Even for 15-20M AED / month business ? I think bank could be more compliant, if a lot people Switch with RAKICC company
I am also looking for banking options for an RAK ICC company.The only issue I found with offshore companies is getting a bank account.
Where you able to get a local one?
This is case by case. You can get some EMI if they work for you.Banking in UAE for non residents (companies or individuals) is extremely difficult. Hardly you will find any bank that under normal circumstances will onboard you.
If you have a real use case of why you need an offshore company and you cannot work with onshore company and you are managing a lot of money, try to find a smaller bank where you can more easily talk with managers or branch directors to expose your case tell them the amount of money or business you will bring to them and you might be lucky, as smaller banks have targets to meet and you can help them achieve them. But remember that this is case by case and you have to be very lucky by meeting the right person at the right moment.
Other than that, go the traditional onshore way and you will have bank easier (still can be hard sometimes but easier than offshore)
what about? Issuance of Tax Certificates (Tax residency and commercial activi
It makes sense since I believe you can also not get TRC and access to DTT-sNo taxation for RAK ICC offshore companies. At least for now
I think there are better jurisdictions in which you can achieve 0% corporate tax than UAE for a similar price.If there is no tax it’s good think we still have opportunity in this country, but main problem is business banking ..
If there is no CIT there is income tax, if there is no income tax there is poor banking system if there is 0% with banking systeme it’s in a middle of island and you can do nothingI think there are better jurisdictions in which you can achieve 0% corporate tax than UAE for a similar price.
UAE was good because of the free zones with 0% tax that gave you access to local banking and residency.
I am guessing you are basing this on the legal opinion of the senior tax advisor you mentioned earlier. Did you also talk to him about the effective management of the RAK ICC? From everything I understand about the new corporate tax laws, the RAK ICC cannot be managed by a UAE resident and remain tax-free, as that would trigger a permanent establishment and, thus, corporate tax. Or am I missing something, @OJ333?No taxation for RAK ICC offshore companies. At least for now
Official guidance doesn't look like this, but certain types of income might be exempt.No taxation for RAK ICC offshore companies. At least for now
Depending on the activities the income might be tax free, but regardless CIT registration is mandatory for all UAE companies.so what's the current agreed upon understanding of this situation, taxed or tax free?
maybe you can post it again, and kindly share the link so we can all start asking what is happening?I directly contact RAKICC on their website and I get this answer :
« Unfortunately we may not comment on this matter yet as discussions are ongoing on high level with FTA .
We will officially inform all the agents once we finalize discussion .
Please feel free to seek Tax Advice meanwhile .
Thanks & Regards, »
Freezones have no authority in regard to tax matters. No point to contact them. They must obey the laws like everyone else. In that sense they are like all other companies.maybe you can post it again, and kindly share the link so we can all start asking what is happening?
Yes but you still UAE resident so if you live there you will have to pay CIT, maybe interesting for people outside the country but in this case just open an US LLC ..I’ve been looking into the same issue for a while, and I completely understand the confusion. There’s a lot of conflicting information out there about whether the new UAE corporate tax applies to RAKICC offshore companies.
From what I’ve gathered, RAKICC is considered separate from other UAE free zones when it comes to tax regulations. The official RAK ICC website still states that these offshore companies are not subject to UAE corporate tax, and a few consultants like Creative Zone seem to confirm that. However, it does seem like the situation is still a bit unclear, as some tax consultants and agents are hesitant to give a concrete answer