Offshore Company Formation in RAK (Ras Al Khaimah)
Ras Al Khaimah can be an excellent place for newcomers in the business world of UAE. It is ideal because the place is developing rapidly with a lot of potential growth in the future. Offshore company formation in RAK has a simple but detailed process. The RAK offshore company formation is different for individuals and corporate businesses.
Ras Al Khaimah Investment Authority launched an offshore facility in 2006, by passing of Ras Al Khaimah Investment Authority’s International Business Companies Regulations 2006 – also called RAK Offshore. Legislation and regulations adopted by the Free Trade Zone Authority favor big international interest for Offshore Company Formation.
Rak Offshore Company Formation allows any non-resident individual or corporate to open a company in RAK as an offshore entity. Cost of offshore company formation in Ras al Khaimah is much lower than in Dubai.
Requirements for Individual Applicants:
- Passport copy of the individual applicant.
- Original reference letter from your bank attested by the authorized bank official. You can also submit your last 3 months bank statements instead.
- Telephone bill or any original utility bill needs to be submitted as a proof of residence. Further, you can also send an attested copy of your residence certificate issued by the home municipality.
Requirements for Corporate Entities:
- The RAK offshore company formation requires a license issued by the chamber of commerce.
- A board resolution allowing your corporate entity for offshore company formation in RAK.
- Submission of memorandum of affiliation from the parent company.
- The registrar might ask for some additional documents as well during the registration process.
The process of offshore company formation in RAK requires you to hire registered business advisors, consultants who can professionally help you in registering your offshore company in RAK. We are a registered business advisory consultancy and can give you up to date business advice with full processing of your documents to do the needful. You just have to give 3 alternatives for the name of your company and the rest would be sorted out by us. Further, your input is very essential for throughout your offshore company registration process.
Key Features of Offshore Company Formation in Ras Al Khaimah
- The capital of the company can be any amount divided into any denomination.
- 100% foreign ownership of the offshore company is allowed
- Company can buy property in the UAE
- There is no need to maintain a public register of company officers. No name should be disclosed to register a company.
- There is no restriction on capital and profits expatriation.
- Reliable regulations on confidentiality.
- Can open bank accounts in UAE or several other countries
- Access to tax treaties
- No need to maintain an office
- The minimum number of shareholders and directors is one.
- The Offshore domicile is located in the RAK Free Zone.
- The investors need not visit the authority to incorporate the company; however the documents need to be signed in the registered agent’s office.
- Company cannot engage in business with UAE based individuals or companies
- Company cannot engage in the business of banking ,Insurance, reinsurance and fund management
- Company cannot rent any office/premises
- If the owner of the company is an individual, the following documents are required:
- Resume of investors and directors
- Passport copies of investors and directors
- Original Bank reference letter for the investors
- 2 Proof of address – Utility bills for shareholders
- 2-3 working days