Owner Builder Insurance Advice For Owner Builders

There are few insurance brokers out there who take the time to understand your needs and assist you throughout the building cycle process. It is vital that you know what kind of insurance to buy and want kind of cover is necessary.

Owner builder insurance products are a must for anyone deciding to owner builds their home. Don’t get lost with all the different protection and covered offered by different providers, find out which products you need.

So you want to build your own house and add that personal touch to your home? Owner building is becoming increasingly popular and ensuring that you have the correct insurance cover is vital. The key to a successful owner built project is to make sure that you are fully insured from the start.

The following insurance products are a MUST for any owner builder –
1. Construction & Liability Insurance
Also known as contract works insurance or construction all risk insurance which is insurance protection for people renovating, building or extending their home.
Construction insurance protects owner builders from most main risks that may be encountered during the construction and building process. This includes weather related damages, fire, issues with their workers or workmanship and more. (Consult your insurance broker to ensure what risks are protected).
The liability portion of this insurance is known as Public liability insurance. This protects the owner builder for their legal liability against injury or damage to third party property. As an owner builder you are responsible for the site safety and overseeing building works – without this cover you would be liable if anyone is injured at or near your building site. Although it is not mandatory to have construction and liability insurance cover it would be risky not to have it. Most local councils will however require you to have this cover prior to commencing any building work.
2. Personal accident or volunteer workers insurance cover
Building and construction sites are listed as being amongst one of the more dangerous places to work. As an owner builder you can choose to assist your tradesmen and builders with the construction. If you are injured or incapacitated during construction and cannot attend your normal form of employment, having the right personal accident insurance cover will offer you the right protection.
3. Builders Warranty Insurance
Owner Builder Warranty Insurance mandatory insurance required by the Home Building Act 1989. Although it is mandatory, the policy is for benefit of the house purchaser and does not provide any cover to the actual Owner Builder.
This policy protects the subsequent owner from any defective work on the property if you as the owner builder have died, disappeared or become insolvent. Builders warranty insurance is mandatory insurance cover. It is essential to take out Owner Builder Insurance before any work is started as otherwise the project will be difficult to insure. Standard policies run for 12 months but, if the construction takes longer, extensions are usually available.
Owner builder insurance is compulsory for all residential building works in excess of $12,000. If you are an owner builder and sell your property within 6 years of its completion or renovation you will ne to provide the with residential owner builder warranty insurance.
It is required by law to be taken out when selling within the statutory period – Statutory period for New South Wales and Victoria is 6years and 7 years in Western Australia.
An Owner Builder, who sells within 6 years of completion without any Owner Builder Warranty Insurance, or who fails to attach an insurance certificate to the Contract of Sale can be fined, amounts over $10,000. If a Contract of Sale has been entered into without Owner Builder Warranty Insurance, the contract can be voided by the purchaser at any time before completion of the contract. It is therefore in your best interest to ensure you have the right advice when owner building.
SavillHicks Corp is a leading Australian insurance broker that specializes in owner builder insurance. Savill Hicks will assist you by being actively involved with owner builders from permit stage right through to the sale. We will talk you through all the vital products required at a cost effective rate. Visit our website for more information on owner builder insurance, builder warranty insurance and construction & public liability insurance.
Different Types of Builders Insurance –
Learn how to differentiate the different builders and tradesmen insurance products. Learn which ones are mandatory, what each covers and who can provide you with the best information and service on selecting these products.
Insurance for Tradesmen – (trades insurance)
Even the most careful and skilled tradesmen can make a mistake or have things gone wrong. In such a scenario it would be unfortunate to not have the adequate insurance cover to protect not only your self but also your employees, contractors and tools.
What types of insurance should tradesmen get?
Public Liability Insurance – This will cover injury to 3rd party at or around the building site
Mobile Plant and Equipment Insurance – this will ensure that all your mobile plants and building equipment are protected not just at the time of damage but throughout the policy term.
Other builder’s insurance products at a glance:
Builder Warranty Insurance
With this insurance cover the building contractor is required to obtain the builder warranty insurance for every project they work on that exceed $12,000.
Construction insurance
Construction insurance or contract works insurance/construction all risk insurance offers protection for people renovating, building or extending their home.
This cover protects builders from most main risks that may be encountered during the construction and building process including weather related damages, fire, issues with their workers or workmanship and more.
Professional Indemnity Insurance:
This insurance covers members of a particular profession that adhere to a code of practice and have minimum educational stipulations or requirements. This would typically cover any loss from the conduct of consultants or sub contractors if under the insured’s direction they would not be covered themselves.
Directors and Officers Insurance: which deals with the civil liabilities that directors can incur personally? It protects people in these positions against wrongful acts during the period of capacity
Owner Builders need to take out:
Public Liability Insurance: Again this will protect owner builders from injury to 3rd party at or around the building site
Personal Accident or volunteer’s workers insurance – this covers the owner builder from any injury or damage should they choose to assist the tradesmen during construction. This cover can also extend to the owner builders family/friends (up to 10 volunteers on site for a nominal premium)
Choosing the right insurance broker to help you find the products and cover suitable to your business and budget can be tricky. Savill Hicks Corp has found that by offering a personalized service they take the time to listen to you needs. Being specialist providers in builder warranty insurance, owner builder insurance and home warranty insurance we offer you comprehensive cover, over the phone service and same day quotes. Visit our website for more detail.

