RAK ICC Offshore Company Formation (RAK International Corporate Center )
Ras Al Khaimah is a quickly developing city and emirate, located against the setting of the Al Hajar Mountain Range, in the north of the United Arab Emirates.
In September 2006, Ras Al Khaimah(RAK) Government established an offshore facility which is the second in the UAE and regulated by the Ras Al Khaimah International Companies (RAK IC) Regulations 2006. Some of the features of this regulation include as below:
The RAKFTZ International Company Regulations do not require local shareholding in a company, therefore RAKICC Offshore is allowed 100% foreign ownership, which is a different the legislation governing organizations in the UAE.
Though the UAE firms follow the country’s law, RAKFTZ permits the International Company to choose the applicable law it prefers to apply for disputes, inheritance and other matters. It is necessary to mention the law in the Memorandum and Articles of Association.
RAKFTZ has set very less limitations on the activities of International Companies, permitting them to carry out various business activities under one RAK Offshore company license.
Subject to the consent of Land Departments, the International Company can buy real estate properties in the UAE which should be a free hold property. Although, International Companies are generally not allowed to do trade with UAE residents, the RAKICC Offshore Authorities allow RAKICC Offshore Companies to be the shareholders in onshore and UAE Free Zone companies (local LLC companies).
A foreign company can have a bank account in the Dubai, UAE to conduct day to day operational transactions. It can also establish professional terms with accountants, legal consultants, management companies or similar other persons doing business within the UAE
Benefits of RAK Offshore company Formation
RAK International Company Formation offers the following benefits:
- Under offshore company in RAK ICC will provide protection of resources
- Convenience of operation in RAK Offshore
- RAK offshore company formation will permit you 100 % company share ownership
- RAK offshore company have ability to maintain bank accounts with Dubai , UAE banks
- Capital & Profit repatriation is permitted in RAK ICC offshore company setup.
- Incorporation possible with share capital as low as AED 1000 in RAKICC offshore
- Advantage of foreign exposure
- Provision to own fixed assets inside and outside the UAE
- In RAK offshore cross-border trade allowed
- In RAK offshore company migrate/re domicile a foreign company is allowed
- Privacy ensured for clients by having offshore company in RAK FTZ
- Company incorporation in RAK as an International Company has suffixes ending with Incorporated or Limited.
- RAK ICC offshore company formation can be done with just one director and shareholder
In addition to standard regulations, RAK International Company Incorporation has the following provisos:
- The Offshore company registration must be renewed each year
- The RAK ICC Offshore Company cannot undertake internal trade and business in the UAE
- The RAK Offshore company must have a registered office address in the UAE, which is always the Registered Agent’s office address.
Advantages of RAK Offshore Company Set up
According to the RAKICC Offshore Authorities, the number of companies registered in the RAK Free Zone by the end of this year is expected to exceed the target and go beyond the zone’s plan. RAK Free Trade Zone is on the point appealing more investors from all over the world.
Let us start with the fact that RAK Free Trade Zone is favorably located and is only within 1:30-hour drive from Dubai.
In order to Setup RAKICC offshore company in this Emirate your personal presence is not considered to be a must, which also adds to the efficient company formation in this Emirate.
Investors’ benefits of RAKICC Company set up are as follows:
- RAK ICC Offshore company will provide 100% foreign ownership;
- In RAK ICC offshore100% repatriation of capital and profits;
- In RAK ICC Offshore company 0% corporate, personal tax;
- No requirements for the minimum share capital, Complete privacy, secrecy and protection of assets.
- There are no restrictions on the directors’/shareholders’ residency or citizenship for RAK ICC Offshore company formation.
- The RAK ICC offshore company is registered without the requirement to have the physical office as offshore company will get an office address by registered agent.
- The RAK ICC offshore company can only conduct business outside of the UAE whereas a company can have the bank account in the Dubai or any other Emirate of the UAE.
- In regards of the annual financial reporting, it is not obligatory to be submitted to the authority for RAK ICC company set up.
- Additionally to the RAK ICC offshore company set up advantages, the UAE has double taxation treaties with more than 40 countries which are actually planned to make it an even more eye-catching destination and prospect for those individuals and companies who initiate from countries with aggressive taxation procedures.
Important Features of a RAK ICC Offshore Company Formation:
- Minimum of one Shareholder, Director and Secretary is required for RAK ICC Offshore company formation.
- In RAK ICC Offshore Company only registered shares are permitted.
- Bearer shares are not permitted under RAK ICC International Company.
- Shareholders have the option to choose a proper law to govern important aspects of company administration.
- RAK ICC Offshore Company may own shares in other UAE companies or elsewhere.
- Offshore company has ability to trade in or own an interest in real property except in Dubai.
- Purchase and ownership by the company of its own shares is permitted.
- A corporate domicile can be changed to another jurisdiction
- RAK ICC Offshore Accounting books, records and minutes may be maintains anywhere.
- RAK ICC Offshore company can maintain bank accounts in the UAE.
- Statutory power to engage in any lawful activity.
- RAK ICC Offshore Incorporation procedures can be completed in four working days.
- For RAK ICC Offshore setup documents are produced in English.
- RAKICC Offshore company can conduct its Board meetings anywhere in the world
- A corporation can continue as a RAK ICC provided the laws of the jurisdiction of original incorporation expressly permit it to continue to another jurisdiction.
Documents for RAK ICC Offshore Company Setup
For individual Shareholder or Director, following documents are needed to RAK ICC Offshore:
- Passport copy of each shareholder(s)
- A personal profile of the shareholder(s)
- Bank Reference in original
- A utility Bill is required as a Proofs of address in original (e.g. utility bill such water, electricity etc.)
For corporate shareholder, following documents are needed:
- Certificate of incorporation*
- Memorandum & Articles of Association*
- A letter of Good Standing or incumbency letter*
- Board resolution and power of attorney stating the same*
- Bank reference of the corporate shareholder
- Utility bills of corporate shareholder and directors as proof of address
- CV of directors/secretary
We, RIZ & MONA CONSULTANCY located in Dubai as a specialist in RAK ICC Company (RAK International Corporate Center) formation. We offer comprehensive, end-to-end Offshore company setup services to assist you with your RAK international company formation. Whatever your business, we are able to set up your offshore company in a few days and you get will be using our address as your Registered Office. We will be with you all the way from startup to complete offshore company formation process, helping you with all your legal requirements relating to RAK Offshore company setup
Call us now, let’s discuss your requirements!