Sheikh Saud Bin Saqr al Qasimi,the crown prince and Deputy Ruler of Ras Al Khaimah, United Arab Emirates, since 2003, is the fourth son of His Highness Sheikh Saqr bin Mohamed Al Qasimi. Born in Dubai on February 10, 1956, Sheikh Saud completed both his primary and secondary education in Ras Al Khaimah and was later sent to the American University of Beirut (AUB, Lebanon. Subsequently he transferred to the University of Michigan, where he completed his studies.
On his return to Ras Al Khaimah in 1979, Sheikh Saud was appointed as Chief of the Ruler's Court to assist his father, HH Sheikh Saqr, in the administration of the Government of Ras Al Khaimah. In 1986 he became the Chairman of the Ras Al Khaimah Municipal Council, in which he implemented reforms to improve the governance infrastructure of the Emirate and the Deputy Ruler in 2003.
Committed to realizing the latent potential of Ras Al Khaimah, he has focused on improving the sectors in which the Emirate has a comparative advantage, such as tourism, real estate, and manufacturing. Drawing from the experience of his private sector successes, such as the rejuvenation of Gulf Pharmaceutical Industries (i.e., Julfar Pharmaceuticals) and the creation of the world's largest ceramics manufacturer, RAK Ceramics, Sheikh Saud's economic insight and business savvy have helped bring about unprecedented development and growth across the emirate. The affects of his reforms resulted in a dramatic jump of GDP per capita in Ras Al Khaimah from AED 35,000 to AED 52,000 in the years between 2001 and 2006.
In 2006, Sheikh Saud established the Ras Al Khaimah Investment Authority (RAKIA) to implement and manage Ras Al Khaimah's vigorous developmental and infrastructural overhaul. RAKIA is among a myriad of semi-governmental organizations, including RAK Properties, Rakeen, and the Investment and Development Office, which have been instrumental in attracting quality investors to Ras Al Khaimah via RAK off shore incorporation services.
In January 2008, Standard & Poor and Fitch, the international credit rating agencies, announced that the Government of Ras Al Khaimah was awarded an A rating, thereby publicly confirming the strong economic position that the Emirate's government enjoys. Viewing education as an important part of Ras Al Khaimah's sustainable development, 2005 saw the opening of George Mason University's first international campus in Ras Al Khaimah, making it possible for youth throughout the region to obtain an American college degree without leaving the Emirate.
Sheikh Saud is well regarded and admired as a hard working, and tireless leader. He is dedicated to his ambitious vision of making Ras Al Khaimah a world class destination for off shore incorporation.
For many businessmen and corporations doing business in their domicile countries is no longer profitable, what with fluctuating tax policies of the government. The legal system too does not offer any respite to companies seeking tax waivers or rebates. Left with no options these businessmen and corporations look for ways to safeguard and consolidate their income and profits.
The Internet opens up a whole new world of better options to those looking for opportunities in the form of off shore incorporation, especially in RAK, UAE, for those wanting to invest in the Middle East. Corporations understand that off shore incorporation can provide many benefits both financially and legally and that in the long run it has the potential to trigger immense growth of profits.
RAK off shore incorporation helps you to run your business or asset ownership in the Middle East in the most profitable manner. Especially because you avoid the cumbersome process of having the off shore incorporation company documents attested by various embassies and Ministries of Foreign Affairs!
For your off shore incorporation in RAK, there exist many service providers offering a competitive offshore package. Such packages include services for operating your business, hiring local employees, entering into agreements, renting of office space, selling goods and company services, drafting contracts and offering investments, taxation and banking advice.
As RAK off shore incorporation requires an agent, you will need to choose one in order to register your company. The offshore package offered by any service provider stipulates that the agent representing the service provider would act as a link between the newly formed offshore enterprise and the local government.
RAK Off Shore Incorporation - Features and regulations:
* The capital of the company can be any amount divided into any denomination.
* The minimum number of shareholders and directors is one.
* All shares must be fully paid when allocated and no bearer shares or differential classes of shares are allowed. However, there is no requirement to deposit the capital in bank.
* 100% foreign ownership permitted and 100% tax and duty exemption exists on RAK off shore incorporation companies.
* Opening a corporate bank account in a bank at Dubai, UAE is permitted.
* A registered agent (legal firms, auditors, consultants) is required to be appointed by the Company from the approved list of registered agents maintained by RAK Free Zone.
* The Offshore domicile is located in the RAK Free Zone.
* The investors need not visit the authority to incorporate the company, however the documents need to be signed in the registered agent's office.
* Audited financials will be requested only in case of suspicion.
RAK Offshore has been established by the Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the Emirate, to address the region's growing demand for offshore markets, while at the same time to boost the emirate's ongoing economic diversification program. Within just 14 months of operation as an alternate offshore location in the Middle East, RAK Offshore has expanded its client portfolio to over 1,900 International Business Companies (IBCs) providing specialised services such as asset protection schemes and real estate holding.
Real estate and property investments are among the principal businesses of several international firms registered with RAK Offshore. Ras Al Khaimah, has also created a splendid mix of infrastructure projects and new policies to provide the best environment for the off shore incorporation of companies.
A key feature of RAK Offshore is that it offers complete privacy and confidentiality; owners of IBCs are kept confidential under law, ensuring a highly conducive business environment for both individual and corporate investors. RAK Offshore's portfolio of services includes a wide range of financial and non-financial services. Under its non-financial portfolio, RAK Offshore facilitates the establishment of IBCs whose activities include international trading, asset protection, tax planning and real estate holding.
RAK Offshore also supports a wide selection of outsourcing companies, and offers several marine-related services, including an open registration facility for vessels and yachts from anywhere in the world. Under its financial services portfolio, which has been forwarded to the authorities for approval, and is currently under review as per guidelines of the UAE federal authorities, RAK Offshore will provide in the future, a regulatory framework to establish a diverse range of funds, including Sharia-compliant investment products. RAK Offshore will also facilitate the establishment of different kinds of offshore trusts, which may be used to hold offshore companies or other assets under the RAK Offshore Special Corporate Trust Regulations.