RAK ICC Offshore Company Formation
RAK International Corporate Centre, also known as RAK ICC, is among the growing jurisdictions with an excellent reputation for compliance and professional services. The RAK ICC serves as a government-owned corporate registration center developed in Ras Al Khaimah under Emiri Decree No. 12 of 2015.
Business owners like you looking to expand their business scope have perfect opportunities to to start an Offshore company in RAK ICC. This is because the RKK ICC is among the most respected offshore company registries. Plus, It is one of the top jurisdictions like BVI, Jersey, and more.
Standing out among numerous alternatives, beginning your offshore company in the RAK ICC is a strategic and advantageous option. These offshore companies or entities are incorporated in the UAE while mainly running internationally. You can acquire efficient legislation for the creation and maintenance of your offshore or international companies in the RAK. Apart from this, you may access countless benefits by beginning your company in the RAK ICC.
Suppose you have decided to form your offshore company in the RAK ICC, you should consult Flyingcolour Business Setup to get expert guidance.
Advantages of forming an offshore company in the RAK ICC
- Offshore companies in the RAK ICC make sure a high level of confidentiality. Do you know why? It is because there is no need to share financial and personal details on public records that safeguard privacy. In addition, you can acquire the protection of your assets for legal pursuit by starting your offshore company in the RAK ICC, which develops a barrier between your company’s resources and third parties.
- As an offshore company owner or shareholder in the RAK ICC, you can access ultimate flexibility. No requirement to file an audited account, no minimum capital requirements plus access to local and international banks are some of the top flexibilities you can enjoy in the RAK ICC. Thus, shareholders like you can enjoy regulatory arbitrage in this jurisdiction.
- Due to the RAK ICC’s relationship with the RAKEZ, an offshore company can incorporate a subsidiary in the RAKEZ that lets you conduct activities in your offshore company in the UAE.
- Forming your offshore company in the RAK ICC provides you with a UAE-based address that enhances your business’s credibility. You can access countless opportunities for international partnerships and activities. In addition, it lets you open a bank account in the UAE, which is essential for every offshore company in the RAK ICC looking to engage in multiple currencies and global transactions.
- The United Arab Emirates (UAE) has implemented a Corporate Tax of rate 9% in 2023. Click Here to know more about Corporate Tax on Offshore companies. As a result, you may enjoy a significant financial advantage as an offshore company owner in the RAK ICC.
- The Double Tax Treaties agreement in the UAE with more than 47 nations allows you to benefit significantly from these agreements, fostering international business relations.
Types of offshore companies in the RAK ICC
The following is the list of people who are eligible for five-year residency permits:
- Company Limited By Share (CLS)
- Company Limited By Guarantee (CLG)
- Restricted Purpose Company
- Unlimited Company
- Segregated Portfolio Company
Types of Business Allowed and Prohibited
Trading, consulting, property registration, holding of different assets, media, contracting, design, and more are possible examples of business when using such types of offshore companies. However, if you plan to start an offshore company in RAK ICC, you are exempt from conducting activities involved in banking, financial service, insurance, or reinsurance.
Requirements of beginning an offshore company in RAK ICC
There are a few requirements you need to follow to start an offshore business in the RAK ICC. However, the exact requirements depend on several factors but you must gather some documents to fulfil these requirements. We have mentioned below some common documents you need for an Offshore company in RAK ICC:
Single Shareholder
- Curriculum Vitae
- Bank Statement for the previous six months of the business
- Notarized Passport Copies
- Reference Letter of Bank addressed to the RAK Offshore Authority
- Proof of Residency
Multiple shareholders
- Certificate of Good Standing
- Incumbency Certificate of the Company
- Attested Photocopy of Business License or Incorporation Certificate of your company
- Attested MoA for forming a company in RAK ICC
- Attested Resolution of Your Company’s Shareholders
- Passport Copies of all Directors and Shareholders
We again remind you the list of required documents may differ. Therefore, we recommend you consult Flyingcolour Business Setup to obtain the complete list of documents or other requirements to start your offshore business in RAK ICC.
Steps to form an offshore company in RAK ICC
- Initially, you should choose the business activity you want to conduct.
- Next, you should select and submit three potential company names out of which one unique name will be finalized by the authorities.
- After registering your offshore company name, you should prepare and submit the required documents.
- Next, you must submit the necessary fees and other remaining charges via cash or online transfer to the relevant authority.
- 5. Lastly, you should open a corporate bank account for your offshore business. A dedicated corporate account will let you handle your business finances more effectively.
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