Ras Al Khaimah Offshore – privatewolf.ae

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Ras Al Khaimah Offshore
Company Formation

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Dubai Offshore: Exploring the Potential of RAK ICC

Introduction

The Ras Al Khaimah International Corporate Centre (RAK ICC) has emerged as a leading corporate registry in the United Arab Emirates (UAE), facilitating offshore company formation with remarkable efficiency. Nestled in Ras Al Khaimah, RAK ICC has rapidly gained recognition as one of the fastest-growing international corporate registries. This growth is attributed to its global reputation, adherence to local and international regulations, and exceptional professional services. The benefits of forming a RAK offshore company are numerous, including 100% ownership, zero corporate taxes, and sufficient resources to meet the Economic Substance Regulations (ESR) Test.

Why RAK ICC?

Foreign investors are increasingly drawn to RAK ICC for offshore company formation in the UAE, primarily due to the Authority’s efficient services. The Authority collaborates with registered agents in the UAE, ensuring swift company registration for foreign investors. Furthermore, the cost of RAK offshore company formation is investor-friendly, contributing to the Authority’s growing popularity among investors.

Legislation and Governance

The establishment of the RAK ICC corporate registry was in accordance with Decree No.12 of 2015, later amended by Decree No.4 of 2016. This new registry resulted from the merger of two registries – RAK International Companies (formerly part of RAK Free Trade Zone) and RAK Offshore (formerly part of RAK Investment Authority). The RAK ICC Business Companies Regulations 2018 govern the formation of RAK offshore companies for investors, while the RAK ICC Registered Agent Regulations 2018 apply to registered agents in the UAE.

Advantages of RAK Offshore Company Formation

RAK offshore companies incorporated with RAK ICC enjoy a plethora of benefits:

Ability to open a bank account in the UAE
Eligibility to own real properties in Ras Al Khaimah and Dubai
100% foreign ownership
Permission to own shares in mainland or free zones companies in the UAE
Exemption from corporate taxes
Opportunity to form a subsidiary with RAK Economic Zone (RAKEZ)
Access to state-of-the-art legislation
Robust compliance procedures

Key Features of RAK Offshore Companies

Shareholders

A RAK offshore company requires at least one shareholder to receive a certificate of incorporation. Corporate shareholders are also permitted. The shareholders determine the company's capital structure. However, bearer shares are not allowed by the RAK ICC Authority.

Directors

At least one director is mandatory for a company's incorporation with RAK ICC. Corporate directors are also allowed. Importantly, directors' details are not available for public inspection.

Secretary

Every offshore company established with RAK ICC must appoint a secretary.

Annual Accounts & Audit

Companies must maintain accounting records for seven years from the date of preparation. Directors must approve these records, with at least one director signing them. Submission of the accounts to the RAK ICC Authority is not mandatory.

Timescale

The registration of the company in the Free Zone typically takes three working days.

Restrictions on Name & Activity

The name of a RAK offshore company must end with the suffix 'Limited' or 'Incorporated'. Certain words and their associated activities should be avoided when selecting a company name. These include Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal, and Trust.

Need Assistance?

PW offers comprehensive services covering essential requirements such as visa processing, document drafting, government liaising, bank account opening, and more. Our team of business setup consultants, PRO service executives, and compliance advisers ensures a hassle-free company incorporation process in RAK Offshore