Ras Al Khaimah Offshore Company Formation
Registration Period
5 daysIn an era of rapid globalization and evolving business landscapes, the United Arab Emirates (UAE) has cemented its reputation as a thriving hub for international commerce. Among its many offerings, the Ras Al Khaimah International Corporate Centre (RAK ICC) stands out as a beacon for foreign investors and entrepreneurs seeking a competitive edge in offshore company formation. Today, over 12,000 international business companies (IBCs) are incorporated in Ras Al Khaimah, which is a clear indication of successful work the local government does to create attractive conditions for business.
RAK ICC provides entrepreneurs with unparalleled opportunities to establish offshore entities, combining international business potential with a high level of asset protection. The local government actively supports entrepreneurs by introducing innovative approaches to development, which not only facilitates the growth of the number of incorporated companies but also contributes to the economic growth of the region in general.
What really sets RAK ICC apart is its multifunctionality. Companies registered under RAK ICC can engage in numerous types of activities in various business areas, including international trade, shipping, intellectual property management, consultancy services, real estate ownership, and even serving as holding vehicles. The strategic location of Ras Al Khaimah also makes it a perfect place for business wishing to enter markets of the Middle East, Africa and Asia.
Establishing an offshore company in RAK ICC emerges as a highly advantageous and cost-effective move for entrepreneurs exploring new avenues for growth and international expansion. With its asset protection mechanisms, risk minimization strategies, and versatile applications, RAK ICC is commonly recognized as one of the most promising jurisdictions in the world of international business.
An important aspect of incorporation of offshore companies is professional assistance of consultants: specialists of ITA will help you to not only save time and resources but also create solid foundation for a successful business.
Key Specifics of a Ras AL Khaimah Offshore Company
Tax
Offshore company is completely tax exempt
Shareholder
Shareholders and directors of RAK company may be any individual(s) or legal entity(ies) (except for private funds and trusts)
Shares
Shares of such a company may either have or not have declared par value (in any currency)
Share capital
Minimum share capital is AED 1.000 (approximately USD 275)
Registered agent
Offshore company must have a local registered agent whose registered office will be the registered office of the company
Nominee
Offshore company may have a nominee director, but no nominee shareholders
Benefits of an UAE Offshore Company Incorporation
100% foreign shareholding permitted
Access to global markets
Having an office is not required
No currency restrictions
International standards of doing business
Zero taxation and no reporting
RAK is an important player in global trade and logistics
One-stop-shop for all the company incorporation services
Constitutive documents can be made in two languages
No public registers of directors and shareholders
Annual filing of audit reports is not required
Low company formation and renewal cost
The UAE is not currently on any of the OECD and FATF black or gray lists
Bank accounts with UAE banks and foreign banks are available
Possibility to do business all over the world (to the exclusion of the UAE)
RAK is one of the key transportation hubs for oil exports from the Gulf countries to Asia, Europe and North America
Offshore Company Activities in Ras Al Khaimah
Activities allowed
Activities not permitted
- International trade
- Brokerage activities
- Intellectual Property rights holding
- Property holding in Ras Al Khaimah
- Online advertising activities
- Consultancy
- Registration of ships
- Trading in stock markets
- Any business within the United Arab Emirates
- Banking, trust, insurance and reinsurance activities, management of third party funds are prohibited unless specifically licensed
RAK ICC Offshore Company Structure and Requirements
An offshore company’s register of shareholders and directors is not available to the public.
Data on the local registered agent shall be entered in the Memorandum of Association of the offshore company.
There is no residency requirement for shareholders of a company; both individuals and legal entities can be shareholders.
Directors and employees of an offshore company cannot obtain visas through the use of that company, unlike a resident company.
The par value of shares of a company may be either not stated or stated in any currency.
The minimum share capital is AED 1 000 (~ USD 275), but there are no payment deadlines.
Shareholders’ visit to the UAE is not required to incorporate a company.
An offshore company may not take on lease an office in the territory of the UAE.
Any individuals or legal entities (except for foundations and trusts) may be directors of a company irrespective of their nationality / country of incorporation.
Offshore companies are not allowed to conduct activity in the jurisdiction, but they are completed exempt from taxes in the UAE.
The legislation does not require an offshore company to file accounts with any state authorities in the UAE, however part 7 of the Ras Al Khaimah Regulations on International Business Companies 2006 requires a company to keep documents on its economic activity to the extent that enables its directors to determine the financial position of the company.
An offshore company can have a nominee director, but not a nominee shareholder.
Documents Required for a Ras Al Khaimah Company Setup
The following information and documents have to be provided in order to incorporate a company*:
- 01
Order form (with data on the structure and business of the company)
- 02
Passport of each director and shareholder of the company
- 03
Document confirming the residential address of each director and shareholder of the company (it can be cell phone, gas, electric power, water receipt, etc., but it must contain the current address and full name)
- 04
Each director and shareholder’s resume
- 05
After viewing the standard package of documents, the Registrar may request additional documents / information (reference letters for the beneficiary, documents on the source of funds, etc.)
* The documents must not be older than 3 months.
RAK Offshore Company Corporate Shareholder Requirements
Corporate Shareholder requirements include the following:
- Certificate of Incorporation of the Parent company
- Memorandum and Articles of Association
- Board Resolution affirming intent for Ras Al Khaimah Offshore company formation
- Certificate of Good Standing
- Passport copies of directors
Ras Al Khaimah Offshore Company Registration Procedure
- 01
Choose a company name to be checked for availability (at least 2 names)
- 02
Define a company structure (director, shareholders, and manager)
- 03
Define the company’s activities
- 04
Provide documents for directors / shareholders / attorneys (either originals or notarized copies)
- 05
Pay all the necessary fees
- 06
Sign the corporate documents
- 07
Get the originals and the company seal
- 08
Open your corporate bank account
Banks
Why Choose ITA Business Consultants
- We specialize in providing professional advice on establishing offshore companies (and not only these) in and outside the UAE.
- Our consultants expertly handle the entire registration process and further administration of the company (including tax advice, financial statements and audit).
- We help obtain UAE business licenses and visas, communicate with government authorities in various free zones.
- We assist with opening corporate and personal bank accounts, including pre-approval (15 banks in the UAE alone).
- We protect our clients’ data and privacy.
FAQ
The activities of offshore companies in RAK are regulated under the RAK ICC Business Companies Regulations 2018.
Yes, 100% foreign ownership of offshore companies, as well as mainland and free zone companies, is allowed in the UAE.
A director of an offshore company can have any foreign nationality. However, they must provide documents, among other things, to prove their residency.
The minimum share capital for an offshore company in Ras Al Khaimah is 1,000 AED. There is no legally defined timeframe for paying the share capital. The company’s shares can either have a declared nominal value (in any currency) or none at all.
No, having a seal is not mandatory.
Bearer shares are not allowed in RAK ICC.
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*The listed price does not include the state fees charged by the state authority for company registration in Ras al Khaimah.