RAK ICC vs Bermuda: which jurisdiction wins?

RAK ICC vs Bermuda — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	RAK ICC	Bermuda
Tax headline	0% on qualifying income	0% (15% CIT for in-scope MNEs from 2025)
Formation days	5	7
First-year cost	$3,800	$6,500
Treaties	140+	Limited
Substance	Lighter than DIFC/ADGM; substance for tax claims	Economic Substance Act 2018
Banking	Onshore UAE bank intros possible with proper file	Butterfield, HSBC Bermuda, Clarien

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Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.