dubai to Incorporate the Company. Our Dubai corporate assistance team in UAE Dubai will undertake the necessary tasks on your behalf.
Industrial License
Activities allowed: Import raw materials, manufacturing, processing, assembling, packaging, and exporting finished products. Feasibility and environmental impact studies and clearance from RAKFTZ are required.
No need to have an office – Reduce your operational Cost
Flexi-desk/ office & Executive Office
Flexi-office offers fully equipped professional office space for short-term usage. There are no long-term lease requirements and no large capital costs. One can start running business immediately, with all the modern office support that one needs like broadband internet, telephone, fax etc.
Visa provisions included in price
- 2 INVESTOR VISAS
4 SKILLED WORKERS VISA
2 UNSKILLED WORKERS VISA
Commercial License
Activities allowed: Import, export, distribution, consolidation, storage or warehousing of items specified on the License. Maximum limit is seven similar product lines.
No need to have an office – Reduce your operational Cost
Flexi-desk/ office & Executive Office
Flexi-office offers fully equipped professional office space for short-term usage. There are no long-term lease requirements and no large capital costs. One can start running business immediately, with all the modern office support that one needs like broadband internet, telephone, fax etc.
Visa provisions included in price
- 2 INVESTOR VISAS
4 SKILLED WORKERS VISA
2 UNSKILLED WORKERS VISA
Consulting and Service License
Activities allowed: Offering consulting services in management, finance, investment, legal issues, labour relations, economics (including feasibility studies), industrial development, marketing, and related subjects. Other services include logistical support such as: restaurants or food outlets, catering services, travel agencies, leisure and social activities, insurance, cargo & freight forwarding, accounting, and audition services.
No need to have an office – Reduce your operational Cost
Flexi-desk/ office & Executive Office
Flexi-office offers fully equipped professional office space for short-term usage. There are no long-term lease requirements and no large capital costs. One can start running business immediately, with all the modern office support that one needs like broadband internet, telephone, fax etc.
Visa provisions included in price
- 2 INVESTOR VISAS
4 SKILLED WORKERS VISA
2 UNSKILLED WORKERS VISA
Commercial – General Trading License
A General Trading License can be obtained under a Commercial License, which allows for more than seven product lines. Application Procedures
No need to have an office – Reduce your operational Cost
Flexi-desk/ office & Executive Office
Flexi-office offers fully equipped professional office space for short-term usage. There are no long-term lease requirements and no large capital costs. One can start running business immediately, with all the modern office support that one needs like broadband internet, telephone, fax etc.
Visa provisions included in price
- 2 INVESTOR VISAS
4 SKILLED WORKERS VISA
2 UNSKILLED WORKERS VISA
Branch of a Foreign Owned Company
A Trading License can be obtained under a Commercial License, Please enquire for more information
No need to have an office – Reduce your operational Cost
Flexi-desk/ office & Executive Office
Flexi-office offers fully equipped professional office space for short-term usage. There are no long-term lease requirements and no large capital costs. One can start running business immediately, with all the modern office support that one needs like broadband internet, telephone, fax etc.
Visa provisions included in price
- 2 INVESTOR VISAS
4 SKILLED WORKERS VISA
2 UNSKILLED WORKERS VISA
| S. No. | Details of the Documents | Branch | FZE (Indiv.) | FZ Co. (Non-Indiv.) | LLC | Requirements |
| 1. | Certificate of Registration (or) Certificate of Incorporation | * |
| * | * | Attested & Notarised |
| 2. | Memorandum of Association of parent Company | * |
| * | * | Attested & Notarised |
| 3. | Board resolution calling to establish a branch in RAKIA FZ/Ind. Zone and guaranteeing full financial commitment. | * |
| * |
| Attested & Notarised |
| 4. | In case of individual FZ LLC applicants the above should be in the form of a letter |
|
|
|
| Attested & Notarised |
| 5. | Appointment of negotiator or legal representative (optional) – Power of attorney, specimen of his/her signature and valid passport copy. (In case of Co. Supporting Board Resolution will be required.) | * | * | * | * | Attested & Notarised |
| 6. | Applicant’s personal details, profile, specimen of applicant’s signature and valid passport copy. |
| * |
|
|
|
| 7. | Original Banker’s reference | * |
| * | * | Original |
| 8. | Attachment of the following:- | * | * | * | * | Attested & Notarised |
| 9. | Bank Certificate(For capital contribution) |
| * | * | * | Original |
( * – mandatory )
IMPORTANT NOTE:-
1. Additional documents may be requested at the discretion of the RAKIA
2. Those documents originating outside UAE will need to be attested / legalized through the UAE or the other suitable GCC/Arab Embassies in the country from which the documents originates.
