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Ras Al Khaimah: Best Region for Offshore Company Formation! Read Why

By Sakshi Srivastava - 21 May 2022 Last Updated: 24 May 2022
Ras Al Khaimah: Best Region for Offshore Company Formation! Read Why

Table of Contents 

  1. 1. What are the advantages of RAKICC?
  2. 2. For whom is the RAK ICC most beneficial?
  3. 3. RAK Offshore Company Registrations
  4. 4. Required Documents for forming an Offshore Company in RAK ICC
  5. 5. Our Straightforward Business Formation Methodology
  6. 6. With a RAK Offshore Company, you can own real estate in Dubai
  7. 7. Conclusion

The Ras Al Khaimah International Corporate Center, or RAKICC, is a corporate registry in Ras Al Khaimah, United Arab Emirates, that was founded by Emiri Decree No.12 of 2015. It was formed as a result of the merger of two previous corporate registries (i.e. RAK International Companies and RAK Offshore). RAKICC is a well-known offshore jurisdiction that allows for the formation of a variety of business entities. There are around 400 different business operations from which to pick. RAKICC enables you to form an offshore company and provides registry services that adhere to the highest international standards and procedures.

Thus in today's blog, Dhanguard will extensively discuss why you should form your company in Ras Al Khaimah Region. So without any further ado, Let's Learn!

What are the advantages of RAKICC?

RAKICC is one of the most well-known jurisdictions for shareholders to incorporate their offshore businesses.

The following are the key benefits of RAKICC:

Control

RAKICC entities can be owned entirely by foreigners (100 percent foreign ownership). Owning shares in a RAK offshore business is open to anyone of any nationality. This gives stockholders complete control over the company's operations and management.

Flexibility?

RAK ICC has a number of laws that give shareholders in RAK ICC enterprises the greatest amount of flexibility. There are no minimum capital requirements, no audited financial statements are required, and corporate accounts can be opened with both local and foreign institutions. Shareholders will benefit from regulatory arbitrage as a result of this. Furthermore, because of RAK ICC's partnership with RAKEZ, an offshore firm can establish a subsidiary in RAKEZ, allowing it to conduct business onshore in the UAE.

Money-saving

While many governments allow for the incorporation of offshore businesses, they can be quite costly to shareholders. RAK offshore company formation, on the other hand, is incredibly cost-effective, with low business incorporation and renewal expenses. Furthermore, there is no need for a separate office because the registered agent's address is utilized as the company's registered office address.

Security

RAKICC gives access to common law jurisdiction courts of Dubai International Financial Centre ("DIFC") Courts and Abu Dhabi Global Markets ("ADGM") Courts, however the UAE is subject to local courts based on UAE laws. The DIFC and ADGM Courts employ English as their official language, therefore proceedings aren't held in Arabic like they are in local courts.

Taxation Regime

Taxation is one of the most essential considerations for a shareholder when forming an offshore corporation. RAK ICC provides its shareholders with access to its Double Tax Treaty (DTT) Network, ensuring that they do not pay double taxation. RAK ICC is one of the few foreign jurisdictions that offers its entities a tax-free status. As a result, RAK ICC provides you with the benefit of tax arbitrage.

Swift & Reliable Processing

RAK ICC offers favorable rules and regulations for the incorporation of firms, making the process quick and efficient. A shareholder and/or director of a RAK offshore company might be a single person of any nationality or an organization. The entire incorporation process takes a very little period. In two 2 working days, the entire process can be finished.

Privacy

RAK ICC protects its shareholders' financial privacy from prying eyes. Shareholders benefit from the fact that corporate regulatory intrusion in their firm is kept to a minimum. As a result, unlike in other jurisdictions, you are not compelled to save and submit balance sheets, audited reports, or other financial documents, providing you complete confidentiality.

Worldwide Network & Escalating Economy

RAK is a global network with a growing economy. Because ICC is based in the United Arab Emirates, its owners benefit from a rapidly rising economy as well as a stable currency.

