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RAK Offshore Company Formation and Bank Account Opening Set up your RAK ICC offshore company (RAK IBC) and open bank account

3 Easy Steps

  • Place your order for RAK ICC offshore company
  • We will incorporate your company in 3-4 working days
  • Receive your corporate documents and open bank account

AED 12,999Save AED 4,000AED 8,999  for first year

AED 5,249 yearly renewal fee.

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RAK Offshore Company Formation Made Easy

3 Easy Steps

Step 1
Step 1

Fill in order simple online form and place your order

Step 2
Step 2

We will incorporate your RAK offshore company

Step 3
Step 3

We will deliver your corporate documents

To initiate your RAK offshore company formation in UAE, our simple form requires information such as:

  • Details of shareholders and directors.
  • Three (3) alternate names of the company.
  • Activity of the company.

Corporate Bank Accounts Opening

We provide professional assistance for opening corporate bank accounts for RAK offshore companies in the UAE and around the world. We have established strong relationships with banks throughout the world and assist our clients with bank account opening in the most efficient manner. You can choose our professional assistance at the end of the online form while ordering your company. The timeframe for the bank account opening and successful application may vary on a case-by-case basis.

Key Features of RAK Offshore

Here are the key features and requirements for setting up RAK offshore companies in the UAE.

RAK offshore companies are registered with RAKICC in Ras Al Khaimah, UAE. RAK offshore companies are the most popular choice among all offshore company formations in the UAE.

Key features and requirements for setting up RAK offshore company
General
Time to establish 3-4 working days
Tax No
Bank Account Can be opened
Holding company Yes
Property ownership in Dubai Yes
Corporate Requirements
Minimum shareholders One
Minimum directors One
Corporate directors permitted Yes
Typical authorised capital AED 10,000 (minimum)
Minimum paid up shares Zero
Registered office and agent Required
Local directors Not required
Annual Requirements
Annual return Not required
Yearly fee AED 5,249
AED 8,999 Order Now

Bank Accounts

We have established strong relationships with banks in the UAE and around the world to open bank accounts for RAK offshore companies. Some of the banks we work very closely on a regular basis include:

  • Noor Bank
  • RAK Bank
  • Emirates Islamic Bank
  • Bank One
  • Euro Pacific
  • Mashreq

My experience with Legal Inz was brilliant; i received first class assistance with the incorporation of my business and the opening of the bank account.Why Legal Inz: I received a recommendation from a close friend who had used Legal Inz before

Severino A.

Documents

Here are the details of documents required for the incorporation of RAK offshore company as well as the documents that are delivered by us upon the establishment of the company.

Documents required

The copies of following documents of all the shareholders and directors are required for the RAK offshore company formation:

  1. Passport copy
  2. UAE visa or entry stamp to the UAE (if available)
  3. Proof of residential address – latest utility bill

Documents you will receive after formation by the RAKICC

You will receive the following documents upon the incorporation of your company:

  1. Certificate of Incorporation
  2. Memorandum and Articles of Association
  3. Share certificate(s)
  4. Register of Directors

Comparison between Offshore Companies in UAE

Here is an easy comparison of the key features available in each of the three (3) types of offshore companies set-up in the UAE.

Compare Offshore Companies in UAE
RAK Offshore
AED8,999
Jebel Ali Offshore
AED17,499
Ajman Offshore
AED8,999
 
AED8,999
AED17,499
AED8,999
Hold real estatein Dubai and RAK onlyin Dubai onlyin Ajman only
Hold other assets
Act as parent company
Confidentiality
Tax free
Annual audit requirementsNot applicableNot applicableNot applicable
International business activity
UAE residence visaNot possibleNot possibleNot possible
RAK Offshore
AED8,999