What types of insurance should tradesmen, builders or anyone in construction invest in?

1. Public Liability Insurance – This will cover injury to 3rd party at or around the building site

2. Mobile Plant and Equipment Insurance – this will ensure that all your mobile plants and building equipment are protected not just at the time of damage but throughout the policy term.

3. Builder Warramty Insurance – This requires the building contractor is to obtain builder warranty insurance for every project they work on that exceeds $12,000. This is mandatory insurance so should not be overlooked.

4. Construction insurance – or contract works insurance/construction all risk insurance offers protection for people renovating, building or extending their home. This cover protects builders from most main risks that may be encountered during the construction and building process including weather related damages, fire, issues with their workers or workmanship and more.

5. Professional Indemnity Insurance: This insurance covers members of a particular profession that adhere to a code of practice and have minimum educational stipulations or requirements. This would typically cover any loss from the conduct of consultants or sub contractors if under the insured’s direction they would not be covered themselves.

6. Directors and Officers Insurance: which deals with the civil liabilities that directors can incur personally? It protects people in these positions against wrongful acts during the period of capacity

Anyone deciding to owner build their own home shoud ensure they are correctly covered for any accidents that may occur during the process. Owner Builders need to ensure that they have

1. Public Liability Insurance: Again this will protect owner builders from injury to 3rd party at or around the building site

2. Personal Accident or volunteer’s workers insurance – this covers the owner builder from any injury or damage should they choose to assist the tradesmen during construction. This cover can also extend to the owner builders family/friends (up to 10 volunteers on site for a nominal premium)

This is an overview of all the insurance products you need to understand if you are in the building and construction industry. Savill Hicks Corp is a leading insurance broker catering to the building and construction industries.
Home Warranty Insurance
Home warranty insurance is acquired by a builder and has to be issued to the homeowner to protect them against loss due to completion, defects and any other statutory breaches.
It is a legal requirement that all builders take out this insurance. Unfortunately the insurance does not cover any contractual disputes or defective/unsatisfactory work by a builder. This can however be taken up via tribunals under the consumer protection legislation.
As a homeowner it is advantageous to ensure that a builder has home warranty cover as it ensures that the builder is fully registered. Home warranty is required for a builder’s registration. It also promotes the builders adherence to standards as they need to consistently produce good work to remain registered.

How To Achieve Perfect Credit

The Path to Perfection

Perfect credit requires timely payments, but that is just the beginning. If your goal is to have the highest possible credit score you must understand the mechanism of the FICO scoring model and structure the content of your report accordingly. Here are some well tested credit repair tips that will take you to your goal. Many of the adjustments you must make will seem like common sense, while others will be less clear, but you cannot reach the summit of credit perfection without playing by the rules.

Be Good

Don’t’ make late payments. This cannot be over emphasized. A single late payment can devastate your credit score, and although the impact of a single isolated derogatory issue will fade substantially in a matter of months, it can put a serious dent in any financing activity you have in mind for the immediate present. Make sure this does not happen. Avoid silly mistakes; if you have a payment dispute make your payments on time until resolution, if you return a purchase don’t count on the credit to cover your payment on time. When it comes to credit repair, every detail matters.

