In Ras Al Khaimah offshore companies are registered with the RAK International Corporate Centre (RAK ICC), which was established in 2015 when the two registries consolidated: RAK International Companies (formerly part of the RAK Free Trade Zone) and RAK Offshore (previously known as RAK Investment Authority). RAK ICC is one of the fastest-growing international corporate registries with an excellent reputation for compliance and professional services. The RAK offshore company formation process is fairly straightforward and cost-effective and does not require the shareholders’ personal presence.
Benefits of Ras Al Khaimah Offshore Business Setup
RAK ICC Corporate Features
- 100% foreign ownership;
- One-day incorporating process;
- No restrictions on the number of shareholders;
- A corporate director is permitted;
- No office requirement;
- No attestation required for corporate documents;
- Cost efficient registration and renewal fees;
- No requirement to file financial accounts;
- No requirement for minimum capital;
- Constitutional documents can be issued in dual languages.
RAK ICC Legal Features
- Common law regulations with access to DIFC and ADGM courts;
- Variety of legal structures and different products available for different usages;
- No restriction on capital repatriation;
- Migration or continuance of existing corporate entities from various jurisdictions;
- Different classes of shares and the ability to register the share pledge.
- Access to a broad range of the UAE Double Tax Treaty network;
- Ability to open bank accounts locally and internationally;
- USD freely available. Local currency pegged to USD.
RAK Offshore Business Setup Limitations
- Cannot have an office in the UAE;
- Cannot carry business in the UAE;
- Owners cannot obtain resident visas based on the registered company;
- The company cannot do banking or other insurance business without a special license;
- Offshore company in the UAE has no opportunity to receive bank transfers from other firms in the UAE.
RAK Offshore Company Formation Types
- Company Limited by Shares;
- Company Limited by Guarantee;
- Restricted Purpose Company;
- Segregated Portfolio Company;
- Unlimited Company.
RAK Offshore Company Business Activities
- General trading activities;
- Holding company;
- International services;
- Professional services;
- Consulting and advisory services;
- Shipping and ship management activities;
- Owning of property;
- Intermediary brokers.
RAK Offshore Company Registration Process
Registration authority: RAK ICC
Required documents and incorporation steps:
- The client to provide:
– Company name (3 options);
– Corporate structure (shareholders, directors, manager);
- Required documents (individual shareholder):
– Passport Copy (valid for min 6 months);
– Original Utility Bill (Water & Electricity Bill / Telephone Bill) – at least within 3 months;
– Bank reference letter from any bank in the world;
– UAE Residence Visa and Emirates ID copies (if applicable);
– Personal details: telephone number, email address, residential address, country of residence, parent’s names, marital status, religion.
For the corporate shareholder a set of the company’s registration documents to be provided.
- The documents and information are submitted through the accredited agent.
- Following documents will be issued by the authority upon successful registration:
– Certificate of Incorporation;
– Memorandum of Association;
– Good Standing Certificate;
– Incumbency Letter;
– Share certificate.
Before setting up an RAK offshore company, information on the objectives and activities of the company to be registered must be communicated to the Registrar.
The completed application form, personal documents as well as the company formation agreement are sent to the authorized bodies.
Once all documents have been accepted and approved, the Certificate of Existence of the company is issued. The Certificate of Existence confirms the fact that the offshore company has been established, authorized and exists. It is often also referred to as the Certificate of Incorporation.
Timelines: the process of Ras Al Khaimah offshore company formation takes 3-5 days and an urgent registration within 48 hours is also possible.