Europe Emirates Financial Services
Capital Provision Service
We are able to make available and place the Share Capital on your behalf should you wish to contract this service: The Cost of this service is of 25% of the required share capital, please note that this service requires approval and will be based on the applicants personal and Business Profile, there is absolutely no guarantee that we may approve this service.
Corporate Bank Account set-up and Opening
The Cost of this service is detailed in the cost section please note that this service requires approval; there is absolutely no guarantee that we may approve this service. We will require a power of attorney from the Company to our mandate t be able to transact this service
Our clients are not required to visit Dubai to open a Dubai Corporate Bank Account. Our Dubai corporate banking assistance team has an excellent relationship with international banks in Dubai and will undertake the necessary Dubai Corporate Banking tasks on your behalf.
Personal Bank Account set-up and Opening
The Cost of this service is detailed in the costs section please note that this service requires approval and will be based on the applicants personal and Business Profile, there is absolutely no guarantee that we may approve this service. We will require a power of attorney from the Company to our mandate t be able to transact this service
- Efficient banking system: internet banking, credit cards etc
- Security of a safe haven where banking can be conducted with privacy
- No exchange controls
- No withholding taxes
- A broad range of investment & wealth management solutions: asset management, credit products, mutual funds
Our clients are not required to visit Dubai to open a Dubai Corporate Bank Account. Our Dubai corporate banking assistance team has an excellent relationship with international banks in Dubai and will undertake the necessary Dubai Corporate Banking tasks on your behalf.
FREQUENTLY ASKED QUESTIONS (FAQs.)
Where is Ras Al Khaimah?
Ras Al Khaimah is the fourth largest Emirate out of seven Emirates of United Arab Emirates. Ras Al Khaimah has earned its reputation as a pre-eminent commercial centre with an innovative, dynamic and entrepreneurial business culture. Strategically located at the crossroads of trade and commerce between East and West, it is ideally positioned to service and access markets that span the Middle East, North and Southern Africa, the Indian Subcontinent and the Confederation of Independent States. Moreover, it occupies a time zone that allows it to connect markets like the Far East and the US. To leverage this advantage, it is developing a world-class infrastructure, air and port facilities, making it the most well-connected hub in the region.
Why should I invest in Ras Al Khaimah?
Politically stable, Ras Al Khaimah has a forward-looking, responsive government with a progressive, pro-business attitude and a strong commitment to the private sector. Business-friendly regulations and a favourable tax and customs framework have played a key role in attracting business investment from all over the world in almost every sphere of economic activity. This place is developing fast as a leading regional commercial hub with the development of state-of-the-art infrastructure and a world-class business environment, providing investors with a unique and comprehensive value-added platform and a logical place to do business.
Relatively Low Cost Work Environment
- Low land and real estate costs
- Access to low cost regional talents
- State of the art telecommunications
- Availability of energy and other utilities at competitive price
- Competitive import duties (@4% with many exemptions)
- Approx.30-35% advantage to investor’s bottom line
The Best Connected Location in the Region
- Proximity to Dubai (80 km) and Sharjah (55 km).
- Modern International airport connecting important destinations
- Sea ports capable of handling bulk and container cargo.
Easy Access to Regional Markets
- Total region population of 1.8 billion
- Close to GCC and global markets
- Availability of land, sea, air cargo infrastructure
- State of art financial centres for offshore investments, fund managements, insurance and merchant banking.