in Dubai and RAK onlyHold real estate

Hold other assets

Act as parent company

Confidentiality

Tax free

Not applicableAnnual audit requirements

International business activity

Not possibleUAE residence visa

Jebel Ali Offshore
AED17,499

in Dubai onlyHold real estate

Hold other assets

Act as parent company

Confidentiality

Tax free

Not applicableAnnual audit requirements

International business activity

Not possibleUAE residence visa

Ajman Offshore
AED8,999

in Ajman onlyHold real estate

Hold other assets

Act as parent company

Confidentiality

Tax free

Not applicableAnnual audit requirements

International business activity

Not possibleUAE residence visa

RAK Offshore Company

RAK Offshore (also known as RAKICC Offshore Company, RAK Offshore Company or Ras Al Khaimah Offshore Company) is an offshore company registered with RAK International Corporate Centre, a corporate registry, established in the Emirate of Ras Al Khaimah in the United Arab Emirates.

RAKICC offers various offshore company set-up products and is renowned as one of the best jurisdictions to set-up offshore and international business companies. RAKICC has the reputation of having state-of-the-art legislation matching with any of the top jurisdictions around the world. The company is formed as International Business Company with RAKICC.

The Companies are governed by Ras Al Khaimah Corporate Centre Business Companies Regulations 2016.

RAKICC offers the following benefits:

  • Zero taxation.
  • Confidentiality, privacy and security to the shareholders and directors of companies.
  • No audit reports filing.
  • No paid-up capital.
  • Single or multiple directors (nominee directors are allowed)
  • No limitation on capital expatriation.
  • Registered address in the UAE.
  • No requirement to have a rented office space.

We are RAKICC Registered Agents through our group company and offer the cheapest RAKICC Offshore company formation at the lowest cost.

1. Process of RAK Offshore Company Formation

RAKICC offers a very smooth and easy process for the RAK Offshore company registration.

Here is a step-by-step guideline explaining the registration process:

Step 1 – Place your order for RAK Offshore Company

As a starting point, you will need to place an order on our website choosing RAK Offshore company.

Timeline: Once you have placed the order, we will immediately open your file and proceed with the company formation.

Step 2 – We will prepare memorandum and articles of association

As the starting point, we reserve the proposed name of company (one name out of the three (3) names that you will provide to us in the order of priority) with RAKICC. We will in parallel prepare the memorandum and articles of association of your new company.

Timeline: The reservation of name and preparation of the above documents takes one (1) working day. We assume that you will have provided us with the required documents immediately after placing the order on our website.

Step 3 – You will sign the memorandum and articles of association

We will invite you to our offices to sign the application and memorandum and articles of association of the company. However, if you are not available in the UAE, we will guide you on the process of signing the memorandum and articles of association in the country of your residence. Once you have signed the documents in compliance with the process, you will need to send us the originals by courier.

Timeline: The signing of the memorandum and articles can be arranged in our offices on the same working day. If you wish to sign the documents in the country of your residence, the timeframe will vary on a case-by-case basis.

Step 4 – We will register your RAK Offshore company

Once the above process has been completed, we will submit the relevant documents to RAKICC for the registration of your company. RAKICC will issue the following documents once your company has been registered:

  1. Certificate of incorporation.
  2. Memorandum and articles of association.
  3. Register of members, directors and secretary.

The share certificate and company stamps can be arranged by as additional documents based on your requirements.

Timeframe: RAKICC is likely to register your company and issue the documents within 2-3 working days.

2. Available activities for RAK Offshore

Following are examples of activities that can be carried out through offshore companies established with RAKICC:

  1. International trade.
  2. Consultancy services.
  3. Brokerage.
  4. Real estate holing in RAK and other places as permitted by the local laws.
  5. Ship registration.
  6. Stock market trading.
  7. Holding company (buying, holding or selling shares in companies).

It is important to note that the above activities may only be carried out by the RAK Offshore company internationally and not inside the UAE, except for holding assets or real estate.

3. Documents and Information Required

The following documents/information are required by us for the formation of your company:

  1. Passport copy of each shareholder, director and secretary. These can be the same individual. If the shareholder is a corporate entity, we will need the passport copies of the shareholders of the corporate entity until the individual shareholders in the chain of ownership.
  2. Proof of residence for each shareholder, director and secretary in English language (i.e. utility bill).
  3. At least three (3) proposed name(s) of the company.
  4. A description of the activities of the company.

