Ras Al Khaimah Offshore Company Formation

What is an Offshore Company?

An offshore company is a legitimate and valid business entity that is considered as an off-the-shore business, and it can only carry out all of its business operations exclusively outside the country of its origin. It is one of the favoured alternatives when it comes to quick and easy means of business expansion and is also regarded as a non-resident business.

RAK offshore company formation provides a business person with total banking security and privacy. Ras Al Khaimah Offshore is the fastest way to invest in offshore companies in the UAE and RAK International Corporate Centre (RAKICC) is the governing body.

Why choose to set up an Offshore Company in Ras Al Khaimah?

Legal Protection

The UAE is not considered a ‘tax haven’ jurisdiction. The Financial Action Task Force (FATF) has not blacklisted the UAE. Therefore, those choosing to set up an Offshore company within the UAE are protected by the UAE legislation and conduct business activity legally, which complies with international standards.

Asset Protection

RAK offshore company allows complete asset protection with a reliable and sturdy platform for foreign investors in comparison to domestic business entities. RAK offshore asset protection enables immigrant trustees to build a legal wall that effectively helps separate the creditors and the assets guarded inside your offshore company.

Discretionary Investments

The chief advantage of RAK offshore company formation is that you are not bound to any regular rules and restrictions that the companies need to follow compared to any other jurisdiction. Offshore companies in RAK are an independent overseas territory for investors and entrepreneurs, with its own set of guidelines and authority called RAKICC.

Multiple Activities

Offshore companies may engage in multiple business activities such as trading, professional services, shareholders and/or investors of other UAE-based companies as well as property holding companies.

Required documents

For individual directors/shareholder

• Certified copy of the valid passport of all directors/shareholders.
• Certified copy of utility bills, local authority tax bills, tenancy agreements or bank statements showing the address of all directors/shareholders.

For corporate director/shareholder

• Certified copy of the corporate documents including Certificate of Incumbency, Memorandum and Articles of Association.
• Certificate of Incumbency/ Certificate of Good Standing.
• Certified copy of the authorized signatory of a corporate shareholder.
• Name of shareholders and Ultimate Beneficial Owners.
• Certified copy of corporate resolution regarding new incorporation approval in RAK.

Steps Linked in the Company Formation of a RAK Offshore Company

If all the documental necessities are met, then it normally takes only 3-4 days to incorporate your RAK offshore company. Here is the procedure for registration of your offshore in RAK:

• To begin with, you should get consent for the company name and business activities it is going to perform.
• Next tender the signed setup documents to the Registrar in RAKICC, the governing body of RAK offshore.
• Your company is ready now. You now need to create your corporate bank account, and then you can commence with the business operations.

FAQs

What are the restrictions on the activities of an RAK ICC company?

A RAK international company is not permitted to carry on business activities within the zone or UAE. However, an international company can hold shares, assets in both local and international registered companies.

How should I name an international business company in RAK?

The name of a newly incorporated company has to satisfy with following the conditions:

• Comprise of no more than one hundred permitted characters.
• The name of a limited company must end with the words “Limited”, “Incorporated” or their abbreviations “Ltd”, or “Inc”.
• Not identical to names of existing companies or names appearing in the reserved name list of the Registrar.
• Must not contain a restricted list of words such as bank, council, credit, fund, or forex.
• In the opinion of the Registrar, the name is offensive or contrary to public policy or public interest.

Are corporate directors/shareholders permitted?

Yes, corporate shareholders/directors of any nationality are allowed.

What types of activities are suitable for a RAK ICC company (limited by shares)?

A RAK ICC company can adapt multiple business objectives such as follows:

• International business company facilitating global investment and trade.
• Holding company.
• SPV holding real estate’s or other assets.
• Joint venture.
• Wealth management and asset protection.
• Other trading and services activities as permitted by RAKICC

Is there a minimum registered capital for an RAK ICC company?

The share capital has no required minimum registered amount and can be expressed in any currency.

What are the annual compliance requirements for a company incorporated in RAK?

A company has to maintain at all times at least one director, one shareholder along with a local registered agent and registered office address in RAK. There is no need for filing annual return, tax returns or submitting financial accounts, however, accounting is highly recommended.

How can Flyingcolour Business Setup help you?

FlyingColour Business Setup Services advises small, medium and large businesses. For a RAK ICC, we can assist you in company formation from start to finish. We give not only strategic business information on business setup but also manage legal and documentation formalities.

This blog is written by Mr Mohammad Rizwan Khan, To learn more about Ras Al Khaimah Offshore Company Formation, book a free consultation with one of the Flyingcolour team advisors, simply call +97144542366 or send WhatsApp messages to +971554413566. you can also drop an email to info (at) flyingcolour (dot) com.

Please note that this article was published on  03/01/2021 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.