Build New Credit

If hard times have left you without credit, you must open accounts now. Your credit score will languish forever if you are not feeding the credit bureaus positive data every month. If you can’t get approved for regular credit cards, get secured cards. The limit is of no consequence. Just get started today. Secured cards are the perfect credit repair tool and can make a major difference in your scores. As your score improves you will be able to phase out the secured cards as you are offered superior unsecured cards.

Eliminate Store Cards

The FICO scoring model does not treat all debt the same. Store cards and consumer debt, like furniture loans, are not a good way to rebuild credit. There are several reasons for this, but the crux of the issue is the built-in FICO bias against this type of debt. There is some logic behind this treatment, as this type of debt is often inferior and in many cases has a built in budget “time bomb” in the form of tempting time-limited no payment offers. This is not entirely fair, as many of these offers make great financial sense, so make your best choice, but be aware.

Optimize Revolving Debt

Keep your revolving balances as low as possible. The optimal revolving balance for credit repair purposes is under 20 percent of the available limit. The FICO scoring model puts major importance on this factor; you can lose over 100 points for a maxed out credit card depending on the overall content of your credit report. The more depth and breadth your credit has the smaller will be the impact, but don’t ignore your balances. If you are planning any significant loan application in the near future make sure to reduce your balances at least 60 days in advance as the credit bureau balance updates are lagging.

Structure the Report Content

I am often asked what a perfect 850 credit score looks like. I’ve never seen a perfect 850, and wonder if such technical perfection is possible, but I have seen successful credit repair clients achieve scores over 820 and they all have similar characteristics. The perfect credit score seems to include the following: one mortgage over three years old, one or two auto loans over two years old, and between three and five credit cards over two years old with very low balances. You will notice that there is a time factor involved in all of these accounts mentioned, but there is also a neat equilibrium of clean installment and revolving debt.

Pay a Consultant

Your credit is important. Most lenders rate and price loan applications based on scores. The difference between decent credit and great credit can translate into thousands of dollars in interest payments each year. You cannot afford to ignore any opportunity to optimize your scores. Professional credit repair services are very affordable and will insure that no opportunity is missed. If you don’t feel up to the task yourself, make an investment in your life and hire a credit repair professional.

Legal Consultant In Costa Rica – A Costa Rica Abogado

A legal consultant in Costa Rica is called an abogado. This is the term for lawyer in this Central American country. You should learn as much Spanish as you can so that it will be easier to understand the terms that are used in Costa Rica, if you are not already familiar with this language. However, you can find a Costa Rica abogado who speaks English well and will be able to help you with any legal issues you have in Costa Rica.

Because there are so many investment opportunities in Costa Rica, there are a great deal of companies who are seeking to open businesses in this part of Central America. The land is well priced and the climate is wonderful all year long. It is warm and inviting in Costa Rica, which makes it an ideal place for vacation or travel. Many companies are opening up resorts, bed and breakfast hotels, as well as spas in Costa Rica. In order to do this, however, you need to have the advice of a legal consultant in Costa Rica.

A Costa Rica abogado has a vast knowledge of Costa Rica law and will be able to help you with your legal issues. If you are looking for legal advice in Costa Rica, for whatever reason, you need to seek out an attorney who understands the law. You should not rely on your law firm in the United States or other country to help you in these matters as they are most likely not aware of the law in Costa Rica.

If you are considering any type of business venture in Costa Rica, go online and seek out a legal consultant in Costa Rica who will be able to help you with your venture. They should be able to answer your questions regarding opening a business in this country, buying property or any tax issues that you may have. If you are planning on opening a business in Costa Rica, then your Costa Rica abogado will be able to advise you on employment law in the country. It is important to get as much legal information as you can before you consider opening up a business in Costa Rica.

Your Costa Rica abogado will be able to advise you on tax issues as well as other legal issues when it comes to your Costa Rican business. If you are planning on developing property in this country, which many developers are considering because of all the undeveloped land, then your Costa Rican attorney will be able to help you with that matter as well. No matter what type of business advice you seek, you can find a legal consultant in Cost Rica who will be able to help you.

