RAK (Rasal Al-Khaimah) Offshore
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RAK (Rasal Al-Khaimah) Offshore
Ras Al Khaimah (RAK) emerges as a swiftly progressing, highly developed, and reliably stable emirate within the United Arab Emirates (UAE). Notably, RAK holds the distinction of pioneering the registration of International Business Companies, commonly abbreviated as IBC, in the entire Middle East region.
The advantages of opting for an offshore company in the United Arab Emirates are multifaceted. The UAE stands as a whitelisted jurisdiction, boasting sovereignty and serving as a global hub for trade, consultancy, and commerce.
Benefits of RAK Offshore Company Formation
A RAK offshore company formation offers a wide spectrum of opportunities for entrepreneurs as below:
Confidentiality and Privacy
RAK IBC owners and shareholders enjoy stringent confidentiality protection as mandated by the law. This commitment to privacy fosters an inviting business environment, particularly for foreign investors seeking financial planning and asset protection services.
Versatile Business Activities
Owners of RAK offshore companies have the flexibility to engage in a wide range of business activities, including the provision of professional services, trading, and property holdings, among others. There are only two sectors that RAK IBCs are restricted from entering: finance and insurance.
Taxation Benefits
Due to the nature of business conducted by Ras Al Khaimah offshore company formations, investors are granted the privilege of opening multiple bank accounts with banks based in Dubai and international institutions located outside the UAE.
Multiple Bank Account Ownership
Ras Al Khaimah adheres to double taxation treaties (DTTs). These agreements prevent businesses and individual investors from being subject to double taxation within a single trade period. DTTs specify the jurisdiction responsible for imposing taxes on businesses during a given trade period, ensuring that investors can retain maximum profit margins.
Independent Trade Territory
RAK Offshore operates as an autonomous trade territory with a clear mission to attract a diverse array of foreign-based investors. While beneficial for a wide range of investors, RAK offshore company formations are particularly advantageous for Indian investors seeking to protect their hard-earned assets, reduce tax obligations, or establish a platform for exchange control trading.
Documentation Required for RAK Offshore company formation
Required Documents for Individual Shareholder
- Clear copy of a valid passport, including the UAE entry stamp page, for each Shareholder/Director.
- Submission of three proposed company names for approval.
- Personal and Business Profile, including CV, for each shareholder(s).
- Residency proof for shareholders, such as telephone/utility bills or electricity statements.
- Original Bank Good Standing Letter (or Bank Reference Letter) for the Shareholder(s), demonstrating an active account for at least two years or more.
- Recent photograph of the shareholder.
Required Documents for Corporate Shareholder
- An attested copy of applicant’s company business license or incorporation certificate.
- Notarized Memorandum of Association (MOA) or Articles of Association (AOA).
- A copy of Certificate of Incorporation duly notarized.
- Board resolution and power of attorney.
- Incumbency certificate of the company, specifying the names of shareholders and directors.
- CVs/Profiles of directors, shareholders, and the secretary.
- Directors and Shareholders’ passport copies.
- Utility bills of corporate shareholders and directors as proof of address.
- Bank reference of the corporate shareholder.
*Note: If the company is owned by another company, the mentioned documents are required up to the last stage to determine the primary beneficiary owner.
Process of RAK Offshore Company Formation
RAK currently boasts a portfolio of more than 27,000 companies, serving clients from over 100 countries worldwide. The process of registering a company is streamlined and efficient, making it a preferred destination for foreign investors seeking to establish an offshore company. The steps for Business setup in RAK Offshore are as follows:
- Obtain approval for the company name and specified business activities.
- Submit an application to the Registrar, including all the aforementioned documents. Additional documents may be requested by the Registrar as needed.
- The application for company incorporation can only be filed by the proposed registered agent; other individuals or entities cannot file it.
- Fulfill the payment requirements for registration fees and other incorporation expenses. Payments can be made online, in cash, or through money transfer.
- Once the Registrar is satisfied that all regulatory requirements for incorporation have been met, they will:
- Register the necessary documents.
- Allocate a unique identification number to the company.
- Issue a certificate of incorporation to the company in the approved format.
- Your business is now ready for operation. You will need to establish a corporate bank account before commencing business activities.