Offshore Company In Ras Al Khaimah

A To Z Guide For Company Formation For RAK ICC Offshore Company In Ras Al Khaimah

About RAK ICC Offshore Company

  • The Ras Al Khaimah Government introduced regulations in 2006 to allow RAK ICC offshore company formation.

  • In 2017 RAK Free Trade Zone (RAK FTZ) and RAK ICC merged to form the new RAK ICC authority.
  • Now it operates as RAK ICC authority for offshore company formation.
  • 100% foreign ownership is allowed.
  • Indian entrepreneurs can have 100% foreign ownership when forming a company under RAK ICC.
  • Offshore companies can open multi-currency corporate bank accounts in UAE’s top banks.
  • Only a registered agent can register an offshore company under RAK ICC to comply with UAE regulations.
  • Unlike onshore companies, annual account audits are not required for RAK ICC offshore companies.
  • Offshore companies under RAK ICC cannot rent office space in the UAE.
  • Banking and insurance activities are not allowed for RAK ICC offshore companies.
  • But they can own real estate properties within approved UAE jurisdictions.
  • RAK ICC offshore companies can own shares in UAE based onshore LLCs including Dubai and Abu Dhabi.
  • Shareholder and director details are confidential and not displayed on public records.
  • From 2019 companies need to submit Economic Substance Regulation (ESR) notifications as per UAE Ministry of Economy.
    RAK ICC offshore company is VAT exempt, a big cost advantage.
Overview about rakez offshore company

Key Benefits of Forming Offshore Company in RAK ICC in RAK

1

Asset protection

2

Succession planning

3

Privacy and Anonymity

4

Low operational cost

5

Operational bank account in multi currency

6

Invoicing internationally for trading and services businesses

7

Owning freehold real estate in RAK

8

Owning shares in mainland LLC

Popular Business Activities in an Offshore Company Registered with RAK ICC RAK

Property holding

Asset or share holding

Investment holding in form of stocks, precious metals and funds

International trading

International consultancy services

Holding IP rights

Documents Required to Register RAK Offshore Company

Passport copy of the shareholder(s) for identity verification for RAK ICC offshore company registration.

Utility bill (not more than 90 days old) with shareholder’s name and address for proof of address.

Bank reference letter or recent bank statement from a recognized bank to verify financial standing for the offshore application.

Updated CV (Curriculum Vitae) of the shareholder(s) for background information and business experience.

Business plan, outlining the proposed operations and financial projections of the RAK ICC offshore company.

Completed and signed RAK ICC offshore company application form prepared by the applicant and verified by a registered agent.

Additional documents as required by RAK ICC or registered agent to meet the regulatory requirements.

Minimum Legal Requirements for RAK ICC Offshore Company Registration in RAK

 

One shareholder is required for RAK ICC offshore company formation, so Indian investors have full ownership.

 

Corporate entities can be shareholders, all documentation attested for foreign corporate ownership in RAK ICC offshore company.

 

One director must be appointed, names are confidential, so business owners have privacy.

 

Company secretary must be appointed, RAK ICC offshore compliance.

 

Shareholder names are confidential and not listed publicly, so RAK ICC owners have full privacy.

Flyingcolour Business Setup offers Mainland, Free Zone and Offshore company registration in all Emirates of the UAE including Dubai, Abu Dhabi, Sharjah, Ajman, Fujairah, Ras Al Khaimah (RAK) and Umm Al Quwain (UAQ). Our experts will provide end to end support for business setup and ensure compliance with local regulations and bank account opening with all major UAE banks. We have strong ties with government departments and banks, for faster approvals and a smooth setup process.