Offshore Business Setup in RAK ICC

Offshore Company Formation in RAK ICC

Offshore businesses are among the prime options for people looking to set up their company due to the privacy and confidentiality that come with forming an offshore business. However, setting up an offshore company is not enough to make it succeed, as you also need a reliable location. RAK International Corporate Centre is one of the most popular and lucrative locations for starting your offshore business in the UAE. Are you wondering about how to start your offshore company in the RAK ICC? Here, we are going to explore the steps to begin your offshore business in the RAK ICC. Plus, we will explore basic information and the benefits of starting an offshore company.

Benefits of starting an offshore business in RAK ICC

You can access uncountable benefits alone by starting an offshore business. Plus, the benefits increase when you form your offshore company in RAK ICC. The following are the top benefits of beginning your offshore company in RAK ICC:  

• By setting up an offshore business in the RAK ICC, you will become eligible to open your multi-currency bank account in this jurisdiction.
• Many multinational corporations register with the offshore annually at the RAK ICC in the United Arab Emirates. RAK ICC provides you with the most secure and transparent option for the formation of an offshore company.
• As an offshore business owner, you can purchase and invest in real estate property in Dubai and Ras Al Khaimah.
• You can enjoy boosting confidentiality when you form your offshore company in the RAK ICC, as RAK ICC guarantees confidentiality. This happens because you are not required to publish any financial information and personal details of your company’s shareholders and managers. In addition, there is no need for an audit of your offshore company in the RAK ICC.
• You can enjoy 100% foreign ownership by starting your offshore company in the RAK ICC, which gives you complete control over your offshore company. In addition, you may appoint the same person as a shareholder and manager.

Types of Offshore entities available in the RAK ICC

There are several types of offshore entities available in the RAK ICC. Before starting the process to set up your offshore company in this jurisdiction, you should decide what type of entity you need to form for your offshore company. To help you choose the right type, we have listed the top types of entities below:  

• Company Limited by Shares (CLS): The Company Limited by Share is among the most demanding offshore companies in the RAKe ICC. With the help of this business type, the liability of shareholders is only limited to the amount of capital that the company’s shareholders put in.
• Company Limited by Guarantee (CLG): You can set up this type of offshore company to issue shares or not authorize shares. In this company type, a guaranteed member can be a shareholder. However, the guarantor must contribute if the company liquates in place of share capital.
• Segregated Portfolio Company: This company type is also popular as the protected cell company. The Seggrated Portfolio Company is a type of CLS where you can incorporate your company with many portfolios. This entity allows you to separate different liabilities and assets from one another.
• Restricted Purpose Company: This type of company aims to serve a special purpose.
• Unlimited Company: The Unlimited Company is a type of company where the liabilities of investors are not limited and extend to their personal assets and beyond. This company exposes its shareholders or members on the basis of their liabilities to the entities.

Requirements for setting up your offshore company in RAK ICC

When beginning your offshore company in the RAK ICC, you must fulfil some requirements to prevent obstacles while setting up your offshore business. However, the exact requirements differ based on several factors, but you need to submit a few documents to this jurisdiction. We have outlined some common documents that you need to start your offshore business in RAK ICC 

Single Shareholders

• Curriculum Vitae
• Bank Statement for the previous 6 months of your Company
• Notarized Passport Copies
• Reference Letter from your bank to the RAK Offshore Authority
• Proof of Residency

  Multiple shareholders

• Certified Shareholder’s Resolution
• Passport Copies of all Directors and Shareholders
• Certificate of Good Standing
• Incumbency Certificate of your Company
• Your Company’s Attested Photocopy of the Incorporation Certificate or Business License
• Certified MoA for RAK ICC company formation

  These documents are only common documents. The authority might ask you for other documents based on several factors. Therefore, you should consult Flyingcolour Business Setup as our experts will give the exact list of documents and requirements to start an offshore business in RAK ICC.  

Steps to follow to Start your Offshore Business in RAK ICC

Whenever you want to set up your offshore business in RAK ICC, you must prepare yourself to follow some steps. The following are the essential steps to start your offshore company:  

1. You should initiate the procedure of starting your offshore business by selecting the business activities you intend to perform in your company. Next, you should pick a unique name for your offshore company. Once choosing the business activity and company name, you should obtain approval for the selected company name and business activities from the relevant authorities.
2. Next, you should choose a registered agent, like Flyingcolour Business Setup, as we will act as an intermediate between you and RAK ICC. Remember, the registered agent will give you a local address to boost communication and allow you to comply with the law.
3.  Later, you have to submit the needed documents or paperwork to the relevant authority.
4. Next, you should pay the required fees for registration and incorporation.
5. Lastly, you should open a corporate bank to handle your finances more effectively.

How can Flyingcolour Business Setup help you?

RAK ICC is among the perfect area to start your offshore business in the UAE. However, you need to follow some complex steps to set up an offshore company in RAK ICC. Flyingcolour Business Setup can assist you follow these complex steps more efficiently. Our experts will guide you whenever you need assistance in setting up your offshore business in RAK ICC. To learn more about the Offshore Business Setup in RAK ICC, book a free consultation with one of the Flyingcolour team advisors. Please note that this article was published on  12/07/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.