4. Commence Activity and Open Bank Account
You can commence the business activity of your company immediately after the company has been registered.

You can open RAK offshore company bank account in the UAE or outside. We can provide you end-to-end assistance on opening your corporate bank account as we work closely with various banks in the UAE and outside.

You will not eligible to obtain any UAE residence visas through your offshore company. For any UAE residence visa requirements, you will need to set-up either a free zone company or a mainland company in the UAE.

Read More

Offshore Company

An offshore company or offshore corporation can be defined in two ways. These are:

The former use (companies formed in offshore jurisdictions) is probably the more common usage of the term. In isolated instances the term can also be used in reference to companies with offshore oil and gas operations.

Companies from offshore jurisdictions

The extent to which a jurisdiction is considered as offshore varies in terms of degree and perception. Countries that are largely taken to be tax havens are quintessentially offshore jurisdictions. This includes the British Virgin Islands, Bermuda and the Cayman Islands. All the businesses incorporated in these particular jurisdictions are labeled as offshore companies. Then there are mid-shore jurisdictions like Singapore and Hong Kong that are small intermediate countries devoid of zero tax regimes with oversized financial centres.

Last but not the least, there are industrialized economies that are typically used as tax mitigation structures. These are typically inclusive of countries like the Netherlands, the United Kingdom and even Ireland. Corporations formed in Federal systems in which certain states act as offshore centres, are also termed as offshore.

The classification of offshore companies

In the past, offshore companies were classified into two separate categories. First, there were companies that enjoyed tax exemptions within their jurisdiction where they were registered as long as they did not carry out financial activities with the people of that jurisdiction. These were known as IBCs or International Business Companies. While the model was copied widely, it was mostly popularized by the British Virgin Islands. With time, the OECD launched a global initiative back in the early 2000s to ensure that ring fencing of taxes is prevented. A number of jurisdictions, such as Gibraltar and the British Virgin Islands, repealed their International Business Companies Legislation. However, IBCs are still formed in several jurisdictions, including Panama and Anguilla.

Apart from IBCs, some countries continue to offer tax regimes that allow the same benefits. As long as the company conducts all of its activities overseas, and does not repatriate its profits, it will not be taxed in its home jurisdiction. Here, the term ‘offshore jurisdiction’ is used to define the home jurisdiction, and all such companies are considered as offshore companies.

On the other hand, there are several countries, including Bermuda, the Cayman Islands and the British Virgin Islands that do not impose any taxes on companies. This makes them de facto tax exempt.

The basic characteristics of offshore companies

While it is normal for all offshore companies formations in UAE to vary to a degree, depending upon the corporate laws that prevail within the chosen jurisdiction, there are certain core characteristics associated with all offshore companies. These include:

  • The regulation of corporate activities carried out by the companies is lighter than those in developed countries
  • These enjoy tax exemptions in their home jurisdiction
  • Business flexibility is promoted by designing corporate regimes

Why are offshore companies formed?

There are a range of commercial and private purposes for which offshore companies are formed. Some of these are economically beneficial and legitimate, but there are those that are even criminal in nature. The media often makes allegations about offshore companies being formed for white collar crimes, fraud, tax evasion and money laundering. However, offshore company formations are used in various commercial transactions from listing vehicles to joint ventures and generic holding companies. It is also rather common for these to be used in relation to private wealth for tax mitigation and privacy purposes.

Read More

Own Real Estate Property in Dubai with an RAK Offshore Company

In a landmark development in July 2019, RAK ICC and the Dubai Land Department have signed a memorandum of understanding (MOU) to allow the RAK ICC offshore companies (also known as RAK IBC companies) to own real estate properties in freehold areas in Dubai.

This development means that there is now no requirement for you to set-up a Dubai based company to own property in Dubai. RAK ICC companies now have the chance to directly invest in Dubai’s ever booming real estate market with around 23 freehold areas including Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumeirah Lake Towers, Emirates Hills, Meadows, Arabian Ranches, Dubai Sports City and Jumeirah Village Circle.

