Information about RAK Offshore company in United Arab Emirates

Main characteristics

Here are some of the main characteristics of RAK offshore companies:

• RAK ICC RAK International Corporate Center (RAK ICC or RAKICC) is a corporate registry established in the Emirate of Ras Al Khaimah, United Arab Emirates.
• Type of company An international commercial company that can conduct international business or act as a holding company.
• Publication and confidentiality of information RAK ICC does not maintain any public register relating to the shareholders or directors of the company. This information is kept confidential in accordance with applicable laws.
• Bookkeeping Requirements = There are no bookkeeping or reporting requirements for RAK offshore companies.
• Taxes RAK offshore companies are exempt from any taxation in the United Arab Emirates.
  RAK Laws ICC provides a modern offshore legislative framework. The basis of the legislation is the law of the United Arab Emirates.
• 100% Ownership 100% foreign ownership is permitted and there is no requirement to have a UAE national as a partner.
• Time zone Convenient global time zone: GMT+4
• Paid-up capital required No paid-up capital requirement.
• Minimum directors/shareholders The RAK offshore company requires a minimum of 1 director and 1 shareholder.
• Bearer shares Not permitted.

What are the advantages of a RAK offshore company in the UAE?

RAKICC companies benefit from the following advantages:

• You can open a bank account in the name of RAK offshore company.
• You can own real estate in Ras Al Khaimah and Dubai through a RAK offshore company.
• RAK offshore company allows 100% foreign ownership.
• The RAK offshore company can hold shares in a mainland company or a free zone company in the UAE.
• RAK offshore company offers zero tax.
• You can establish a subsidiary.
• RAKICC offers state-of-the-art legislation which is the cornerstone of any reliable offshore company established in any jurisdiction.
• RAKICC has strong compliance procedures.

Why choose the RAK IBC?

RAK offshore companies are exempt from all taxes in the United Arab Emirates.

• You can buy real estate in Ras Al Khaimah and Dubai with your company RAK IBC.
• The RAK IBC company has no brakes when it comes to the nationalities of its directors and shareholders.
• A Legal Person can own the shares of your RAK IBC
• There are no accounting or reporting requirements for offshore RAK companies – We advise managers to keep accounts to be able to manage their business in order to create growth levers. Because without an overview, the evolution and development of a company is difficult
• No mandatory capital requirement
• The RAK offshore company requires at least 1 director and 1 shareholder.

Documents Required

• Certified copy of passport for all directors and anyone else with 25% or more of the ultimate beneficial ownership/issued shares of the company. Must be certified by an independent lawyer, notary, auditor or bank official AND PICTURE IN COPY MUST BE CLEAR AND EASILY IDENTIFIABLE. The certification should state ‘true copy of the original document’ or similar and include date and official stamp.
• A Selfie photo with white background of all directors and anyone else with 25% or more of the ultimate beneficial ownership/issued shares of the company holding his/her passport which can clearly see the face and passport.
• Business CV for all directors and anyone else with 25% or more of the ultimate beneficial ownership/issued shares of the company.
• One Document (certified copy as per the above or original) proving residential address for at least two directors (if the company has two or more) and anyone else with 25% or more of the ultimate beneficial ownership/issued shares of the company. The following must apply:
  • Must be utility bill, government/council bill or bank/credit card statement – (Mobile Phone bills will not be accepted)
  • Must be dated within the last 3 months.
  • Must have the individuals full name and full address
  • Address should preferably be in top left corner as per a standard letter, or clearly identifiable
  • No pen markings or any corrections on the documents permitted

We must have a scan and a certified copy by a notary or a local body such as town hall, consulate …

Timeline

According to our experience feedback, upon receipt of the documentation signed by you and the filing in the company registers, the registration will take a minimum of 5-7 days (open days).

Incorporation Process

Step 1 – We prepare your business documents
We will reserve your RAK Offshore company name and prepare the following company incorporation documents as RAK ICC registered agents:

• Memorandum of Association.
• Statutes of the association.
• Letter appointment of the director(s) and the secretary.
• Letter of appointment of registered agent.

Step 2 – You sign the company documents
For UAE residents: you will need to visit our office in Business Bay, Dubai, UAE, to sign your company documents.

For non-residents of the United Arab Emirates: We will prepare a specimen signature form for you to sign in front of a notary public in the country of your residence and return the original to us. All other company documents should be printed and signed by you at your office / home and returned to us as originals.

Step 3 – We register your RAK Offshore company

Regular Requests: We will submit your company documents to RAK ICC for the formation of your new company. The prescribed deadline for the registration of the RAK Offshore company is approximately three (3-4) working days from the filing of all signed documents.

Urgent Requests: If you need urgent service, your business can be incorporated within one (1) business day for an additional fee of AED 3000.

Tax Informations

RAK offshore companies are exempt from all taxation in the United Arab Emirates.

Capital Informations

• No minimum share capital is required to create an IBC
• We recommend that the registered capital is at least 1000 AED.
• No deposit requirement upon creation.
• No paid-up capital requirement.

RAK IBC Renewal Fee Information

The renewal fee is AED 12 199.00 | €2999.00 each year

The renewal must be done at most 15 days before the anniversary date of the company for a complete treatment before the deadline.

1st fine if exceeding the official reporting date [Company anniversary date] + AED 2200 PENALTIES – Each month a similar fine is added.