Where to complain about WASET Fraud of Cemal Ebru Bora Ardil ? : write complaints to UAE RAK Emirate Investment Authority RAKIA

Where to complain about WASET Fraud of Cemal Ebru Bora Ardil ? :
write complaints to United Arab Emirates Ras Al Khaimah Emirate Investment Authority RAKIA

Online mail to United Arab Emirates Ras Al Khaimah Emirate Investment Authority :

eMail to United Arab Emirates Ras Al Khaimah Emirate Investment Authority : info@rakinvestmentauthority.com

Call United Arab Emirates Ras Al Khaimah Emirate Investment Authority : +971 (7) 206 86 66

Cemal Ardil has a company (since early 2010’s), name of which is World Academy of Science, Engineering and Technology FZE, in United Arab Emirates Ras Al Khaimah Emirate Free Zone :

————————

* http://www.rak-ia.com/client-center/client-directory/page/194/

Goverment of Ras Al Khaimah
RAK Investment Authority
World Academy of Science, Engineering and Technology FZE

Activity : Research & Experimental Development On Natural Science ,
Research & Experimental Development On Social Science and Educational Consultancy
Licence : Consulting & Service

Address : P.O.Box: 31291 Al-Jazeera Al-Hamra, Ras Al Khaimah, United Arab Emirates
Manager : Cemal Ardil   Fax : 9.02126E+11

———————–

P.O.Box: 31291 : a common p.o.box of Ras Al Khaimah Emirate Free Trade Zone which is shared by all of companies.

Fax : 9.02126E+11 : a common fax of Ras Al Khaimah Emirate Free Trade Zone which is shared by all of companies.

———————–

FZE stands for Free Zone Establishment (tax free industrial zone in UAE).

Nowadays there are about 30 free zones (2015) in United Arab Emirates

Main benefits of company formation in Ras al Khaimah (RAK) are simplicity, low cost and loyal legislation that make it easier to do business in UAE.

Main advantages of company set up in UAE free zones.
100% of ownership.
Zero tax rates.
Accounting and financial statements preparation are not necessary.
Stable economic and political situation.
Non-disclosure of information.
Absence of requirements to share capital size.
In addition, there is no restrictions to shareholders’ and directors’ residence.
Both legal and physical entities could be shareholders.
What is make FZE Company set up beneficial is that you can receive UAE residence for 3 years for you and 2 members of your family.

All FZE companies in UAE must receive a license for implementing a particular business activity.
The license should be prolonged every year.
After receiving license your company can do business within UAE.
In case you plan to do business outside UAE you need to hire a local representative.

—–

* http://www.pkf.com/media/135638/free%20zones%20in%20the%20uae%202009.pdf

Free Zones in the UAE

….

…. The incentives offered by various Free Zones of the UAE are generally similar and include:
100% foreign ownership
Full repatriation of capital and profits
100% tax exemption
Extended leases
Quick approval procedures
Abundant and inexpensive energy

An independent Free Zone Authority (FZA) governs each Free Zone, and is the
agency responsible for issuing FTZ operating licenses and assisting companies with
establishing their business in the FTZ.

Investors can either register a new company in the form of a
Free Zone Establishment (FZE) / Free Zone Company (FZCO) or
simply establish a branch or representative office of their existing or parent company
based within the UAE or abroad.
An FZE is a limited liability establishment, incorporated in a Free Zone,
owned by one natural or judicial person,
whereas an FZCO is a limited liability company incorporated in a Free Zone by
more than one shareholder, generally up to five.
FZE/FZCO are governed by the rules and the regulations of the Free Zone in which they are established.
There is a minimum capital requirement ranging from AED 50,000 to AED 1,000,000
depending upon the selected Free Zone.

—–

* http://www.fbsemirates.com/docs/FAQ_United_Arab_Emirates.pdf

Important Note:
UAE companies and bank accounts are an effective vehicle to face the EU Debt /
Banking Crisis Risks (information exchange and deposit haircut risks) as the United
Arab Emirates is the ONLY jurisdiction not to sign ANY information exchange
agreements (disclosing beneficiary details) with ANY other country!

