To meet the region’s growing demand for offshore markets and to support the emirate’s ongoing economic diversification programme, RAK Offshore was formed by the Ras Al Khaimah Investment Authority (RAKIA), the authority in charge of the socioeconomic development of the Emirate. RAK Offshore Company Formation has grown its customer base to over 1,900 International Business Companies (IBCs) offering specialised services including asset protection plans and real estate holdings in just 14 months of existence as a substitute offshore site in the Middle East. Are you seeking a safe, reliable, and tax-free location for your offshore business? RAK Offshore Company Formation in the United Arab Emirates (UAE) is the solution. We’ll walk you through the advantages, application procedure, and expenses related to establishing a RAK offshore business in this detailed guide.
1. Benefits RAK Offshore Company Formation
One of the seven emirates that comprise the United Arab Emirates is RAK or Ras Al Khaimah RAK Offshore is a preferred location for offshore company formation, due to its many advantages, such as the following
- Control
Foreign investors are only allowed to own a 49% stake in offshore UAE companies, with the remaining 51% going to an Emirati sponsor or partner. In RAKICC, there are no such limitations on businesses. The overseas businessman is the single owner of the company. This guarantees investors that they will maintain complete control over their company’s activities and eliminates the risk of any ownership conflicts in the future.
- Flexibility
A minimum amount of capital must be judged sufficient by the UAE government to accomplish the goals of the business’s establishment in order to form an offshore firm. based on the form of organisation, a notary public in Dubai would often accept a minimum share capital of approx AED100,000 for an LLC. However, this varies based on the type of entity. However, RAKICC does not have a minimum share capital requirement and does not need financial account filing. This greatly reduces the anxiety that comes with creating local bank accounts and attesting business documentation.
- Security
RAK Company Formation has a separate legal system from the federal system and the Federal Supreme Court’s jurisdiction. It provides access to the common law courts of the Abu Dhabi Global Markets (ADGM) and the Dubai International Finance Centre (DIFC), both of which are based on the common law system.
- Cost-effectiveness
First off, establishment expenses in RAK are often far lesser than in the rest of the UAE, and as every company in RAKICC has an authorized office, there is no requirement to include the cost of renting office space. The UAE has the largest network of international tax treaties. As a result, RAK company formation established in the UAE won’t have to worry about paying taxes twice on the same income and will frequently be exempt from additional duties to comply with foreign tax laws.
2. Steps to Register Your RAK Offshore Company
- Select a registered agent: The first step in the procedure is to designate a registered agent in RAK. The agent will assist you with registering and take care of all the required papers on your behalf.
- Decide on a business name: Your selected name must be original and must not violate any already-registered trademarks. You can verify name availability with the registration agent’s help.
- Prepare the necessary paperwork: Some papers are required from you, such as a copy of your passport, evidence of your residence address, and a bank reference letter.
- Application submission: The application for RAK company formation will be submitted by your registered agent to the RAK International Corporate Centre (RAK ICC) for approval.
- Obtain your Certificate of Incorporation: Upon approval, your RAK offshore company will be successfully registered and you will be sent a Certificate of Incorporation along with other corporate paperwork.
Conclusion
The creation of a RAK Offshore Company Formation comes with a plethora of advantages, such as tax savings, asset protection, and a supportive business climate. The procedure is simple and affordable with the aid of a licenced agent. You’ll be well on your way to starting a prosperous offshore business in the RAK if you follow this guide.
Source: toplegalfirm