Developing property and opening a business in Costa Rica is not much different than anywhere else. It is prudent for any business owner to take the advice of legal consultant in Costa Rica before embarking on any investment or business opportunity so that they will be doing everything within the means of the law.

Discover Your Career Opportunities With a Law Degree

“I like to pursue a law degree, but I hate to become a lawyer. What else can I do with my law degree besides being a lawyer?” You may be frustrating with this question in deciding to take up a law degree program because you worry that the law degree can’t help you to find a career after graduation. Most often people with a law degree pursue careers as lawyers, but you are not limited to this career with a law degree. Law degree students find many career opportunities in other fields such as banks, real estates and factories and they also manage restaurants and hotels, and work as university’s administrator. This article will help you discover some of career opportunities with a law degree.

1. Legal Consultant

Do you know that many large organizations such as Intel Technology Corporation, the giant manufacturer for CPU and chipset have a legal department in the company? Corporations have a variety of problems that require them to have an attorney or a team of attorneys on staff. They provide legal consultancy to the company on labor negotiations, tax law, investment, public releases, product manuals, public announcement notes, public release news and other legal related activities. You can start you career as a legal consultant to a corporate with your law degree. If you want to involve in business field with a law degree, then, you should choose a law degree that consists of courses in management or business administration besides the major law’s courses.

2. Evidence Law Consultant

If you have knowledge or have working in medical genetic field, then a law degree could provides a great help in your career. You could work as an evidence law consultant in courtroom, when a jury is presented with DNA evidence, your legal expertise is needed to help those member in the jury in solving many legal questions.

3. Wills & Trusts Writer

Many people have started to realize the important of having a will & trust in their estate planning. It’s a booming field as the market is exploring and it creates a good career opportunity for those students who are taking a law degree that major in this area. Today, a will is no long just a piece of paper with directives from a decreased individual. A living will has gained it popularity in today society. Such new and emerging market needs have created new career opportunity for the law degree students.

4. IP Consultant

Since the mergence of Internet has given rise to the need for experts related to the intellectual property (IP). If you are earning a law degree that major in Intellectual Property Law, you may start your career as an IP consultant. Software companies and companies with new products & technologies development will need your service to protect their IP right and resolve any copyright issue.

In Summary

Although most law degree students are having their careers with a law related job, but their workplaces are not limited to legal firm. Many businesses and companies require law expertise or legal consultant on staff. Hence, with the unlimited career opportunities available for law degree students, you do not need to worry about your future. Go ahead to pursue your preference law degree as your career opportunities are waiting for you.

Article Source: http://EzineArticles.com/717750

Basic Information on Indian Labour Law

Labour rights are integral part of socio-economic development of every country across the world. To protect these rights, every nation has passed certain laws addressing the restrictions and legal benefits of the labours and their organisations. These laws are commonly referred as Labour Laws.

In simple words, labour law is a legal structure or an administrative ruling that deals with the rights and restrictions imposed on the labours and their organisations by the government. Generally, it covers the demands of the employees to have better working conditions, the right to form trade union or to work independently without joining the union and other safety rights. Similarly, it also covers demands of the employers to keep control over – the use of power by the worker’s organisations, the costs of labour, costly health and safety requirements of the workers, etc.

Indian Labour Law:

Like other nations, the labour law in India also covers the same fundamental labour rights that are required to maintain harmonious relationship between the employees, employers and the trade unions. However, there are certain amendments made in the laws depending on the culture, society and constitution of India.

All the commercial establishments in the country are required to implement the Central and State Government labour law enactments to be recognised as legally authorised organisations. Some of the essential Central Government enactments are as follow:

• The Employees’ Provident Fund Act, 1952

• The Employees’ State Insurance Act, 1948

• The Minimum Wages Act, 1948

• The Contract Labour (Regulation and Abolition) Act 1970

• The Payment of Bonus Act, 1965

• The Maternity Benefit Act, 1961

• The Payment of Wages Act, 1936

• The Equal Remuneration Act, 1976

The companies have to adhere to the above enactments and other allied laws for the smooth functioning of their business. Any company that doesn’t follow the rules listed in these enactments is subject to punishment by the government of India. It is to be noted that the organisations with large operations across the nation find it difficult to keep account of every enactment. So, they may forget to follow one or sometimes many rules of the given enactments.

