A constitutional federation of 7 emirates located along the south-eastern tip of the Arabian Peninsula, Ras Al Khaimah (RAK) is an ideal location for an offshore company formation. Ras Al Khaimah is an authentic Arabian destination having one of the most luxurious accommodations and comfortable spots for starting a business. RAK offshore company formation is a secure and cost-efficient proposition; the establishment cost here is significantly lower compared to Dubai or Fujairah. Every offshore company in the UAE gets benefits like tax exemption, total foreign ownership, etc. RAK offshore companies allow a company to have a single shareholder whose physical presence is not mandatory.
RAK offshore company formation provides a businessman with total banking security and privacy. RAK offshore is the fastest way to invest in offshore companies in the UAE. Ras Al Khaimah Investment Authority (RAKIA) is the governing body, and RAK offshore companies are regulated under the RAK Offshore Regulations 2006.
Advantages of RAK Offshore Company Formation
An offshore company in the UAE should not be mistaken with a UAE free zone company. An offshore company is a legal corporate body which is set up and operated outside of its registered authority. The main reasons why entrepreneurs go for RAK offshore company formation are:
- RAK is a gateway to the international market
- RAK has a stable and business-friendly legal system
- There is availability of global funding
- There is provision of protection tools for assets such as intellectual property
- RAK allows retention of capital, profits and international earnings
- Offshore companies in RAK enjoy total tax exemption
- The rules and regulations in for a RAK offshore company are flexible
- Companies have the freedom to hold shares in a free zone company as well as in an onshore (LLC) company
- Companies can have multiple bank accounts in different currencies to carry out their international business operations
- Incorporation of a RAK offshore company requires just 1 director, shareholder, and secretary (they can be the same person)
- There is no restriction on citizenship and no residency limitation
- The highest level of privacy and confidentiality is guaranteed for a RAK offshore company
Documents Required for RAK Offshore Company Formation
Here a list of the documents and applications required for your offshore company registration in RAK:
Documents for RAK Offshore Company with an Individual Shareholder
- Your passport copies (notarized)
- A bank reference letter addressed to RAK Offshore Authority (original)
- Residency proof, like a utility bill or municipality certificate (original)
- Curriculum Vitae (CV) of the shareholder of the offshore company
- Bank statement of last 6 months of the company
Documents for RAK Offshore Company with More than One Shareholder
- Applicant company’s photocopy of business license or incorporation certificate (attested)
- Memorandum of Association (attested)
- Shareholder’s resolution (attested)
- Passport copies of all the directors and the shareholders
- Certificate of Good Standing, also known as Certificate of Existence of the company
- Incumbency certificate of the company (mentioning the names of the shareholders and directors)
- Additional documents maybe requested by the authorities during the registration process
*Note: If the company is owned by another company, the documents mentioned above are required up to last stage to get to know the initial beneficiary owner.
Steps Involved in RAK Company Formation
If all the documental requirements are met, then it usually takes 1 day to register your RAK offshore company. Here is a step by step procedure for registration:
- To start with, you should get approval for the company name and business activities.
- Sign all the incorporation documents and submit the same to the Registrar in RAKIA, the regulatory body of RAK offshore.
- Pay the registration fees and other incorporation expenses. The payment can be made online, via cash or through money transfer.
- Your business is ready now. You’d need to create your corporate bank account, and then you can start with the operations.
RAK offshore company formation has one important requirement from RAKIA: every RAK offshore company should have a registered agent which is approved by the authority, and here’s where Commitbiz comes into the picture. We have the local knowledge and expertise to guide and take care of your offshore company registration process. We provide you with the best possible options and ensure you a hassle-free and cost-efficient business setup. Contact us, and we’ll take care of your registration while you chart out your company vision.