Dubai

Dubai is a city and emirate in the United Arab Emirates (UAE).The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi. Dubai and Abu Dhabi are the only two emirates to have veto power over critical matters of national importance in the country’s legislature.

Dubai City is located on the emirate’s northern coastline.

ECONOMY

Dubai’s gross domestic product as of 2008 was US$ 82.11 billion.

Although Dubai’s economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate’s revenues.

Real estate and construction (22.6%), trade (16%), entrepôt (15%) and financial services (11%) are the largest contributors toDubai’s economy.

Currency:UAE Dirhams (AED)

Language: The official language is Arabic, however, English is widely spoken and many documents and publication are available in English.
Type of law: The RAK International Company Law is based on The model of The successful International Company regime of The British Virgin Islands.A unique feature RAK Company Law is that it allows The shareholders to elect their choice of proper Law (e.g. English, BVI, Delaware) to decide matters concerning, among others, disputes between the shareholders, and any other matters.
Type of Company: International Company (IC) limited by shares
Principal Corporate Legislation: Ras Al Khaimah Decree dated 7 June 2005
The Ras Al Khaimah Free Trade Zone International Companies Regulations 2006
Uses: Commercial and trading activities, subject to trading restrictions as below.
Trading Restriction: Cannot carry out:
Business with persons/entities in the Ras Al Khaimah Free Trade Zone or in the UAE except where permitted by Regulations;
Banking business or business as an insurance or reinsurance company, insurance agent or insurance broker, unless it is licensed under applicable UAE law and authorised to carry on that business
Company name: Must check for availability. Some sensitive words: Finance, Bank, Trust, Royal, Insurance, Security, etc require the Minister’s approval. Must end with Limited/Ltd or Incorporated/Inc.
Language of legislation and corporate documents: English
Taxation: Zero corporation or capital gains tax
Annual license fee: AED1,500 (approximately EUR300)
Double Tax Treaty Network: RAK IC enjoys the benefits of the current UAE’s 48 double tax treaties
Registered Agent / Office: A registered agent must be appointed and a registered address must be maintained within the RAK zone or in the UAE if maintained by its registered agent
Shareholders: Minimum number: One
Details of shareholders are not on the public file but disclosed to the Registry.
Register of Shareholders:  Must be kept at the Registered Office
Disclosure of Beneficial Owner: Not publicly available
Directors: Minimum: One
Can be corporate or natural person
Nationality: No restriction
Details of directors are not on the public file but disclosed to the registry
Location of meetings: No restriction
 Secretary: Required: Yes
Local or qualified: No restriction
 Share capital: Permitted currency: AED, USD and GBP
No minimum capital requirement
Different classes of shares allowed
Bearer shares: Allowed to the extent permitted by Regulation of an International Company and the bearer shall be a registered agent acting as nominee on behalf of the beneficial shareholder.
 Annual Reporting: No need to file annual return or accounts but accounts required to be prepared and approved by the directors.  No audit requirement.
 Shelf company: Yes

For incorporation queries in this jurisdiction, please complete and return to us our Company Formation Questionnaire.

For further information on our services provided in this jurisdiction, please Contact Us.

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