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Offshore Industry

 

Banking

The UAE banking and financial services have made significant progress in the past years mainly thanks to the strict control of the Central Bank. Banking, finance and monetary transactions in the UAE are regulated at a federal level. At the moment 24 locally incorporated banks and 27 foreign banks are operating in the UAE.

The following types of banks and financial institutions are available in RAK:

  • Commercial banks: local and foreign
  • Restricted Licence banks: commercial banks allowed to receive deposits only in foreign currencies
  • Investment Banks
  • Finance and financial investment companies
  • Money exchangers
  • Representative offices of foreign financial institutions
  • Financial institutions not subject to the Central Bank’s licensing


Ras al-Khaimah has state of the art banking facilities and communications facilities making it easy to access and manage accounts from anywhere around the world. Accounts can be opened without having to visit the bank or Ras al Khaimah and all institutions will provide secure online access, debit and/ or credit cards, multi-currency accounts, and any other tools you would expect from a modern up to date bank. Finally, RAK has its own banking secrecy and benefits from its stable economy and currency, which is pegged to the US dollar.

Licenses

Several licenses can be obtained in function of the activity or services a company wishes to provide:

  • Industrial License
    Activities allowed: Import raw materials, manufacturing, processing, assembling, packaging, and exporting finished products.
  • Commercial License
    Activities allowed: Import, export, distribution, consolidation, storage or warehousing of items specified on the License.
  • Consulting and Service License
    Activities allowed: Offering consulting services in management, finance, investment, legal issues, economics, industrial development, marketing, and related subjects.
  • Commercial - General Trading License
    A General Trading License can be obtained under a Commercial License.

 

Double Tax Agreements

As the UAE has no taxes, accordingly double taxation prevention treaties are aimed at making the UAE a more attractive territory in which to operate by reducing taxation levied in the foreign jurisdiction on profits remitted abroad by foreign corporations operating in the UAE.
Generally, under these treaties profits derived from shares, dividends, interest, royalties and fees are taxable only in the contracting state where the income is earned. Furthermore, dividend income paid by a UAE company to another company, which has a double taxation treaty with the UAE, may not be taxable in the hands of the foreign parent corporation even though it has not been taxed in the UAE.
Currently, the following countries have signed a tax treaty with the UAE:
Algeria, China, Egypt, Finland, France, Germany, India, Indonesia, Italy, Jordan, Kuwait, Korea, Malaysia, Malta, Pakistan, Poland, Romania, Singapore, Sudan, Syria, Turkey, and Yemen.

 

 

Demography - Economy - Offshore company