What are some of the Important Advantages of the UAE? …
– 0% income tax
– 0% import and excise duties
– 0% tax on sales, wealth or capital
– 100% ownership by foreigners
– 100% free repatriation of profits
– 0% “surprises” / restrictions
FULL confidentiality for beneficial owners at banks and the authorities and NO
information exchange agreements with any other country

Why use UAE corporate structures, invest, set up or relocate to the UAE?
The Emirates do not need formal introductions…
The Emirates Ras Al Khaimah / Dubai are not tax heavens but big and
powerful International Financial Centers and International Business
Centers with important motives for investors many of which maintain real
presence with property and personnel in Free Zones.
– Use of company with bank account for anonymous and safe keeping of
additional company reserves and/or supply with personal capital
– Use as a parent company of a Cyprus or Maltese company or company of
another country which will accumulate the dividends / available cash
– Use as an independent company for the provision of services and to invoice
Cyprus or Maltese companies or companies of another country and collect
the amount of invoices in Dubai
– Use as an agent of a Cyprus or Maltese company or company of another
country for collections / payments
– Use of a company in Ras Al Khaimah, through the opening of a branch or tax
representative / VAT representative, in Malta or Cyprus with registration in
the European VAT records to undertake intra community trade of goods with
0% income tax in Malta / Cyprus and the Emirates (with no transactions in
Malta or Cyprus)
– Use of a Ras Al Khaimah company for international trade of goods and
services with 0% tax
– Use of a Ras Al Khaimah company for portfolio investments, ownership and
operation of immoveable property, holding, royalty, shipping and many other
activities.

What types of Companies / Entities are available to Foreign Investors?
Within each Free Zone there are 2 types of entities: Offshore and Onshore / Free
Zone.
In the case of Onshore / Free Zone type, generally there are:
– Free Zone Companies “FZ CO”,
– Branches of Foreign Companies or Companies in other Free Zones and
Free Zone Establishments “FZE” (unlimited liability personal establishment / one
shareholder)
Costs vary from Free Zone to Free Zone with the cheapest being RAK Free Zone.

….

Offshore (RAK) Company in Ras Al Khaimah (0% tax) with bank account (the
recommended, most suitable, more practical and less time consuming solution of all)

….

A very popular structure combining offshore with free zone companies is to first set
up offshore co (e.g. in RAK) and then use THAT to be the holding co of a free zone
onshore co in any free zone of choice.

Result: anonymity PLUS 3 year investor visa PLUS onshore tax resident status with
access to tax treaties and issue of certificate of tax residence.

What are the benefits of a Free Zone Company compared to an Offshore
Company?
Entitlement to a 3-year investor visa for each investor (and dependants)
– Onshore tax resident status with access to tax treaties and issue of certificate
of tax residence
– Commercial and economic substance which is VERY useful for tax planning:
real presence (with premises, staff and equipment – ‘flexi office’ with virtual
office permitted for a low annual cost – apprx. 1.000 Euro per year) in an
organised market / free zone with local presence among other active
companies. Added commercial substance also if we opt for specialised free
zones in the specific field of our activity (e.g a media company operating in
“Media City” Free Zone where hundreds of companies in that sector are
established and operating). Surely this is better that a P.O. Box address in an
empty apartment in Malta or Cyprus.
– Perfect if the client also wants to move out of EU and also live in Dubai and
pay no tax (non EU tax resident = best and most effective tax planning
nowadays)

What type of activities are permitted?
This is not like Malta or Cyprus where the Articles of association / laws allow many
activities in ONE company. Activity licensing for each entity mentioned above is as
follows:
(a) For a free zone company ONE must get A TRADE license for EACH ONE activity
e.g. consulting OR trading etc. and holding shares or participating in ventures is
allowed.
(b) For offshore companies many activities are allowed for one company

Restricted activities for offshore are:
Financial – Aviation- Media – precious metals- oil and gas

As accepted ones are :
Business and Management consultancy
General Trading
Holding companies and holding shares in other companies in the UAE or outside
Trading (Shall be specified)
Owning Free hold properties

Can FZ or UAE Offshore Companies trade within the UAE or hold shares in
other UAE companies? Are there any restrictions?
Companies with Trade or Industrial licenses can only conduct business within the
Free Zone or abroad.