Thriving Tourist Destination
- Development of tourism projects and resorts, theme parks, desert and hill station resorts with total Investments US $ 10 billion in next 5 years
- Development of five star and seven star hotels with total Investments US $ 10 billion in next 5 years
- Development of hospital, health clinics, schools, colleges and universities with total Investments US $ 2 billion in the next 5 years.
- Development of real estate, apartments, commercial complexes, marinas and golf course 2
- World class restaurants, beaches and tourist attractions
- Sports facilities including golf, dune driving and sand skiing.
Cosmopolitan Work Environment
- Strong work ethics
- World-class international schools and colleges
- Excellent facilities for leisure, sports, shopping and healthcare
- Progressive, tolerant and multicultural society
Island of Calm & Safety - Stable economy with relatively low volatility
- Continuous political stability since its inception
- Almost zero crime rate
What is the role of RAK Investment Authority?
Ras Al Khaimah Investment Authority (RAKIA), Govt. of Ras Al Khaima, United Arab Emirates, is the nodal agency to jump-start projects from one platform. RAKIA’s role includes,
- Issue of licenses and leasing of land in Ras Al Khaimah Free Zones and Industrial Zones.
- Single window clearance for all permits and approvals
- Dedicated personalized service to every Investor
- Development and management of Industrial Zones and Free Zones, warehouses, Business centres.
- Development of robust economic clusters including technology hub, media hub, finance hub and healthcare hub.
What type of investments RAKIA is looking for?
RAKIA is looking for quality investments in different sectors like manufacturing, education, health, IT, media, real estate, tourism, financial services etc.
How do we get more information about Ras Al Khaimah?
One can get relevant information from the following websites,
- RAK Chamber of Commerce and Industry: www.rakchamber.com
- Official website of RAK Government: www.rak.ae
- Tourism Department, Government of Ras Al Khaimah: www.raktourism.com
- Ras Al Khaimah Economic Department: www.rakecon.ae
- Customs and Ports Department, RAK :www.rakcust.com
- Saqr Port Authority: www.saqrport.com
ABOUT RAK FZS & IZ FACILITIES
What are the benefits being offered to investors?
The following incentives and regulatory environment are provided to benefit investors,
- No Corporate Tax
- No Income Tax
- 100% ownership in Free Zones 3
- No foreign exchange controls, trade barriers or quotas
- No restrictions on capital repatriation
- Easy access to key decision makers
- Liberal labour laws.
What is the difference between RAKIA Free Zones and Industrial Zones?
RAKIA free zones and industrial zones mainly differ in legal shareholding and ownership pattern in formation of companies and incentives offered.
There are mainly two types of entities, namely, companies in RAK Free Zones and in Industrial zones. In free zones, businesses, by local or foreign individual or a corporate body, can form single shareholder Limited Liability Company commonly known as free zone establishment (FZE) or with two to five shareholders known as free zone companies (FZC). 100% ownership by foreign company is allowed in free zone. Entities in free zones can also sell products within UAE through distributor or agent licensed in UAE. But for such sales, a tax up to @5% is levied. Whereas, foreign companies in the industrial zones require to form companies (LLC’s) with local partners with minimum @51% equity. However, there are provisions to pass on the equity to foreign entity to make it a 100% foreign ownership company, particularly to protect the interest of the minority partner in situations where in reality the minority partner invested all the capital in the company. Companies in industrial zones are free to sell in the domestic as well as in the export market. RAK investment authority can sponsor and become local partner and have separate agreement to take care of the legal provisions.
Incentives include no corporate tax, no income tax, no foreign exchange controls, trade barriers or quotas, 100% repatriation of profits, long term land lease period valid for both free zones and industrial zones. Free zone entities attract 100% import and export duty exemption.
What are the facilities provided to companies those who want to set up facility in RAKIA zones?
- Land for lease in free zones and Industrial zones
- On-site accommodation facilities for investors’ personnel in industrial zones.
- Access to Saqr Port and Al Jazeera port.
Are the facilities provided on purchase or lease basis?
