Do You Want To Start A RAK Offshore Company?
The RAK Offshore company is by far the most popular set-up for international entrepreneurs in the UAE.
It is the easiest, fastest and cheapest way to start your business in Dubai, or the rest of the UAE for that matter. In addition, there are no annual audits or extensive reporting requirements and low maintenance costs.
RAK Offshore companies have a lot of very interesting features from which you can highly benefit. And a number of benefits you don't find in other offshore jurisdictions in the world.
The RAK Offshore company is ideal for any type of business that does not require a local office, including passive investment activities. Examples of activities our clients use a RAK Offshore for:
Just like local and free zone companies, these offshore companies can benefit from some of the tax treaties concluded by the UAE. Using a RAK Offshore Company as a shareholder of a free zone company can prevent otherwise significant legalization charges.
Unlike some other jurisdiction, the UAE has no public registry of directors and members and strong client confidentiality rules.
Using a RAK Offshore Company gives your business a much better image than a far away exotic island. And it is not just appearances. For example, there are more countries where you can open your bank account.
- Holding shares in international, local or free zone companies
- International consulting
- Investment company
- Trading activities outside the UAE
- Holding intellectual property
RAK Offshore companies have the following benefits:
The Company Registry that offers RAK Offshore company registrations is the RAK ICC. This stands for Ras Al Khaimah International Corporate Centre. RAK ICC is a merger of the registries of RAK Free Trade Zone and Ras Al Khaimah Investment Authority.
RAK ICC aims to be the most modern registry in the world. It has fully updated its regulations in 2016 and is on level with global regulatory standards.
The free zones each have their own free zone authority. These are profit making entities; their main source of income is often derived from renting office space, collecting license fees, and providing services to the companies operating in the free zone. All share the features outlined above but differ along the following lines:
- 0% Corporation tax, 0% VAT and no income tax
- No requirement for the owner or director to visit the UAE in person
- 100% full foreign ownership
- Confidentiality is preserved; there is no public record of shareholders or directors
- No audit requirement or requirement to submit financial statements
- Paperwork involved in forming the business
- Possibility to open a solid bank account in Dubai
- A registered office in Dubai
Our corporate consultants will undertake the review of your proposed structure, proceed with the incorporation with the incorporation of the entities whilst complying with the applicable legislation and best corporate practice. We assist in registering companies in Dubai and the UAE local limited liability company (“LLC “ ) , Free zone entity ( “ FZE”) and International Business Company (“ IBC”)
Our firm can also provide full range of corporate administration services in UAE :
- Organising and managing board of directors and shareholders’ meetings
- Corporate compliance
- Secondment of staff for short-term company secretarial projects
- Annual renewal of trade/business licences
- Provision of a registered offce
- Winding up and liquidation
- Preparing the minutes of directors’ and shareholders’ meetings
- Issuing and safekeeping of share certificates
- Opening and monitoring bank accounts
- Handling correspondence with third parties and various authorities
- Monitoring local compliance with statutory requirements and filings
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