To sell their products in the UAE, they should
(a) use an UAE official agent. Usually 5% duty for “export” within the UAE. But
services and products can be obtained from and within the UAE without one.
OR
(b) set up a UAE LLC (Limited liability company) which needs to have a 51%
local stakeholder – can be arranged but have to pay fees for this local
“sponsor” for facilitation

UAE Free zone companies in one free zone can trade with companies inside that free
zone or with companies in any other UAE free zone AND internationally with foreign
companies but not inside UAE (outside free zones) or with UAE residents.
UAE Offshore and Free Zone companies can have shares in other UAE companies,
Free Zone or Offshore.
UAE Offshore companies can trade or internationally but not inside UAE or with UAE
residents.

Important – Restrictions:
The restrictions on UAE offshore and onshore / free zone companies DO NOT apply
to their foreign subsidiaries which are not bound by UAE rules and can operate freely
according to the laws of the other country!

What do you recommend relating to Bank account opening?

Opening bank accounts at Ras Al Khaimah / Dubai

Recommended / are more popular, easy, fast and practical – the
incorporation of a new company with bank account and beneficial owner –
natural person …. instead of the opening of an account of
a natural person or foreign company, which although not recommended by the
Authorities and the banks for risk management purposes, with the introduction of
time consuming and high cost procedures.

….

Is there anonymity / confidentiality of beneficial owners?

Do we give UBO details / identity to
– the authorities? In RAK we do not! (reason for choosing RAK) in Jebel Ali (Dubai)
we do and authorities need bank ref of UBO!
– the banks? Yes as a general rule we disclose BUT there are no information
exchange agreements

Why is RAK Free Zone preferred ?

– Its offshore regime is the best in UAE as it was allowed to give total confidentiality
(100% anonymity and no disclosure of UBO to authorities) and minimum rules /
restrictions and maximum flexibility as this is a developing, poorer, emirate so to
boost its growth – offshore company set up costs are the lowest and quick / simple
procedures
– The set up cost and cost of operation of its free zone companies per year is the
LOWEST in the UAE

….

Are their any investment restrictions?

Islam forbids …. Companies involved in prohibited business activities cannot be part of a
Shariah fund strategy. Prohibited business activities can relate to ….  dubious, immoral and illicit
trades ….

….

Ras Al Khaimah / Dubai Bank Account

Company in Ras Al Khaimah (0% tax) with bank account (the recommended, most
suitable, more practical and less time consuming solution of all)

First year: USD$ – 6.950 (around 5.250 euro) – Includes all initial / formation costs,
taxes/registration fees and annual services for the first year (inc. company
incorporation, bank account, director and secretary and bank signatory appointment
services and provision of registered agent / office).

Second year: USD$ – 2.500 (around 1.900 euro) which covers annual director
and secretary and bank signatory appointment services and provision of registered
office (note: in Ras Al Khaimah there is no audit from an independent auditor for tax
work or VAT because the company is not taxed, just keeps simple books and
records)

Free Zones Company (Free Zone Areas) of Ras Al Khaimah / Dubai (0% tax) – for
real substance (!) and more serious presence with reasonable costs (from 100 $USD
a month for work space) with access to International Tax Treaties and easy
provision of residency and work visas to all staff / managers: for a fee quote

….

…. Also for reasons of protection from money laundering, the restraints of
Islamic law and their image, the authorities of the Emirates actively refrain ….

….

Opening of personal bank account (natural persons):

….
–  Banks and authorities are suspicious of foreign individuals with no personal
interests in the UAE (e.g. real estate) or business interests (UAE company) and the
compliance / control is stricter.
….
Simpler and more economical is the opening of a Ras Al Khaimah company with
bank account.
….

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: