Ras al Khaimah is one of the most popular options for business owners that want to incorporate an offshore company in the UAE since many advantages. The Ras al Khaimah Investment Authority, also known as RAKIA, established this international company structure in 2006 with the aim to attract foreign investment.
Since RAK is one of the most stable and fastest-growing emirates in the UAE it’s expected that business from all sizes consider the Company Formation in Ras al Khaimah (RAK) Offshore. This type of company ensures privacy, confidentiality and safety, as well as low rates for incorporation so it’s the perfect option for investors from around the world that want to engage in international transactions.
Steps for incorporating a Ras al Khaimah Offshore Company
Investor, entrepreneurs and small business want to know how to carry out the Business Setup in Ras al Khaimah (RAK) Offshore so they can boost their operations from this strategic location.
To incorporate your offshore company in RAK you must select the trade name for your business that follows the guidelines. Then, you must determine the legal structure of your business, which means, to select the shareholders, directors, secretary and required capital. After that, you must gather the documentation that you must submit along with your application form.
Then, the shareholders must be present to sign the documents, and after that, you can receive your certificate of incorporation to carry out your business activities efficiently and legally.
Documents required for incorporating a Ras al Khaimah Offshore Company
The offshore company formation in ras al khaimah requires investors to gather the necessary information that provides all the details to the Authority. Make sure to have everything prepared so you don’t have to worry about delays in the process.
Also, it’s worth noting that if you’re planning on having corporate shareholders, you must attest and notarize the company formation documents. So, the fastest way to incorporate your offshore company is by having natural persons as shareholders.
Here’s the documents you need to incorporate an offshore company in RAK:
- Bank reference letter
- AOA and MOA (for corporate shareholders)
- Owners’ CV
- Application form
- Passport copy for each shareholder
- Proof of residence for each shareholder
- Business plan
- Activities list
Requirements for incorporating a Ras al Khaimah Offshore Company
To start your Business in Ras al Khaimah (RAK) offshore you must comply with the requirements established by the AFZA Authority.
Here are the most important requirements for an Offshore Company in RAK:
- It’s mandatory to have at least one shareholder and a maximum of 50.
- Corporate entities as shareholders are allowed as long as it has all of its company formation documents attested
- It’s required to have at least one director
- It’s permitted to have corporate directors
- The offshore company must have one secretary, and a company director may act as such
- There’s not a minimum share capital since it’s agreed by the shareholders
- Offshore companies are not subject to annual reporting. However, it should keep the accounting records from the date of incorporation for 7 years. These reports don’t have to be filed to the RAK Authority.
It’s important to note that the names and personal information about the shareholders and directors won’t be disclosed on a public register, so the company can have total confidentiality.
Advantages of a Ras al Khaimah Offshore Company
- Foreign investors can have 100% ownership of an offshore company rak free zone
- An offshore company can have shares in local companies
- You can open a bank account and hold multi-currency ones
- The company incorporation process is easy and quick
- The information about the shareholders and directors won’t be disclosed
- No restrictions for repatriation of funds
- 0% taxes since offshore companies have exemptions on corporate, personal and income tax
- An offshore company can open an international bank account
- Offshore companies don’t need to be audited
- There’s no custom duties
- It’s not necessary to be present in RAK to incorporate the offshore company
- An offshore company can engage in multiple business activities
- The RAK Emirate has double taxation agreements
Permitted activities for a Ras al Khaimah Offshore Company
The Ras al Khaimah (RAK) Offshore Company Setup, unlike other jurisdictions, doesn’t require to select a valid business license to carry out the operations. This means that the company can engage in multiple activities, as long as they’re approved by the RAK Authority.
This is because the RAK Offshore Company just get a certificate of incorporation after its approval, so you don’t have to choose a business license. An offshore company can engage in a variety of business activities and they can be used for many purposes, such as the following:
- Professional services: an offshore company can carry out professional activities internationally.
- Trading activities: with an offshore company you can carry out trading activities like import and export internationally.
- Holding activities: you can use your offshore company as a holding company
- Consultancy services: you can provide international consultancy and advisory services with your offshore company.
- Property Holding Company
- Registration of rights: you can use your offshore company to register copyright, trademarks and patents, as well as to buy and sell intellectual property rights.
It’s worth noting that there are two sectors in which offshore companies can’t engage, whicih are finance and insurance. The ras al khaimah business opportunities attract investors from around the world that want to take advantage of this outstanding tax haven.
Ras al Khaimah Offshore Company Formation costs
When considering establishing an offshore company in RAK, it’s important to know about the rak offshore company cost. As a business owner, you’ll have to incur in some expenses in order to have your business up and running.
The rak company formation cost will vary depending on the business package, nature of business, legal structure and many more aspects. However, some of the expenses that you have to consider are the following:
- Registration fee (one-time payment)
- Incorporation fee
- Fee for Certificate of Incorporation
- Company stamp fee