Offshore company formation in Ras al Khaimah was initiated by RAK Investment Authority (RAKIA) in 2007 which allowed registration of offshore companies in RAK. Now, RAK International Corporate Center RAKICC is a Corporate Registry for International Business Company “IBC” incorporation’s in Ras al Khaimah. IBC is an offshore company that allows businesses and individual entrepreneurs to trade globally, invest around the world and own real property internationally.
RAK offshore company formation is a safe and cost-effective idea for business setup in UAE. RAK offshore registry provides more flexibility than any other offshore jurisdictions. For example; the establishment cost in RAK is significantly lower and economical than offshore company formation in JAFZA or Fujairah. There is zero tax regime and the companies do not require submitting an audit report. 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. RAK provides entrepreneur with complete banking security and privacy.
If you are looking to invest in offshore companies in UAE, RAK offshore is the fastest and safest way to do so.
Benefits & Advantages of RAK Offshore Company
- Conduct business as an international entity
- Complete foreign ownership
- Conduct business without corporate and personal taxes
- Open bank accounts locally and internationally
- Highest level of privacy and confidentiality is guaranteed
- Protect investments in other foreign countries
- Simpler transfer of assets and properties held in several countries
- You can invest in UAE free zone companies and LLCs
- Dispute resolution for settlement of commercial disputes
- Transfer of domiciliation or Continuation
- Strict compliance with international standards of international business practices
- Rules and regulations for RAK offshore company setup are flexible
- Just one shareholder is enough to form the offshore company in RAK
- The director and shareholder can be the same person
- Submission of documents in Arabic is not a compulsion during the registration process
- The renewal process for a RAKICC company is quite easy
- No limitation on shareholder and director residencies
Documents Required for Individual Shareholder
- 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)
- Residency proof 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
Documents Required for Corporate Shareholder
- Applicant company’s photocopy of business license or incorporation certificate (attested)
- 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
- Incumbency certificate of the company (mentioning the names of the shareholders and directors)
- CVs/Profile of directors/shareholders/secretary
- Passport copies of all directors and shareholders
- Utility bills of corporate shareholder & directors as proof of address
- Bank reference of the corporate shareholder
- Additional documents maybe requested by the authorities during the registration process
*Note: If the company is owned by another company, the documents cited above are necessary up to last stage to get to know the primary beneficiary owner.
Process of RAK Offshore Company Formation
Currently, RAKICC has more than 27,000 companies, with clients from over 100 countries around the world. 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, it can be completed.The process of offshore company formation in RAKICC is as follows,
- First, get approval for the company name and business activities.
- File an application to Registrar. Application must include all the documents mentioned above. Other documents may be prescribed by Registrar from time to time.
- An application for the incorporation of a company may be filed only by the proposed registered agent. Registrar will not accept an application for the incorporation of a company filed by any other person.
- Pay the registration fees and other incorporation expenses. The payment can be made online, via cash or through money transfer.
- If the Registrar is satisfied that the requirements of the Regulations in respect of incorporation have been complied with, he will
- register the documents
- allot a unique number to the company
- issue a certificate of incorporation to the company in the approved form
- Your business is ready now. You will have to create your corporate bank account, and then you can start with the operations.
RAK Offshore Company Formation with KWSME
As mentioned above, every RAK offshore company must have a registered agent which is approved by the authority, and here’s where KWSME comes into the picture. We have sound knowledge of UAE offshore company formation laws as well as expertise to guide and take care of your offshore company registration process. We will prepare your documents, submit them on your behalf and deal with all the government agencies. The follow-up will also be done by our Dubai business setup consultants. You are assured of most reliable, hassle-free and cost-efficient business setup services for your offshore company formation in RAK by partnering with KWSME.