RAK ICC: offshore company setup in Dubai, UAE
Overview of RAK ICC
RAK Offshore is a common name for an offshore business that is registered with the Emirate of Ras Al Khaimah’s RAK International Corporate Center (RAK ICC).
In Ras Al Khaimah, it is a well-liked and reasonably priced corporate structure.
You can do nearly any kind of foreign business with an RAK Offshore Company Formation in the UAE. The UAE prevents the corporation from conducting business there. It may have a corporate account with a UAE bank, nevertheless.
In Dubai, this kind of business can be utilized to own real estate. The cheapest option to do this at the moment is to form an RAK international business.
Office
An offshore company is unable to lease an office in the United Arab Emirates since it is not permitted to conduct business in the nation where it was incorporated. It will have a registered address instead.
It will be its agent’s address. Although you can use the address and P.O. box for legal purposes, we advise renting a space in any business center in Dubai if you require a place to work or want to host clients at your office.
Your agents who specialize in Dubai business setup in Ras Al Khaimah can help you locate a business center that meets your budget.
Company activities
Almost any commercial activity that isn’t classified as “high risk” can be conducted by RAK ICC offshore.
The following RAK offshore activities are prohibited:
- Banking
- Insurance
- Fund management
High-risk activities include:
- Trading of petroleum and crude oil
- Trading of gold and diamonds
- Gambling
- Cryptocurrencies
- Charities or non-profit organizations
- Lending services
- Trusts
- High-value/luxury goods trading
- Mining
- Defense industry activities
We advise consulting with company setup consultants in Dubai if you have any questions concerning your Dubai offshore company formation.
RAK offshore company setup cost
The cost of starting an RAK offshore business may differ slightly according to the requirements.
Typically, differences in prices result from differences in:
- Where the registered office is located
- Dedicated manager for your business
- Professionalism of the agent managers
The typical market price for setting up an offshore RAK business is $3,000. The cost of renewal is roughly USD 2,000 each year. Because of this, RAK offshore IBC is the least expensive kind of business to run.
RAK ICC company setup
Your registered agent is responsible for forming an RAK offshore company.
It typically takes three to five working days to start a company.
When you sign up, you will get:
- Certificate of incorporation
- Memorandum and Articles of Incorporation
- Shares register
- Register of members
The cost of an RAK offshore business does not include any other paperwork, such as an incumbency certificate. You must order it separately if you need it.
In order to incorporate your business, you must have the following paperwork ready:
- Passport
- Recent utility bill
- Latest entry stamp to UAE copy
- Company name options
- Business activity
It is possible to register without traveling to the United Arab Emirates. In this instance, you must supply:
- Notarized passport copy
- Notarized specimen signature
You can apply for an offshore bank account in the United Arab Emirates after the company is established. If not, you can start an account in a different nation.
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Resident visas
UAE resident visas are not available to RAK offshore companies. It is assumed that resident visas are not required because the corporation is unable to conduct business in the United Arab Emirates by nature.
You should register a free zone company rather than an offshore one if you require a UAE resident visa. Free Zone businesses are able to conduct business in the United Arab Emirates and provide their owners residency status.
Renewal
The registered agent is responsible for RAK offshore renewal. It’s a simple process that only requires you to send the money and verify that you are still living at the same address and conducting business as before.
You will obtain a certificate of your company’s good standing upon renewal. It serves as official documentation of the renewal.
To extend the bank account, you must also present your bank with a certificate of good standing.
Amendments
Changes to the company can be made at any moment. Typical changes are:
- Change of business activity
- Change of Director
- Shares transfer
- Change of Agent
Without your physical presence, your agent can complete each of them directly.
Liquidation
Liquidation of your RAK offshore business is advised if you no longer require it.
A month or so is needed for liquidation. It involves a number of actions:
- Closure of your bank account
- Financial audit
- Returning original documents of the company
Your agent will handle the remaining paperwork and processes.
A Certificate of Dissolution will be sent to you after the liquidation is finished.
Business setup consultants' opinion
Large companies or startups that operate out of the United Arab Emirates would benefit greatly from using an RAK offshore business.
Those who wish to own UAE real estate under a company name can find it to be a decent option.
For instance, it takes a little longer for a RAK foreign business to open a bank account than it does for free zone companies. However, rather than the jurisdiction where the business is registered, the client’s transparency determines its success.
Conclusion
In conclusion, incorporating a company with RAK International Corporate Centre (RAK ICC) through JSB Incorporation offers businesses a streamlined and efficient gateway to global markets.
RAK ICC’s flexible corporate structures, robust legal framework, and tax-neutral environment make it an ideal jurisdiction for entrepreneurs and enterprises seeking international growth.
JSB Incorporation’s expertise in navigating the complexities of offshore company formation in Dubai ensures a hassle-free process tailored to your business needs. Book your free consultation call today with us.
FAQs
Benefits include 100% foreign ownership, no corporate tax, privacy of ownership, and ease of operation.
No, RAK ICC offshore companies cannot trade or conduct business within the UAE but can operate internationally.
There is no minimum capital requirement to register an RAK ICC offshore company.
No, a physical office is not required, but a registered agent within the UAE is mandatory.
Registration can be completed within 1 to 3 working days, subject to document verification.
Don't miss out on this limited-time opportunity!
We'd Love To Hear From You
contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com