The facilities are available on lease basis. Companies willing to operate in RAK must obtain a suitable license from RAK Investment Authority and enter in to an agreement for long term leasing of land generally for 25 years, renewable for similar periods. The current rate of lease is AED 12-15 /sqm for the first five years and @10% escalation thereafter for the next five years.
Is there any financial support provided by RAKIA for the proposed projects?
There is no financial support provided by RAKIA. However, there are several international banks in RAK or UAE in general which provide finance.
What are the existing logistical infrastructure like sea port, air port, road etc?
- Sea-port
Saqr Port is located in the industrial area of Khor Khuwair is the Emirate’s main port providing bulk and container services. It has twelve deep water berths, each 200 m long, is dredged to 12.2 m and has two ro-ro ramps plus specialised berths for handling bulk goods. Other services include ship handling, crew changes and 40,000 m2 of covered storage together with a vast open storage area. Al Jazirah Port: Depth is about 6.2mtrs, a brand new port for bulk handling located south of Ras Al Khaimah.
- Airport
Ras Al Khaimah International airport With a 3,760m runway, is fully equipped to handle any flight for passengers and cargo at any time. In total about 27 airlines including Gulf Air, Egypt Air, Aeroflot, Pakistan International Airlines and many other airlines operate scheduled and non-scheduled flights. Open 24 hours 7 day the airport has an open skies policy with no restrictions on frequencies and time of arrival / departure; offers competitive tariffs and storage facilities, fast and efficient; and has a full offering of duty free goods among other services.
- Road
Ras Al-Khaimah has a well laid out network of roads. Two free flowing dual carriageways link RAK with the other northern emirates and beyond. One stretches through the beautiful beaches and deserts while the other runs out towards the airport in the direction of Khatt, Fujairah and Dhaid In addition to the existing highway to Dubai, a super highway linking Ras Al Khaimah to the rest of the UAE and Saudi Arabia has been completed. Now a trip to Dubai Airport takes about 45 minutes.
What are the types of license provided by RAKIA?
RAKIA provide licenses like,
- Industrial
- Commercial
- Consulting & service
- Trading
- Logistics
- Media
- Education
Can I be a partner in more than one company?
There are no restrictions on the number of businesses in which the investor can involve in.
What are the customs procedures of Ras Al Khaimah?
Kindly visit RAK Customs Department website for details: www.rakcustoms.rak.ae
What is the maximum number of employees allowed?
This will depend on the nature and size of your Business.
How long is my residence visa valid?
The residence visa issued by RAKIA is valid for a period of three years from the date of issue.
How do I bring in Business visitors?
RAKIA provides the service of issuing transit Visas. You can therefore process your request with RAKIA
Can I establish a branch of my own company?
Yes, many companies establish branch, subsidiaries in the Free Zone.
Can I transfer my money outside the country freely?
Yes. The authorities impose no restrictions on the movement of capital.
Can I travel between the emirates freely with my residence permit?
Yes. There are no restrictions
Are there any restrictions on my departure from the country?
No. Provided your visa is valid.
Can I bring my Family members?
Yes, provided the correct immigration procedures are followed. Family visa procedures are quite simple.
Do you maintain International Environment & Health standards?
RAKIA follows the environmental protection & Industrial Development Council Standards, which are based on Federal Laws.
Are there any restrictions to importing and exporting of goods?
There are no restrictions for FZE/FZCs to importing and exporting of goods as long as it is in accordance with your license. No duties are imposed on goods imported and/ or exported from within the Free Zone, other than when goods are sold locally in the UAE market then the applicable custom duty will be payable.
Can one sell one’s product in the local market (U.A.E)?
FZE/FZCs also can sell their products in the local market subject to payment of relevant customs duties and through local agencies.
Can I convert my driving license?
Yes. The UAE recognizes driving licenses from certain countries. A local UAE Driving license can be issued against this upon completing certain formalities.
How long is my residence visa valid?
The residence visa issued by RAKIA is valid for 3 years, from the date of issue.
What are the communication services available in the Zone?
International and local Telephone lines services, fax, email, and internet services are all available at competitive prices.
Will the Government protect my product by the imposition of protective duty?
No. The UAE has a free trade policy and no protective duties are imposed.
