Identified as the historical ground of the UAE, Ras-Al-Khaimah stands as one of the seven Emirates of the United Arab Emirates. By covering an area of almost 2,468 km. sq., the region borders the Sultanate of Oman and is just a few hours’ drive from the heart of UAE, Dubai. The ground of RAK has turned out to be a suitable platform that grabs the attention of international investors to come forward and invest in the region. Now, most of the business entrepreneurs prefer to establish an offshore company. This guide will give you better clarity regarding how to set up an offshore company in RAK. Let’s deep dive.
What is an Offshore Company?
The offshore company stands as one of the legal business entities that choose to operate apart from the location of its registration, getting involved in the offshoring business processes. The business entities that fall into the category of Offshore involves:
- Company Limited by Shares
- Company Limited by Guarantee
- Unlimited Company
Fundamental Essentials of an Offshore Company in RAK
Some of the essentials that you need to keep in mind when it comes to an offshore company in RAK are as follows:
- Minimum of one shareholder stands as a compulsion. When it comes to international investors, all the documents have to be attested
- Minimum of one company director is mandated
- Every offshore company in RAK must have one secretary, and a director can also act as a company secretary
- It is mandated that every company keeps their accounting records for a period of 7 years from the date of the preparation
Now, let’s take a step and understand the process of starting a business entity in the Emirate of RAK.
What is the Process of Starting an Offshore Company in RAK?
To start an offshore company in RAK, you need to follow a series of steps mentioned below:
- Decide your company name and get the required approval from the Government Authorities
- You need to submit the essential documents to the company register in RAKIA
- Apply for the specific business license
- Pay the necessary license and registration fees
- Obtain the required permit
Your business is now ready to carry out the relevant operations. Now, let’s have a look at the documents that you need to be handy.
Documents Required to Start an Offshore Company in Ras-Al-Khaimah
Some of the essentials that you need to present to incorporate the offshore company in RAK are:
- Certified Passport Copy of the shareholder(s)
- Address proof
- Bank reference letter
- Summary of the professional history
- Business plan
Once you submit the documents mentioned above to the required Government Authorities, it becomes straightforward to carry out the incorporation process. Now, being a business owner, it becomes essential that you need to have a complete idea on the benefits that you will be deriving by incorporating a business in RAK. Let’s understand.
The RAK stands as of the most significant ground of industrialization in the UAE. When it comes to manufacturing, it contributes a big count to the overall GDP. The benefits of starting a business in RAK are mentioned below:
- Cost of doing business in RAK is comparatively low as in other Emirates
- The return of investment is high
- Own a complete 100% ownership
- No minimum share capital
- The offshore companies in RAK can hold shares in the Free Zone and Onshore companies
- Can deal with multi-currencies while carrying out the business transactions
- Disclosure of shareholders name in public register is not mandated
In short, you can see that the RAK turns out to be a perfect business destination. By starting an offshore company in RAK, you can grab multiple opportunities in the international market. Incorporating a business with the guide of an expert at the initial stage turns out to be a smart option. This is because multiple legal formalities which are set by the UAE Government are to be abiding by the foreign investors. Having a guide by your side can speed up the process and carry out the essential tasks professionally.
Commitbiz Consultant stands as one of the top business consultants in the UAE, who is dedicated to providing the best incorporation services to their esteemed clients. Our business experts have helped multiple clients to set up their business in UAE, Bahrain, Oman, and Qatar. They stand well-versed with the incorporation process and can guide you at every step of incorporation. In case you hold any query, do speak to our experts. Contact us today-we’d be glad to assist.