Ras Al Khaimah or RAK as it is most commonly known as is one of the seven sovereign federal Emirates that make up the great nation— The United Arab Emirates. This Emirate, along with the others, offers attractive investment and business opportunities in the UAE for those endeavouring to establish a business setup of their own. RAK remains a leading investment authority of the UAE, giving potential foreign investors, entrepreneurs, business owners and companies various advantages and arrangements in setting up an offshore company in RAK. The country has an excellent reputation with all high-tax jurisdictions like the US and EU and sustains a good banking relationship with all the corresponding banks.
RAK offshore company formation renders business owners with complete banking privacy and security, making it the most sought-after Business setup spot second only to Dubai in the UAE. By setting up an offshore company in RAK, you are surely on the fast track to starting a business in the UAE.
What is an Offshore Company?
An offshore company is a legitimate and valid business entity that is formed outside the territory or region where the parent company is formed, and it can only carry out all of its business operations exclusively outside the country of its origin. It is one of the favoured alternatives when it comes to quick and easy means of business expansion and is also regarded as a non-resident business.
The salient features of an offshore company are:
- Can be incorporated at a quicker pace,
- Can be incorporated with the presence of one stakeholder and one director.
- Accommodates Financial, Legal, and Taxation advantages.
For more information regarding also read: how to start an offshore company.
Where to get your RAK Offshore Company registered?
The RAK ICC, which is a government-owned corporate registration authority, registers all RAK offshore companies. RAK ICC is one of the essential offshore company formation registries and is ranked amongst the prime jurisdictions of the world. RAK ICC presents efficient legislation for the formulation and maintenance of all the offshore Company formation in RAK and other foreign business companies.
The RAK offshore company’s characteristics are:
- Carry out global business activities outside the UAE
- Serve as holding companies
- Hold real estate holdings in the Ras Al Khaimah.
- Give asset protection
- Carry out tax planning and real estate planning.
Why Offshore Company Formation in RAK is the Right Choice For You?
The following benefits are obtainable when you consider setting up a RAK offshore company:
RAK offshore company allows complete asset protection with a reliable and sturdy platform for foreign investors in comparison to the domestic business entities. RAK offshore asset protection enables immigrant trustees to build a legal wall that effectively helps in separating the creditors and the assets guarded inside your offshore company.
The chief advantage of RAK offshore company formation is that you are not bound to any regular rules and restrictions that the companies need to follow compared to any other jurisdiction. Offshore companies in RAK are an independent overseas territory for investors and entrepreneurs, with its own set of guidelines and authority called RAK Investment Authority (RAKIA).
Taxation and Double Taxation Avoidance Agreement
RAK offshore remains hundred per cent tax-free zone. The tax-free environment presents transparency for business owners to engage freely in any business activity of their choosing and attain complete returns. Furthermore, to help the foreign investors, a tax agreement was signed amongst the countries labelled as the Double Taxation Avoidance Agreement, that permits business owners and entrepreneurs of the world to circumvent paying tax in the two countries- who are part of this treaty-, which they transit.
RAK offshore company protects your possessions in case of legal accusations or convictions for Lawsuit Protection. RAKIA (RAK Investment Authority) ensures that your business is incorporated ethically, and a meticulous inspection occurs before company formation in RAK. Nevertheless, in the case of legal pursuance, the possessions under the business could be guarded by the authority.
RAK offshore company gives total anonymity and confidentiality for the company and owner of the business. Privacy is still another critical benefit of working in an offshore company in RAK. Investors, entrepreneurs and business owners from all around the world endeavour for a successful company formation in RAK offshore chiefly for this reason.
Steps Linked in the Company Formation of a RAK Offshore Company
If all the documental necessities are met, then it normally takes only one day to incorporate your RAK offshore company. Here is the procedure for registration of your offshore in RAK:
- To begin with, you should get consent for the company name and business activities it is going to perform.
- Next to tender the signed setup documents to the Registrar in RAKIA, the governing body of RAK offshore.
- Pay registration charges and other expenses. The payment can be made cash, online or through money transfer.
- Your company is ready now. You now need to create your corporate bank account, and then you can commence with the business operations.
KWS Middle East advises small, medium and large businesses. For a RAK ICC, we can assist you in company formation from start to finish. We give not only strategic business information on business setup but also manage legal and documentation formalities. For any guidance or help on the business set up of a RAK offshore company, do contact us; we would be happy to serve you.