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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

From: AED 8,999 AED 4,499

Trusted by over 5,000 Clients
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Register RAK Offshore Company in just 3 simple steps

Easy Incorporation with RAK ICC

Step 1

1. Place your Order Online

Fill in our quick RAK Offshore Company form to place your order in 5 minutes.

Step 2

2. We will Incorporate your Company

We will collect and complete your documents, file the application and establish your company.

Step 3

3. Start Business

You will receive your RAK Offshore Company license and you can start your business instantly!

Why are We Trusted by Over 5,000 Clients?

We offer 3 unmatched advantages over a business set-up service provider

Legal Advice

Free Legal Advice

We provide free legal advice for company set-up to ensure that you get the right head start.

legal support

On-going legal support

We remain available for day-to-day legal support for the companies established by us.

Legal contract

Legal contract reviews

We remain available to protect your interests by having your legal documents reviewed.

Our Most Competitive Packages

Here are our most competitive pricing packages which are valid for a limited time only.

Basic

AED 4,499 *

AED 8,999
  • Includes RAK offshore company formation
  • Covers professional fee
  • Covers government incorporation fee
  • Covers 1st year government fee
  • Covers up to 3 shareholders
  • Covers Dubai address for company

*Yearly Fee from second year: AED 5,499 (govt. fee included)

Regular
AED 7,999 AED 10,999

Regular includes everything in Basic, plus:

  • Professional assistance with bank account opening
  • Company secretarial services for 1 year

*Yearly Fee from second year: AED 5,499 (govt. fee included)

VIP
AED 9,999 AED 12,999

VIP includes everything in Regular, plus:

  • Includes company stamp
  • Includes priority relationship management
  • Dedicated account manager

*Yearly Fee from second year: AED 6,499 (govt. fee included)

*Offer is valid until 31 May 2021

An amount of AED 500 applies for each corporate shareholder.

The above packages cover three (3) shareholders for a company. An amount of AED 500 shall be payable for each additional shareholder after the first three (3) shareholders.

The bank account will be opened based on the personal profile of the client and the company. There may be circumstances out of our control and the decision for bank account opening rests solely with the banks.

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

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.

What is RAK ICC?

Ras Al Khaimah International Corporate Centre or RAK ICC is a Corporate Registry established pursuant to Emiri Decree No.12 of 2015 and operates in Ras Al Khaimah, United Arab Emirates. It was created as a result of amalgamation of two former corporate registries (i.e. RAK International Companies and RAK Offshore). RAK ICC is a highly reputed offshore jurisdiction and offers various types of companies that can be incorporated. It offers about four hundred (400) different business activities to choose from. RAK ICC allows you to incorporate your offshore company and provide registry services which comply with the highest standards and international practices.

Why should one choose RAK ICC?

RAK ICC is one of the most respected jurisdictions offering shareholders the opportunity to incorporate their offshore companies.

RAK ICC has the following main advantages:

1. Control:

RAK ICC entities can have one hundred (100) % foreign ownership. There are no restrictions on any nationality to own shares in a RAK offshore company. This allows shareholders complete control over the business and management of the company.

2. Security:

While the UAE is subject to local courts based on the UAE laws, RAK ICC allows access to common law jurisdiction courts of Dubai International Financial Centre (“DIFC”) Courts and Abu Dhabi Global Markets (“ADGM”) Courts. Unlike local courts, proceedings here do not take place in Arabic as the DIFC and ADGM Courts use English as their official language.

3. Flexibility:

RAK ICC has several rules that grant ultimate flexibility to the shareholders of RAK ICC companies. These include no minimum capital requirement, no requirement to file audited accounts and access to local as well as international banks for opening of corporate accounts. Thus, shareholders can enjoy regulatory arbitrage. Further, due to RAK ICC’s relationship with RAKEZ, an offshore company can incorporate a subsidiary in RAKEZ allowing to carry out activities onshore in the UAE.

4. Cost Effective:

While many jurisdictions may allow to incorporate offshore companies, they are at times very heavy on the pockets of shareholders. RAK ICC, however, is extremely cost efficient and offers very competitive company incorporation as well as renewal fees. Further, there is no requirement to have a separate office as the office address of the registered agent is used as the registered office address of the company.

5. Taxation:

This is one of the most important factors that a shareholder would look for while incorporating its offshore company. RAK ICC allows its shareholders to take advantage of its Double Tax Treaty (DTT) Network, making sure that shareholders do not pay double taxes. RAK ICC is one of the few international jurisdictions to provide zero (0) tax policy for its entities. Therefore, you have the advantage of tax arbitrage with RAK ICC.

6. Fast and Efficient Process:

RAK ICC has favourable rules and regulations for incorporation of companies. A single person of any nationality or an entity can be shareholder and/or director of an offshore company. The entire process of incorporation is exceptionally time efficient. The entire process can be completed within two (2) working days.

7. Privacy:

RAK ICC allows financial privacy to its shareholders from scrutiny. The shareholders have the advantage of minimum corporate regulatory interference in their business. Thus, unlike other jurisdictions, you are not required to maintain and submit balance sheets, audited reports and other financial records, allowing complete privacy.

8. Global Network with Growing Economy:

RAK ICC being part of the UAE allows its shareholders to be part of a fast-growing economy as well as a stable currency.

