Everyone wanting to start an offshore company would have Ras Al Khaimah—popularly known as RAK—on their priority list. Credits to its well-established structure and several benefits it offers to the investors.
With a diverse economy and loads of opportunity, the emirate stands in the frontline with regard to trading, manufacturing, quarrying, tourism and many more. Concerning RAK, setting up a successful offshore business with so much ease and short duration is no longer a myth.
Ras Al Khaimah is a constitutional federation of seven emirates located on the Arabian Peninsula's south-eastern edge. It is a genuine Arabian destination with some of the most exquisite settlements and convenient locations for launching a company.
The registration of a RAK offshore corporation is a safe and cost-effective option. Not only that, but every offshore business in the UAE benefits from tax exemptions, 100% foreign ownership, and many other benefits, making Ras Al Khaimah an attractive place for offshore company formation. Moreover, the location has so many other features and regulations that must be considered.
- RAK offshore allows companies 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.
- The cost of incorporating an offshore company in RAK is comparatively lesser than Ajman or JAFZA
Activities Permitted in Ras Al Khaimah offshore
Ras Al Khaimah is undoubtedly one of the best offshore locations to start your business journey, and the above-mentioned points prove this statement. They allow several activities both inside and outside the UAE.
As an offshore company in UAE, you may carry out the below-mentioned activities
- Asset holding
- Owning properties
- Bank account holding
Certain main activities that an offshore company of RAK can hold are below
- General trading
- Consulting or advisory services
- Having a holding company
- Owning properties
- Internal corporate services
- Shipping related services
- Professional services
Note – While there are several activities that RAK permits, there are two sectors that a RAK Business company should not volunteer. They are insurance and finance
Documents required for RAK offshore formation
Here a list of the documents and applications required for your offshore company registration in RAK:
Documents for Company with Single 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 for last 6 months of the company
Documents for Company with Multiple Shareholders
- 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)
- The authorities may request additional documents during the registration process
*Note: If another company owns the company, the documents mentioned above are required up to the last stage to get to know the initial beneficiary owner.
How to set up Ras Al Khaimah offshore company
If all the documental requirements are met, registering your RAK offshore company usually takes 1 day. Here is a step-by-step procedure for registration: before all this, keep in mind the prerequisites for forming an offshore company in RAK
Decide on Name and Business activity
To start with, you should get ready with the name and business activity of the company. There are certain regulations in naming your business, and abiding by them is all compulsory.
Submit the Documents
Sign all the incorporation documents and submit the same to the Registrar in RAKIA, the regulatory body of RAK offshore, to get your license and approval.
Pay the registration fees and other incorporation expenses. The payment can be made online, via cash or through a money transfer.
Proceed with bank Account
Your business is ready now. You’d need to create your corporate bank account, and then you can start with the operations.
Reach an Agent
RAK offshore company formation has one important requirement from RAKIA: every RAK offshore company should have a registered agent who 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 in the UAE. 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 your company vision.
How long will it take to incorporate offshore business in RAK?
Once the documents are perfectly ready, it may not take more than 1 or 2 days.
Is RAK a secure place to start an offshore company?
Yes, the location offers the highest privacy and confidentiality.
What is the tax percent for RAK offshore company?
Both Tax and Vat are 0%.
Can RAK offshore company act as a holding company?
Yes, it can.
Does RAK offshore setup allow 100% foreign ownership?
Yes, it allows complete foreign ownership.