Offshore company formation in ras al khaimah
Offshore Company Formation In Ras Al Khaimah
Offshore companies are an appealing structure that is relatively inexpensive (in comparison to the other types of legal entities available in the UAE) for foreign investors looking to form entities for the purposes of holding capital or assets both inside and outside the UAE or conducting business outside the UAE.
An offshore firm differs greatly from a free zone corporation in how it does business. An offshore corporation is a legal corporate entity formed with the intention of conducting business outside of the nation in which it was formed and/or the location of its ultimate ownership.
The following are the key advantages of creating an offshore company in the UAE, but they may vary to some extent based on the corporate legislation of the relevant country.
Offshore businesses in the UAE, in general, are not subject to corporate income tax; they provide business flexibility and anonymity at a lower relative cost (for example, an offshore business is not required to maintain an office space; and they provide asset protection for real estate purchased in the UAE).
Ras Al Khaimah is one of the most important offshore jurisdictions in the United Arab Emirates.
Both are “Tax Free” jurisdictions, which means that no UAE corporate or income tax is charged on businesses operating there. They also allow for 100% foreign ownership and allow registered enterprises to open multiple currency accounts and conduct business in the UAE.
RAK Offshore Company Formation
The UAE RAK Offshore Company is inexpensive, cost-effective, and well-known in the region. When it comes to international business, RAK is the most cost-effective offshore in the UAE and the greatest alternative accessible because the RAK offshore company registration process is quick and straightforward. RAK offshore companies do not have a physical office in RAK and are not permitted to conduct business in the UAE. However, they can enjoy full tax exemption and full access to firm profits while maintaining complete privacy, confidentiality, and asset and information protection. A registered agent is required for RAK offshore company registration, and his office might be the firm’s registered office.
RAK offshore is the most prestigious offshore jurisdiction in the northern emirates and one of the oldest offshore jurisdictions in the UAE. Any expatriate entrepreneur or investor wishing to capitalize on the business-friendly climate and growth potential that this special economic zone has to offer should create a RAK offshore company.
Choose RAK offshore company formation to take advantage of the business-friendly regulatory framework, tax breaks, confidentiality, and other advantages provided by this special economic zone. Alwahda is prepared to assist your cause by providing a range of skilled services tailored to your specific requirements. Our outstanding track record places us among the top names in the specialty segment.
Aspects Of The RAK Offshore Company Formation
- The process of incorporation is completed quickly.
- There is no need for a local office or workers.
- The company is entirely owned by foreigners.
- There is no tax and no VAT.
- There are no import or export duties.
- There is no requirement to file accounts.
- Excellent reputation for stable jurisdiction.
- Maximum privacy and secrecy, as well as asset and information protection.
- There are no currency limits.
- Possess real estate in the UAE.
- Non-residents can own property in UAE free zones.
- Open a bank account in the UAE.
Documents Required For RAK Offshore Company Formation
- Copy of shareholder/investor’s passport.
- The investor’s curriculum vitae.
- Utility bill as verification of address.
- As preferred, trade names.
Governing Legislation For RAK Offshore Company Formation :
The RAK ICC corporate register was established in accordance with Decree No.12 of 2015, which was later updated by Decree No.4 of 2016. The RAK International Companies (previously a component of RAK Free Trade Zone) and RAK Offshore (formerly a part of RAK Investment Authority) merged to form the new registry. RAK offshore company establishment is governed by the RAK ICC Business Companies Regulations 2018 for investors and the RAK ICC Registered Agent Regulations 2018 for registered agents in the UAE.
RAK Offshore Companies’ Key Features
- Shareholders To be given a certificate of establishment, a RAK offshore company must have at least one shareholder. Corporate shareholders are also permitted by the Authority. The capital structure of the company is determined by the shareholders. However, bearer shares are not permitted by the RAK ICC Authority.
- Directors To incorporate a business with RAK ICC, at least one director is required, and corporate directors are permitted. However, the identities of the directors are not disclosed to the public.
- Secretary Every offshore company formed with RAK ICC must have a secretary.
- Annual Reports and Audit Accounting records must be preserved by every company for seven years from the date they were prepared. The accounting records must be approved by the board of directors, and one of them must sign them. The submission of accounts to the RAK ICC Authority is optional.
- Timescale It will take three working days to register the corporation in the Free Zone.
- Name and Activity Restrictions A RAK offshore company’s name must conclude with the suffix ‘Limited’ or ‘Incorporated’. However, some terms and activities should be avoided when choosing a name for the RAK offshore corporation. Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal, and Trust are forbidden words.
- Local Prerequisites A registered office address and a registered agent are required by local company legislation for a RAK offshore business. The registered agent’s office in the UAE or within the free zone can be utilised as the company’s registered office.
Declaration Of The Ultimate Beneficial Owner (UBO)
Companies incorporated under RAK ICC are subject to Cabinet Decision No. (58) of 2020 on beneficial owner processes. RAK offshore businesses are required by legislation to report information about Ultimate Beneficial Owners (UBO) to the RAK ICC Authority. In layman’s terms, a UBO is any individual who benefits from a business and has ultimate authority over it.
According to Cabinet Decision No. (58) of 2020, a UBO is someone who owns or controls 25% of the capital or has voting rights over at least 25% of the shares, or the person who ultimately controls the legal person. To comply with the UBO Law, RAK offshore entities must keep and make public the Real Beneficiary Register (RBR) and Partners of Shareholders Registers (PSR). Apart from handing over the two registers to the RAK ICC Authority, not only running companies but also corporations in liquidation need reveal the UBO information.
Economic Substance Regulation For RAK Offshore Companies
Companies incorporated under the RAK ICC Authority must determine if they must comply with the Economic Substance Regulation (ESR). Companies in the UAE that engage in any of the nine Relevant business setup Activities are subject to ESR. Banking Business, Insurance Business, Investment Fund Management Business, Lease – Finance Business, Headquarters Business, Shipping Business, Holding Company Business, Intellectual Property Business, and Distribution & Service Centre Business are the nine ESR Relevant Activities. If eligible, such businesses must comply with ESR duties such as filing ESR notifications, submitting ESR reports, and passing the ESR exam. Companies that have gone through liquidation must also conduct an ESR self-assessment.
RAK Offshore Company Formation Cost
The cost of a RAK offshore company is always within reach due to the competitive pricing policy of the governing body. The cost of establishing a business at RAK ICC begins at AED 12,000*.
Looking To Establish A Business In RAK Offshore?
RAK ICC is one of the leading corporate registries in the UAE, with a high demand for offshore company formation. Foreign investors are encouraged to register RAK offshore companies because the RAK ICC Authority has innovative legislation and the resources to meet ESR requirements. Foreign investors who want to set up an offshore company must use a registered agent in the UAE, such as Alwahda.
Hundreds of businesses have profited from Alwahda’s services, which have been offering high-quality registered agent services in the UAE for many years. We have successfully established offshore corporations in RAK ICC, Ajman Offshore, and JAFZA. As premium registered agents in the UAE, we provide seamless, robust, and inexpensive services to all types of investors.