Before the signing of the MOU, it was not possible for any company incorporated outside Dubai to own any real estate property in Dubai. Typically, it has been a norm for overseas investors to set-up offshore companies with Jebel Ali Free Zone for the ownership of real estate properties in Dubai. Now, the investors can opt for setting up RAK offshore companies (at much lower incorporation and maintenance costs) instead of Jebel Ali offshore companies.

If you are interested in buying property in Dubai through RAK offshore entity, RAK ICC will issue a no objection certificate for you to present before the Dubai Land Department to register property under the name of your company.

RAK ICC makes continuous efforts of addressing the needs of its clients and business partners by offering new services, products and collaborations with authorities and firms.
We trust our clients will be in a position to take advantage of this great opportunity with seamless professional assistance from our team at InZone.

Read More

Where do RAK offshore companies get registered?

The RAK ICC, which is a government owned corporate registration centre established in the Emirate of Ras Al Khaimah, United Arab Emirates registered RAK offshore companies. RAK ICC is one of the most respected offshore company set-up registries and is ranked amongst the top jurisdictions in the world along with BVI, Jersey and Cayman Islands. RAK ICC provides efficient legislation for the creation and maintenance of offshore and international business companies. RAK offshore companies are established to: (i) carry out international business activities outside the UAE, (ii) act as holding companies, (ii) hold real estate properties in the Emirates Dubai and Ras Al Khaimah, (iv) provide asset protection, (v) carry out tax planning, and (vi) carry out estate planning.

Why RAK offshore?

RAK ICC offers the following main benefits for setting up offshore and international business companies:
  • No taxes applicable (in a majority of jurisdictions)
  • Modern legislation
  • Registered address
  • Single and multiple directors are allowed
  • No auditing and accounting requirements in a majority of jurisdictions
  • Business can be conducted internationally
  • No limitations on any nationality
  • Capital expatriation does not have any limitations

Activities that offshore companies are not allowed to conduct

  • Media
  • Establishing a branch office within the United Arab Emirates
  • Financial
  • Aviation
  • Insurance and re-insurance
  • Conduct business activities with onshore companies in the UAE

Activities that can be conducted

  • Property holding (within Ras Al Khaimah and Dubai)
  • International trade
  • Consultancy
  • Brokerage activities
  • On-line advertising activities
  • Registration of ships
  • Services
  • Trading

Common Questions

Here are some of the common questions and their answers in relation of offshore companies in the UAE.

  1. Any person/investor who is interested in starting a business internationally.
  2. Any person/investor who intends to minimize his/her tax liabilities or otherwise protect assets.
  3. Any person/investor interested in carrying out general trading and professional services.
The following are the typical key benefits of an offshore company:
  • Offshore companies can be owned by anyone 100%.
  • Most of the offshore jurisdictions assure confidentiality of shareholders.
  • Most of the offshore business setups enjoy zero corporate taxes.
  • Offshore companies can be registered from anywhere in the world. There is no need for the owners to visit the relevant jurisdiction.
  • There is no requirement of physical office.
  • Offshore entities can open bank accounts inside and outside the UAE, provided the shareholders meet the requirements of the relevant bank.
  • Offshore companies can own shares in any other legal entities inside and outside UAE.
Offshore companies are typically required to use ‘Limited’, ‘Ltd’ or similar other words as suffix to indicate the legal their status. As a general rule, offshore companies are not permitted to use words such as Dubai, RAK, Ajman, Emirates, Financial, Bank, Gulf, School, University or Re-insurance.
Most of the offshore companies around the world are required to maintain books of accounts which should be audited annually. However, in most such cases, there is no requirement to submit any audited financial statements.
Assuming all the required documents are already provided to us, depending upon the jurisdiction, most of the offshore companies can be incorporated between 1-5 working days.
  1. An offshore entity is not permitted to undertake any business activity inside the country of its incorporation.
  2. An offshore entity is not eligible for any UAE visas.
  3. An offshore entity cannot lease an office space.
  4. An offshore entity is not permitted to hire employees in.
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