Therefore, the organisations are recommended to hire a labour law consultant or outsource their legal work related to the rights of workers to a consultancy. These consultancies offer comprehensive services, which normally include –

• Activities related to registration and licensing necessary under the labour laws,

• Calculating periodical liability,

• Maintaining records and statutory registers,

• Documenting and submitting periodical statutory reports,

• Attending periodical statutory inspections and

• Other allied services.

In short, Indian Labour Law has all the necessary provisions to maintain healthy relationship between the working people and their organisations provided both the parties strictly adhere to these legal provisions.

Article Source: http://EzineArticles.com/7380961

Entertainment law expert to share LA experience

South African actors, scriptwriters, musicians and producers are much in demand, what with all the full length feature films, television series and million dollar advertising campaigns being shot locally. Thus there is a critical need to understand entertainment law in order to protect creative property, and entertainment law consultant Deborah Lazarus is running a three-day course at the end of August 2007 in Cape Town.
Scriptwriter agreements, the rights of musicians who compose music for films and legal issues surrounding content development for television and film are just some of the areas in which disputes can arise.

Another key area that creatives need to keep in mind relates to rights acquisition and legal issues that arise in connection with content development for film and television.

On the production side, they need to educate themselves about “above-the-line” agreements entered into during pre-production and production stages including: scriptwriter agreements, director agreements, actor agreements, depiction releases and producer agreements.

Musicians hired to compose an original music score also need to be aware of their rights in terms of synchronisation licences and master use licences.

Expert in the field

Lazarus is a Capetonian who provides consulting services and strategic advice to corporations and individuals in the film and television industry. Her clients include actors, agents, composers, directors, models, musicians, producers, production companies, record labels and writers. She gained her knowledge of entertainment law and the business of film and television while working at a top entertainment law firm in Los Angeles

Lazarus, who was admitted as an Advocate of the Supreme Court of South Africa in 1996 and is also admitted to practice law in the State of California, is able to provide a broad overview of the film and television industry from a legal perspective, including copyright law, contract law, and contracts used in the development, pre-production and production stages of producing a film or television series.

Regarding copyright and intellectual property, Lazarus is an expert on such concepts as authorship, ownership, assignment of rights and licensing, moral rights and “chain-of-title.”

Jo’burg Brain Food event

Meltwater will host the first Jo’burg Brain Food event at The Venue in Melrose Arch on 3 September from 5.30pm – 8pm…
Jo’burg Brain Food eventThe menu for this event is Digital Influence: the challenges of getting it, guiding it and growing it in today’s hyper-connected world. It is one of the biggest issues facing marketing teams, but the rules of the game have changed. Big brands, organisations and governments are now competing for share of influence alongside anyone with a Twitter handle. Engagement etiquette is different. Communications strategies can shift in minutes and, no amount of marketing spend can cut through if the influence strategy isn’t right.

Our headline speaker is Emma Sadleir a media law consultant and social media influencer – with a special focus on internet and digital related issues. A regular keynote and thought leader, Emma features regularly on radio, online and in magazines providing her specialist knowledge.

More speakers will follow, so don’t delay in claiming your seat (only 150 available). Click here for more information.

Importance Of Law Consultants For New Businesses

If you are thinking about starting a new business, there are several things that you would be pondering over and the purpose of this article is to guide you in making the right decisions concerning the start-up of your business. The very first thing that you have to think about is the location of your office. This is one of the most important decisions regarding your new business, because the location of your office will determine your monthly rent and tax payments, fuel cost to and from office, parking charges etc.

The next thing you have to think about is the number of employees you will hire; this decision is also of significant importance because this determines the amount of money you will have to pay up in monthly wages and salaries. You must carefully decide on the number of employees because you don’t want to be paying more than your business is earning.

The third step that is a must for new businesses is hiring a law consultant. Most entrepreneurs look at hiring a law consultant as an additional or unnecessary burden on the business however the fact of the matter is that a business attorney is like an investment you make for the smooth running of your business. To make this point more clear, imagine, if your business has hired a law consultant then you can take his or her advice in the points mentioned in the article earlier, the law consultant has more knowledge and experience than common man therefore he or she can make more practical and successful decisions. Other than this your law consultant can also arrange for all the necessary paper work regarding your property, employee hiring, tax payment, registration with the authorities.

