RAK ICC Offshore Company Formation
RAK Offshore is situated in Ras al Khaimah. This is about an hour’s drive from Dubai and is one of the seven Emirates that make up the United Arab Emirates. RAK ICC offshore company manufactures accounting for 26% of GDP. It also has the highest degree of industrialisation in the UAE. Its reputation has been based on a business-friendly investment environment and low expenses. The cost of running a business in RAK is 25–50% less than the average cost in the UAE. This allows businesses to maximize their return on investment.
RAK ICC Offshore company was established with the rising demand for offshore markets. This also aids the administration in diversifying their sources of revenue in order to maintain the economy’s steady growth. RAK’s offshore customer portfolio has around 1900 International Business Companies (IBCs). Real estate and property investments are the first firms to be listed with RAK offshore company. RAK offshore has implemented new regulations to ensure that the people are given a friendly atmosphere.
The government of Ras al Khaimah founded the International Company structure, more commonly known as the RAK Offshore Company, in September 2006. This structure is governed under the International Companies Regulations, 2006, as the Ras Al Khaimah Free Trade Zone Authority.
Main Characteristics Of A RAK Offshore Company Formation
A RAK ICC offshore company has certain characteristics that make it stand apart from other regions. The following are those major characteristics. Let us have a look at them:
- Shareholder — A minimum of one shareholder has to be present at all times. Stakeholders are allowed in corporations. International corporate stakeholders must authenticate all corporate paperwork.
- Corporate directors are not permissible, although a minimum of one director is necessary. No information about the directors is provided by the public registration.
- Any business requires a secretary. A corporate director might also serve as the secretary of the firm.
- Capital of Share – There is no requirement for a minimum share capital.
- Annual Reporting – Accounting records must be retained for a period of seven years after they are created. The authorities in RAK do not require that accounts be presented with them.
Main Advantages Of RAK Offshore Company Formation
RAK ICC offshore company formation has a number of advantages. There benefits are points of attraction when entrepreneurs look for company formation in this particular region of the UAE. Here are the main advantages in brief:
- 100% Foreign Ownership – RAK International Company regulations do not require local equity.
- Shares in Local Companies — Despite the fact that Offshore Companies are not permitted to do business with UAE nationals, the authorities permit Offshore Companies to own interests in both Free Zone and Onshore (LLC) Businesses. Documents are not required to be validated in the UAE, Bahrain, Saudi Arabia, or Qatar.
- Local Bank Account – To conduct regular international transactions, an offshore firm can open multi-currency bank accounts in the UAE.
- Fast Incorporation – RAK ICC will generally register a company within one week of receiving all applications and due diligence documents.
- Information about shareholders and directors – The names of shareholders and directors are not obliged to be placed on a public registry.
Necessary Documents For Of A RAK ICC Offshore Company Formation
Certain important documents are required to set up an RAK ICC offshore company.
- Copy of a certified passport and address verification documents are very important.
- Other necessary documents would be a Letter of Recommendation from a bank professional.
- A Curriculum Vitae would also be required for the same.
How To Register An Offshore Company With RAK ICC?
To register an offshore company with RAK ICC, it is mandatory to follow a few steps. They are as follows:
- Choose a registered agent to supply the address – It is important to select a reputed registered agent who has to serve as a vital intermediary and provide the required business address for your RAK offshore company. This step is mandatory as it ensures compliance with regulatory standards and a smooth registration process.
- Get your documents ready – Ensure to gather all the necessary documents like copies of passports, proof of residence of directors and shareholders, MOA, and a business plan outlining your company’s activities. Ease the registration process by having the required documents prepared in advance.
- Submit the application – Provide all the necessary documents, pay the applicable fees, and submit the application for RAK ICC offshore company registration through your chosen registered agent. This step paves the way for the official review process.
- Acquire the RAK ICC certificate of incorporation, MOA, and Registres of Members – Upon approval, RAK ICC will issue crucial documents such as the Certificate of Incorporation, Memorandum of Association (MOA), and Register of Members. These documents are legal proof of your company’s existence and ownership structure which facilitates further business operations and compliance.
What is the legislative framework for RAK ICC?
The legislative framework for RAK ICC mainly includes 2 elements to consider:
- The RAK ICC Registered Agent Regulations 2016 – This includes the requirements and responsibilities for registered agents in the RAK ICC Offshore jurisdiction.
- The RAK ICC Business Companies Regulations 2016 – This outlines the legal framework governing business companies within RAK ICC.
Why Choose "Selim Corporate Services" For Your RAC ICC Offshore Company Formation?
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As experienced “Selim Corporate Services” we provide customized solutions to start businesses including all documentation and legal requirements. If you still think setting up a business in the UAE is complex and difficult, no! Let our hassle-free process assist you in every facet of the process from deciding the company name to receiving the license. With expertise in diverse forms of company formation, “Selim Corporate Services” is continuing to be the trusted partner for a prosperous business venture in the UAE. Choose “Selim Corporate Services” , where your success is our priority. Our Team Support .
FAQ
- Yes, RAK ICC welcomes individuals and entities globally, allowing them to establish offshore companies regardless of their country of origin or residency status, promoting international business inclusivity and accessibility.
The setup process for an RAK ICC offshore company typically takes a swift 2-5 working days upon submission of all required documents, offering an efficient establishment process for global investors seeking offshore opportunities.
While RAK ICC companies cannot conduct local UAE business activities, they enjoy the freedom to engage in international business ventures, providing flexibility and global market access to offshore entities.
Indeed, RAK ICC offshore companies have the privilege to open bank accounts both within the UAE and internationally, facilitating smooth financial transactions and operational flexibility for offshore entities.
Yes, RAK ICC mandates annual filing requirements, necessitating companies to submit annual returns and uphold updated records with the registrar to maintain compliance and transparency in their operations.
No, RAK ICC offshore companies are exempt from mandatory audits unless stipulated by their shareholders or specific jurisdictional requirements, providing operational ease and cost-efficiency for offshore entities.