Ras Al Khaima International Corporate Center (RAKICC) was established in 2015 which formally started its operations as a corporate registry in 2016 is a combination or merger of two registry companies namely RAK Free Trade Zone (RAKFTZ) and RAK Investment Authority (RAKIA).
Though the two registry companies, RAKFTZ and RAKIA were similar in nature, there were some conflicts between the two, which is why it was decided to merge the two and create a much more efficient and less cumbersome RAKICC which performs all the world-class corporate registry services. RAKICC is fully devoted to the highest standards to services for International Business Company formation. Now it offers a full-spectrum of registry and other related services for the formation of offshore companies.
Not many changes have been made in the establishment of RAKICC. It is just that the previous services offered by RAKFTZ and RAKIA have been streamlined and made more efficient and less time consuming than ever before. There is zero tax regime and the companies do not require submitting an audit report. No changes have been made in the status of offshore companies established in Ras Al Khaima. The presence of Double Taxation Avoidance Agreement with 47 countries makes it ideal for investors from these countries to open offshore companies here in the UAE.
A company established in RAKICC is allowed to hold shares in LLCs in UAE and also allowed to own and control property in the UAE. RAK offshore company faces no restriction in the opening and operating a bank account.
However, the offshore companies established in Ras Al Khaima are not allowed to do business with UAE nationals or with Free Trade Zones until they have obtained the right kind of license for operating a business.
Advantages of RAK Offshore Company Formation
- 100% foreign ownership
- Zero taxation regime
- No Corporate tax
- The company formed can have only non-resident director
- No audit report of the business is ever required
- Just one shareholder is enough to form the offshore company in RAK
- The director and shareholder can be the same person
- The renewal process for a RAKICC company is so much easier
- Submission of documents in Arabic is not a compulsion during the registration process
- Offshore company established in RAK is a white listed offshore destination
- Strict compliance with international standards of international business practices. N
- No limitation on shareholder and director residencies
RAK Offshore Company Formation – Documents Required for Individual Shareholder (s)
- Valid Passport Copy with UAE entry stamp page for each Shareholder / Director
- 3 Proposed Company Names of the company
- Personal & Business Profile of each shareholder(s). (CV)
- Original– Proof of Physical address of the shareholders: (telephone /utility bill/ electricity etc.)
- Original Bank Good Standing Letter (or Bank Reference Letter) for the Shareholder(s) – the account must have been working for at least 2 years or more
RAK ICC Company Formation – Documents Required for Corporate Shareholder
- Notarized Memorandum or Association (MOA) or Articles of Association (AOA)
- Notarized Certificate of incorporation
- Notarized Board resolution and power of attorney
- Notarized Certificate of good standing or incumbency Letter or bank reference letter
- CVs/Profile of directors/shareholders/secretary
- Utility bills of corporate shareholder & directors as proof of address
- Bank reference of the corporate shareholder
Benefits of RAK Company Setup
- RAK Offshore – Limited liability Company
- A minimum of one director is a must for company formation
- Offshore company in RAK – restricted bearer shares
- Own or manage real estate properties
- No Corporate/Income Tax
- Can get intellectual properties registered
- RAK ICC – Re-domiciliation into or out of RAK jurisdiction
Process of RAK Offshore Company Formation
It is very easy and less time consuming to get a company registered with RAKICC. That is why it is a favorite destination among foreign investors wanting to open up an offshore company here. The process of registration is fast that within a week, the registration process can be completed.
- KWS-ME values its esteemed clients by getting the approvals for the company’s name and business related activities from RAKICC.
- We will prepare your documents for registration; you will only have to fix your signatures on the documents.
- The submission of documents will also be made by KWS-ME and we will keep you updated with the process
- The follow-up too will be done by the KWS-ME.
We will get your company registered in a matter of no time at all.