RAK Offshore Company Formation in UAE
RAK IC Company Formation
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- 100% Foreign Ownership
- No Annual Financial Filing Required
Home » Ras Al-Kaimah Offshore Company Formation
Why Setup a Company in RAK with RAK IC ?
Ras Al Khaimah (RAK), one of seven independent federal Emirates that make up the United Arab Emirates (UAE), offers attractive opportunities for those seeking to establish an offshore company or International Company (IC).
RAK remains a premier investment authority, giving potential investors, individuals and companies numerous benefits and arrangements in setting up an RAK offshore company. Also, all International Companies are governed by the International Companies Regulations 2006. The country has never been blacklisted by the EU and has good standing with all high-tax jurisdictions such in the US and EU and maintains good banking relations with correspondent banks.
Also referred to as a Non-resident Company, International Business Company and International Business Corporation, the RAK IC remains the most popular option for non-residents seeking to establish a presence in the Middle Eastern region, asset protection, confidentiality of financial accounts and to benefit from tax free schemes.
RAK Offshore Company Formation offers investors and foreign companies a political stable environment, financial solidity with minimal financial risk (Moody’s credit rating of Aa3), with next to zero crime, in a strategic region that connects itself with regional markets, while also providing a critical link between the East and the West.
RAK IC Company Formation Package
BASIC
US$2200
- Set Up Fee
- Business Consultation
- Document Preparation
- Dedicated Account Manager
PLUS
US$2720
- Set Up Fee
- Company Rubber Stamp
- Company Seal
- Notaristic and Apostille on Documents
- Document Preparation
- Dedicated Account Manager
PREMIUM
US$3010
- Set Up Fee
- Company Rubber Stamp
- Company Seal
- Notaristic and Apostille on Documents
- International Courier
- Creation of Company Logos; Business Card; and Letterhead
- Documentation Preparation
- Dedicated Account Manager
Main Characteristics of a RAK Offshore Company Formation (RAK IC)
Characteristic | Description |
---|---|
Company Type | International Business Company (IBC) |
Governing corporate legislation | RAK International Corporate Centre (RAK IC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates. |
Information published relating to company officers | There is no public register of company officers. However, the particulars of the company structure are registered and must be maintained up to date with RAK ICC. |
Confidentiality | The UAE implemented many legislations to protect the data and the privacy of the persons and the companies. |
Accounting requirement | No accounting filing requirements. However, the company must maintain its underlying documentation, including accounting records, for a minimum of 5 years, as prescribed by Regulation 101 – 107 of the RAK ICC Business Companies Regulations 2018 and Federal requirements. |
Corporate Taxation | NA Ras Al-Khaimah IBC is exempt from any form of taxation and withholding taxes in the United Arab Emirates. While the company may not be liable to pay taxes, please consult with a tax/legal advisor in your country of residence, to determine your own tax liability. |
Legislation | Modern offshore legislation. |
Ownership | 100% foreign ownership is allowed, no requirement to have a local partner. |
Communication | Efficient communication means. |
Time zone | Convenient world time zone: GMT+4 |
Paid up capital requirement | No paid up capital requirement. The standard share capital is AED 10,000 but can be amended to fit your requirements. |
Renewal Date | Anniversary date of the company / Each Year |
Basis of legal System | UAE Law. |
Minimum directors/shareholders | Minimum of 1 director/shareholder. LLC - No |
Bearer shares | Bearer shares are not permitted. |
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Scope of Services
* International Business Company (IBC)
Services and Documents Provided (Company Formation Service Fee) | Status |
---|---|
Certificate of Incorporation | |
Memorandum & Articles of Association | |
Share Certificates | |
Register of Directors | |
Shares Register | |
Appointment of Director and Secretary | |
Documents will be sent by courier at no extra cost | |
Company Name Check and Reservation | |
Documentation Preparation and Legal Liaison | |
Administration and Registered Agent – 1 year | |
Local Business Registered Address– 1 year |
Certificate of Incorporation (Government Fee) | Status |
---|---|
Submission of application to the Government | |
Payment for Government Fee required |
RAK IC Offshore Company Registration is ideal for?
Financial Management
International Investment
Holding Company
General Trading
Ship and Property Ownership
Commercial Trade Activities
Commission Agents Companies
Consulting and Advisory Services
What are the required documents for the RAK IC Offshore Company Formation ?
- A certified copy of each director and shareholder’s passport
- A certified copy of each director and shareholder’s proof of domicile dated less than three months (must be in English)
- Proposed 3 company names with ending suffix “Limited”, “Corporation” or “Incorporated”.
- Last 3 months' bank statement. All in original.
RAK IC Offshore Company Starting from $ 2200
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Frequently Asked Questions – RAK IC Offshore Company Formation
Offshore or non-resident companies are described as companies that conduct an insubstantial or zero volume of business within their jurisdiction of incorporation.
Some of the advantages of holding an RAK Offshore International Company (IC) in the UAE include:
- Asset protection
- Confidentiality
- Tax planning
- International visibility and exposure
- Zero exchange controls
- No double tax agreements
- No restrictions on profit transfer
- No restrictions on capital repatriation
- No signed treatise that enables a foreign exchange of information
- UAE is not on any ‘blacklist’ for tax havens
The UAE and RAK offshore companies offer political and economic stability of the jurisdiction through:
- Modern and flexible legislative framework
- Simple incorporation and filing requirements
- Double Taxation Avoidance Agreements (DTAA)
State of the art banking and telecommunication facilities
Of the many attractive advantages in setting up a RAK offshore company formation are the numerous tax benefits accrued through incorporating within the jurisdiction of the UAE.
These tax benefits include:
- Zero personal income tax
- Zero corporate tax
- No capital gains tax
- No sales tax
- No withholding tax
- No value added tax
- No import of export tax
- 100% capital and profit repatriation
- 100% ownership in Free Zones
- Sixty one double taxation agreements and thirty two bilateral investment treaties are in place
The only companies required to pay taxes are oil, gas and petrochemical companies and branch offices of foreign banks.
The minimum capital requirement of a RAK IC is AED 1,000
There are no requirements to file accounts or to have accounts audited. Public filing is limited to certificate of incorporation, memorandum and articles of association, registered office and name and address of registered agent.
A RAK IC is allowed to have nominee directors and shareholders to give another layer of anonymity, the details of which are not part of public record. A RAK ICC is protected from any expropriation orders by any foreign governments. Additionally, any changes of directors or shareholders are not required by Registry.
Yes. Absolutely! The entire process to open a bank account for RAK offshore company formation can be done remotely.
Skwer Group have more than 35 years combined experience in offshore company formation, our global network of registered agent based in more than 20 major jurisdictions, allow us to offer our clients the best services at a very competitive price.
Each client receives a tailor-made service, aligned with the latest jurisdiction laws. In addition, we also provide related services such as bank account opening and accounting services.