Location

The UAE is strategically located in one of the world's most important geopolitical regions, making it easy for businesspeople to do business there. In addition, the UAE is the Middle East's sole jurisdiction that permits the formation of offshore companies.

Read More: Corporates Taxes and Freelancing: What You Should Know if You are a Freelancer!

For whom is the RAK ICC most beneficial?

While RAK ICC's services are beneficial to everyone looking for an offshore business, it is especially beneficial if you are:

  1. A businessperson looking to reach a worldwide audience

  2. A company looking for a competitive advantage in trade restrictions

  3. a person who wants to diversify his or her holdings.

  4. an investor on the lookout for one of the most promising investment options

  5. a corporation that wants to incorporate its subsidiaries

  6. a family looking to arrange their inheritance, estate planning, and wealth management

RAK Offshore Company Registrations

RAK offshore corporations were incorporated at the RAKICC, a government-owned corporate registration center in the Emirate of Ras Al Khaimah, United Arab Emirates. RAK ICC, along with the British Virgin Islands, Jersey, and the Cayman Islands, is one of the most well-known offshore company formation registries in the world. The RAK ICC provides effective regulations for forming and maintaining offshore and international commercial entities.

RAK offshore corporations are formed to:

(i) conduct international business outside the UAE?

(ii) operate as holding companies?

(ii) own real estate in the Emirates of Dubai and Ras Al Khaimah?

(iv) provide asset protection?

(v) conduct tax planning

(vi) conduct estate planning

Required Documents for forming an Offshore Company in RAK ICC

For the foundation of the RAK offshore company, copies of the following documents from all shareholders and directors are required:

  1. UAE visa or entrance stamp copy (if available)

  2. Proof of Residence

  3. The most recent utility bill

  4. Passport Photocopy

Documents that You will Receive Later

Following your company's incorporation, you will obtain the following documents:

  1. Memorandum and Articles of Association?

  2. Certificate of Incorporation?

  3. Share certificate(s)?

  4. Register of Directors

Our Straightforward Business Formation Methodology

The following steps will guide you through the process of forming a RAK Offshore Company.

Submit an Online Application

You must choose your preferred package and place an order with RAK ICC for the formation of your company.

Preparation of Company Documents

We'll gather the necessary paperwork from you and draft the company formation documents for your signatures.

Signatures on Documents for the Company

You will be asked to sign corporate paperwork through email or in person at our headquarters in Bank Street Building, Bank Street Road, Burjuman, Dubai

Submission of application and establishment of company

For the incorporation of your RAK offshore business, we will submit your company documents to the RAK ICC. The RAK ICC will issue your incorporation certificates in 2-3 business days.

Beginning Your Own Business

As soon as your RAK offshore company is formed, you may get started on your business. At the same time, you can open a corporate bank account.

With a RAK Offshore Company, you can own real estate in Dubai

  • RAK ICC and the Dubai Land Department signed a memorandum of understanding (MOU) in July 2019 that allows RAK ICC offshore firms (also known as RAK IBC companies) to own real estate properties in Dubai's freehold zones.

  • This development means that owning property in Dubai no longer necessitates the formation of a Dubai-based company. Companies from RAK ICC can now invest directly in Dubai's ever-expanding real estate market, which includes Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumeirah Lake Towers, Emirates Hills, Meadows, Arabian Ranches, Dubai Sports City, and Jumeirah Village Circle.

Conclusion

An Offshore Company Formation in RAK ICC can be a viable and beneficial decision for your business. It is so because of the ease, reliability, and tons of benefits that you can reap once you decide to incorporate your business there. Thus we hope this blog provided you with insightful information. For more information on other related aspects, feel free to check out our Website as well.

Dhanguard provides the business setup and company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free company setup in Mainland and Freezone in UAE.

Dhanguard provides the company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free offshore company formation services and company formation services in Mainland and Freezone in UAE.

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