International business companies or RAK ICC companies of the UAE are the companies which have some certain special regulations in terms of permitted types of activities and territory where such companies can do business. These companies can do business anywhere in the world except of the UAE. In the UAE such company can have a bank account and, if necessary assign auditor (be the law UAE RAK ICC company does not need to file audit, however some customers do make audit reports for their own purposes).
Such companies can be used in practice for a great number of diverse business purposes. These companies, as according to the applicable regulations, do not have any specific restrictions on its activities apart of banking or banking related and insurance. Some examples of activities these companies can be used for:
- International trading – such company, in combination with the UAE bank account, is highly effective and advantageous for this type of business.
- International logistics and other services – RAK ICC company is very useful for this type of business as it has no limitations on such activities.
- Projects development – in the event of various international projects development in diverse business areas such company can be effectively used for project internal financing, project supervision and co-ordination and well as other project related tasks.
- Holding rights and patents – another highly useful feature of the RAK ICC company is holding different patents and rights.
- Holding shares in other companies and other assets – such company can act as the holder of the shares in diverse countries as well as holding assets – in the UAE and abroad. Though, we need to mention that this company is not entitled to use the advantages of the double tax treaties signed by the UAE. Means, if you need to use such advantages, you shall consider registering UAE onshore company.
- To have the operative bank account for various business purposes – there are cases when clients have various international projects in absolutely diverse business areas on the case-to-case basis. UAE RAK ICC company plus bank account is the very good answer for these tasks.
- For opening private account, but keeping money under company name – there are scenarios when an investor prefers to keep his private assets under name of a company. For such purposes the RAK ICC is very useful and in fact is applied for it quite often in practice.
- As the shareholder of a UAE onshore company – for various reasons it may be required that the shareholder of a UAE onshore company is not a physical person, but a legal entity. For such cases UAE RAK ICC company is the ideal vehicle.
Advantages of RAK ICC
Such company is highly cost efficient, does not require any audit reports and is completely excluded form taxation in the UAE. Another important aspect when using this type of companies in practice – UAE is the highly stable and well known jurisdiction thus your company enjoys confident image.
Disadvantages
It can not do any activities inside of the UAE, only outside of the country. Moreover, if you need a company with substance – office, employees, etc. – RAK ICC company cannot have any real substance in the UAE. It has only registered address provided by the company registered agent.
