Registration of Real Estate for a Ras Al Khaimah Offshore Company
Since July 2019, offshore companies incorporated in Ras Al Khaimah International Corporate Centre (RAKICC) or in Ras Al Khaimah Economic Zone (RAKEZ) can own real estate located in Dubai.
In particular, the Dubai Land Department recognizes the registration of freehold (free ownership) property rights and other rights to land and real estate, subject to provision of necessary documents and payment of fees. Such registration is only possible where the shareholders of an offshore company are individuals or individuals and legal entities. As in the case of JAFZA, a company can be 100% owned by foreign citizens.
If an offshore company is to become the owner of real estate in Dubai, you will need to obtain a No Objection Letter from RAKICC / RAKEZ respectively and submit it to the Dubai Land Department. The cost of obtaining such letter is AED 1 650 (USD 450).
The cost of registering a Ras al Khaimah offshore company includes:
- Preparing and submitting all necessary constituent documents to the Registrar, and subsequently handing the original documents to the client;
- Providing registered office and registered agent for the first year after incorporation;
- Compliance Fee;
- Making a company seal;
- Shipment of documents