9. Strategic Location:

The UAE has one of the most important geo-political location which provides businessmen with ease of doing business. The UAE also happens to be the only jurisdiction allowing offshore company incorporation in the Middle East.

Who can come to RAK ICC?

While RAK ICC offers its services to anyone looking for an offshore company, it is particularly advantageous if you are:

  • an entrepreneur seeking to reach global audience.
  • a corporation seeking advantages in trade regulations.
  • a person seeking diversification of its assets.
  • an investor seeking one of the best investment opportunities.
  • a company seeking to incorporate its subsidiaries.
  • a family planning inheritance, seeking estate planning and wealth management.

 

Types of Companies Under RAK ICC

RAK offshore companies are used for various purposes including holding assets, company shares and carrying out business activities internationally. RAK ICC offers three basic categories of companies that one can incorporate:

1. Company Limited by Shares (CLS)

A CLS is one of the most sought-after offshore companies under the RAK ICC. A CLS is the type of company where the liability of its shareholders is limited to the initial investment in shares. Their liability is exhausted once the amount equivalent to their investment in shares is paid off. It is particularly effective in shielding the personal assets of investors in situations where the company is facing financial difficulties as the liability of its investors is limited. Thus, investors can be assured that their investment would not face any risk beyond the amount of paid-up capital in the company. A CLS must always have at least one (1) shareholder and one (1) director.

Being one of the more popular choices, there are several uses of CLS companies, including but not limited to:

1. Holding Company:

As a holding company, a RAK ICC offshore company can hold shares in a subsidiary company anywhere in the world and real estate property in Dubai. Shareholders can incorporate a subsidiary in a freezone jurisdiction such as RAKEZ with their RAK ICC offshore company acting as a holding company and carry out activities onshore.

2. Special Purpose Vehicle (SPV):

These are very common for conducting specific business or work. An offshore company can hold specific assets and have a SPV to be used for a particular project or business.

3. Joint Venture (JV):

A RAK ICC company can be used to even form a joint venture. A joint venture is formed when two or more parties/entities come together to work under a single business name. Parties can specify their respective rights in their separate shareholder(s) agreement, memorandum of association and articles of association.

4. International Business Company:

These are formed to conduct business in several countries and provides opportunity to have international presence and global investment.

5. Project Company:

Some companies are specifically incorporated to carry out specific projects. This allows the shareholders and investors to reduce their exposure towards risk.

6. Family Office:

These are the companies which manage the affairs of a family including their wealth and asset management. This allows families to have their peace of mind while the financial management can be done through the company.

2. Segregated Portfolio Company (SPC)

Segregated Portfolio Company (SPC) is a sub-category of company limited by shares.

An SPG is type of limited by shares company where a party can incorporate a company with multiple portfolios. These portfolios which can increase up to ten (10) different portfolios. This gives the client freedom to conduct business in more than one portfolio and accordingly divide its assets as well as liabilities to their respective portfolios. The result is that each separate portfolio is ring fenced from general liabilities of the company as well as other portfolios which are part of the company.

Another feature of a SPC is that each portfolio while can issue shares but is not required to do so. Since there would be different portfolios, each portfolio can issue different class of shares, and their respective rights can be reflected in the memorandum and articles of association.

3. Company Limited by Guarantee (CLG)

A CLG is another type of limited company where the limitation is extended only to a specified and agreed amount (called guarantee). This amount of guarantee is to be paid in case the company is liquidated. Thus, a guarantee member/shareholder’s liability is fixed to the agreed amount. In case at the time of liquidation, the liability of the company is more than the guarantee amount, the liability does not extend to the shareholder’s personal assets. This helps the shareholders to avoid any risk beyond the guarantee amount.

The CLGs can be used to incorporate clubs or membership organisations. Another common use is to grant certain rights to apartment owners while the company is developing a real estate project.

4. Unlimited Company (UC)

An unlimited company is a company where the liability of its investors is not limited and extends to their personal assets and beyond. Thus, all investors have joint and several liability to the amount of liability with no limitations on it. This is particularly close to functioning of a partnership where partners are liable for all debts and liabilities of their partnership. However, unlike a partnership, since a UC is a separate legal entity, it can also hold assets.

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

Documents Required for RAK Offshore Company Formation

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

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

 

Bank Accounts

We work closely with the following banks for opening bank accounts for our clients.

UAE Bank Accounts

Our Simple Company Formation Process

The process for setting up a RAK Offshore Company is provided below.

Apply Online
1

Step 1 – Apply Online

You need to select your favorite package and place order for your company formation with RAK ICC.

Application Forms
2

Step 2 – Company Documents Preparation

We will collect the required documents from you and prepare the company formation documents for your signatures.

Signatures
3

Step 3 – Signatures on Company Documents

You will be requested to sign the company documents by email or visiting our offices in Business Bay, Dubai.

Company Formation
4

Step 4 – Application Submission and Company Formation

We will submit your company documents to RAK ICC for the incorporation of your RAK offshore company. Your incorporation certificates will be issued in 2-3 working days by RAK ICC.

Start Your Business
5

Step 5 – Start Your Business

You can commence your business as soon as your RAK offshore company has formed. You can also apply for a corporate bank account at the same time.

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
AED20,499
Ajman Offshore
AED8,999
 
AED8,999
AED20,499
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
AED20,499

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

Frequently Asked Questions

  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 their legal 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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