When speaking of new businesses and lawyers, we must mention the fact that when applying for a business name there is a lot of work for which you need to interact with the state or authorities and this task turns out to be tedious and troublesome. But if you have hired an attorney, it will be his or her job to check for the available business name and filing for required paperwork concerning the process of start up.

The state laws continue to change with the passage of time, and it won’t be possible for you to keep track of these amendments. You have to be practical and leave this job to the expert, which is obviously the law attorney. Especially when you are going to establish a new business, there are numerous procedures which you have to follow and file a large amount of documents. There are chances that you might miss a few of them, which would create bigger problems for you in future. So if you look deep into this matter, you will easily conclude that business lawyer is the right answer to all these complicated issues. Everyone wants to ensure trouble-free business operations, and I think that without the help of a professional business lawyer, it won’t be possible.

One Stop Destination For Legal Advice Is Paramount Law Consultant

This article updates you with the best law consulting firm in India. This Delhi based law firm seems to deals with any kind of legal litigation with great expertise. The highly qualified and experienced law professional are working as legal advisors here.

We all are abided by certain laws and rules. And so it is very important to stay aware of laws. According to our Indian penal court Ignorance of law is no excuse. So taking of legal advice from our lawful advisor for different legal issues is a very essential. And, thus regarding all this a reliable and efficient legal assistance is needed. The most renowned legal assistance in Delhi, Paramount Law Consultancy provides the best legal advising service to both corporate level and to individuals. This firm comprises of an excellent team of legal experts, who are highly qualified and experienced in this field. Eminent senior advocates and retired judges serve for this consultancy.

This law firm is counted among the top law firms in India. They provide legal assistance to various kinds of cases. They have a vast service area starting from corporate legal property affairs, project finance, merger and acquisition, company incorporation and many more. Although they are efficient in these entire sector but their specialization is as (http://www.paramountlaw.in/) Best Property Legal Advisor In Delhi. Their thumbprint lies in their unique, well defined and extensive approach with the procedures. Their intense research based analysis of the case at each and every level of the legal proceeding makes them so stable and confident in this genre.

As a property legal advisor they have immense experience and well defined approach. Litigations and legal compliances regarding real estate projects, multiplex, industrial infrastructure along with personal property issues all comes under their service area. They seem to analyze the case in every possible way.
As the best legal assistance in Delhi they have all the best resource of highly qualified and experienced advocates and legal professionals. They strive to tackle cases with their extensive analytical approach. Not only that but also being the Best Legal Consultant in Delhi they maintain their standard with a team of best legal consultant in Delhi. They represent and advice clients from diverse sectors.

Paramount engraved its name as famous and renowned legal firm in Delhi because of its absolute reliability and stability. The legal experts are shrewd enough to tackle and approach critical legal litigations. Their legal professionals also have specialization in criminal legal advice. The experts are confident and successful in approaching such cases.
Paramount does not charge huge from their clients. There price charge is absolutely reasonable. They also have the facility on online consultation. The website is www.paramountlaw.in

Paramount law consultancy is the pioneer among all other law firm in India. With their brilliant multi-disciplinary research team they are working as the most efficient Legal Assistance In Delhi. Especially as Property Legal Advisor they are best in Delhi. The legal experts are shrewd enough to handle critical legal litigations.

Ras Al Khaimah- One Jurisdiction….a Number Of Benefits

The Ras al Khaimah International Company is one of the most confidential, secure, and flexible “offshore” solutions available today. Apart from its integral features, it draws enormous credibility and prestige from the broader socio economic context of the UAE as a global financial centre. Born out of a multi-award winning Free Trade Zone (operating within a world class regional business hub), the RAK IC enjoys a strong “commercial authenticity”, untarnished by the “tax haven” status attributed to so many jurisdictions.

Ras Al Khaimah is one of the seven emirates forming the UAE federation. Since 2003 it has pursued a highly successful policy of industrialisation and economic diversification in various sectors. A key engine driving the Emirate’s economic growth and development has been its Free Trade Zone. Established in 2000, Ras Al Khaimah Free Trade Zone (RAK FTZ) remains one of the fastest growing and most successful free trade zones in the UAE. It is also home to the RAK International Business Registry and the RAK International Company.