Double Taxation Avoidance Agreement (DTAA)
List of Double Taxation Avoidance Agreements:
| No | Country | Execution | No | Country | Execution |
| 1 | Egypt | 26/3/1995 | 25 | Turkmenistan | 24/11/1999 |
| 2 | Algeria | 28/11/2001 | 26 | Armenia | 29/12/2004 |
| 3 | Yemen | 25/8/2001 | 27 | Tajikistan | 29/01/2000 |
| 4 | Tunisia | 24/2/1997 | 28 | Mongolia | 29/11/2002 |
| 5 | Morocco | 26/9/1999 | 29 | Azerbaijan | 30/04/2007 |
| 6 | Sudan | 28/11/2001 | 30 | Austria | 27/04/2004 |
| 7 | Syria | 11/6/2000 | 31 | Poland | 29/01/1994 |
| 8 | Lebanon | 25/10/1998 | 32 | Germany | 18/03/1996 |
| 9 | Mozambique | 04/05/2004 | 33 | Finland | 24/02/1997 |
| 10 | Pakistan | 29/01/1994 | 34 | Italy | 20/11/1995 |
| 11 | India | 21/08/1993 | 35 | Czech | 26/06/1997 |
| 12 | Sri Lanka | 04/05/2004 | 36 | France | 15/11/1989 |
| 13 | Philippine | 29/12/2004 | 37 | Belgium | 26/06/1997 |
| 14 | Korea | 04/05/2004 | 38 | Romania | 09/01/1996 |
| 15 | Singapore | 17/06/1996 | 39 | Turkey | 29/01/1994 |
| 16 | Indonesia | 17/06/1996 | 40 | Luxemburg | 07/05/2006 |
| 17 | Thailand | 12/11/2000 | 41 | Spain | 13/08/2006 |
| 18 | Malaysia | 17/06/1996 | 42 | Malta | 13/08/2006 |
| 19 | China | 05/06/1994 | 43 | Bosnia & Herzegovina | 30/04/2007 |
| 20 | New Zealand | 04/05/2004 | 44 | Seychelles | 06/02/2007 |
| 21 | Ukraine | 28/02/2004 | 45 | Mauritius | 20/06/2007 |
| 22 | Belarus | 02/01/2001 | 46 | Canada | 07/01/2004 |
| 23 | Holland | 29/11/2007 | 47 | Uzbekistan | 26/10/2007 |
| 24 | Bulgaria | 22/01/2008 |
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How to establish a UAE Free Zone company
In order to set up an UAE Free Zone company the applicant must contact us. As a Registered Agent we will be responsible for submitting the incorporation documents to the Registrar. The applicant does not need to be physically present for the incorporation.
- Set up time: 2-3 weeks
- UAE Residence Visa: 2-3 weeks
List of Requirements
- 1. Regular Documents -
- Application form duly filled – “Application for License”
- Business card of contact person
- Passport copies of partners
- Passport copy of manager
- Original bank reference letters of partners (Good Standing Letter)
- License copy of existing company (if any)
- Original bank reference letter of existing company (if any)
- Business Plan / Feasibility Study
- Existing company profile (if any)
- “Investor Project Profile” form duly filled
- Copy of Degree / Diploma certificate related to the activities desired in the license (for at least one of the partners)
- Experience certificate related to the activities desired in the license.
- Copy of license / certificate of registration / certificate of incorporation – attested
- Copy of Memorandum of Association & Articles of association – attested
- Original Board Resolution calling to establish a branch. It should guarantee financial commitment of the branch and mention appointment of a legal representative / Manager
- Original Power of Attorney of legal representative / manager (as mentioned in Board Resolution)
- Passport copy of legal representative / manager
- Parent company’s bank statements for last three months
2. Additional Documents –
- a) For Industrial license -
b) For Consultancy license -
Note: One of the above documents is a must to obtain the license.
c) For Branch of companies –
Note: In case of branch of foreign companies, all above documents should be translated in English, notarized and attested / legalized through UAE or other suitable GCC or Arab Embassy in the country from which documents originate.
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