In September 2006, the RAK Government launched an international business registry (the second offshore facility in the UAE), regulated by the RAK Free Trade Zone Authority – enabling foreigners to register international companies in the RAK Free Trade Zone without the need to establish a physical presence and with nominal equity investment (no minimum capital requirement).
This International Company model was based on a set of rules and regulations designed to offer one of the most attractive and flexible offshore tax and legal regimes in the world.

RAK IC’s enjoy absolute confidentiality in every respect. There is no disclosure whatsoever of any details pertaining to the company, the beneficial owners or directors, and no public access to details on the international business registry.

Foreign individuals and entities can be 100% owners of RAK IC’s, which enjoy zero corporation or capital gains tax – as well as respected “white list” status deriving from the UAE. Indeed the UAE is the only OECD white listed jurisdiction that has no taxes for international companies, free zone entities, or local companies and individuals.

Businesses who do not intend to conduct any onshore operations within the UAE, can utilise the RAK IC for a wide range of purposes including international trade, ownership of international assets and real estate, as well as ownership of intellectual property (patents, trademarks and copyright). It can be used for head office operations, and act as a global holding company for entities engaged in various international activities. The RAK IC may hold shares in any legal entity in the world, including offshore companies in other jurisdictions. Naturally, there are no restrictions on capital and profit repatriation.

Despite a general prohibition on conducting business with persons resident in UAE or carrying out any trade within the UAE (unless it has obtained the appropriate licence from the relevant authority), the RAK IC can hold shares in both offshore, free zone and onshore UAE companies. It can also own or hold an interest in designated freehold properties throughout the UAE.

In addition a RAK IC can of course hold and operate a bank account in the UAE, and may also maintain professional relations with legal consultants, accountants, management companies or other similar persons within the UAE.

The UAE currently has in place 48 double taxation prevention treaties and plans to implement 5 new treaties every year. The majority of these treaties do not contain the recent OECD clause for “exchange of information”. Moreover, other than the Netherlands-UAE bilateral treaty, the UAE’s bilateral treaties do not discriminate between entities established on the mainland or within the free trade zones. In this context a RAK IC will be able to avail itself of the benefits deriving from the UAE’s comprehensive treaty network thus helping to safeguard profits remitted abroad arising from dividends, interest, royalties and fees.

In cases where certain anti avoidance provisions or optimal tax planning contingencies require a physical presence, a basic RAK Free Zone entity (“flexi desk” or “flexi-office” facility) can easily be established and can be wholly owned by the International Company – affording a high degree of flexibility and confidentiality together with a physical presence, as well as the opportunity to procure visas for designated officials. If desired, a bona fide local business activity can be established through the acquisition of an appropriate business licence. Local “management and control” can also be asserted through the appointment of a corporate director in the UAE.

Although all UAE companies must abide by UAE law, RAK IC’s can choose which legal system should be applied for resolving inheritance issues, commercial disputes, and any other legal matter. .

Flexibility is evidenced in the ability to tailor the memorandum and articles of association of a RAK IC to suit specific needs, including the citing of the preferred legal convention, whether it is common law, civil law, Sharia or Hindu succession law etc and also the issuance of multiple classes of shares, including custodian shares and restricted bearer shares.

The incorporation process itself is extremely straightforward with comparatively minimal compliance procedures and with a minimum requirement for one director and shareholder (which may be the same person). The director and shareholder can be individuals or corporate entities, and may of course be non resident in the UAE.

Moreover on an ongoing basis, RAK IC’s have no annual reporting requirements, no need to conduct AGM’s, and no need to file accounts or annual returns.

The RAK IC derives enormous strength from the stable socio-political environment and economic dynamism afforded by the UAE, and its location within of one of the fastest growing emirates. The Confidentiality, versatility, and security of the IC, combined with its zero tax status and access to the UAE’s double tax treaty network make it a uniquely attractive proposition.

There is only a restricted number of fully licensed agents directly authorised to incorporate and manage International Companies in Ras al Khaimah, some of which can benefit from a prestigious “World Trade Centre” registered office address in Dubai.