RAK Offshore Company Formation
Ras Al Khaimah Free Trade Zone (RAK FTZ) is one of the three primary offshore jurisdictions in the UAE. RAK FTZ is now part of Ras Al Khaimah Economic Zone (RAKEZ), an authority established to administer and amalgamate the specialised clients of both RAK FTZ and Ras Al Khaimah Investment Authority (RAKIA).
RAK Offshore Company formation is primarily envisioned for investors who are in search of a safe place to process international businesses and transactions.
RAK Offshore provides an offshore site for international organisations and financial services. It offers a robust and flexible legal structure.
We work in close corporation with RAK FTZ as a registered agent and can provide offshore company set up services to create a bespoke offshore company. The company can benefit from over 40 Double Taxation Treaties (DTAAs) as well as its status as a white-listed independent jurisdiction for offshore purposes.
RAK Offshore Company Formation Advantages
There are several benefits in setting up an offshore company in RAK:
- No foreign currency restrictions
- Exemption from taxes
- No auditing required
- Fast and efficient to form a RAK offshore company
- 100% foreign ownership
- High level of confidentiality. It is not necessary to disclose director and shareholder information.
- Short offshore company registration and incorporation time
- Access easily to markets across the Middle East, North Africa, Asia and Europe regions
- Cost of forming an offshore company is low
- Permitted to open a corporate bank account in Dubai, UAE
- Shareholder is authorised to operate the business
- No minimum share capital requirement to form a RAK offshore company
Based on the above advantages, setting up an offshore company in Ras Al Khaimah is highly cost-effective, and a competent way to establish an international business in the UAE.
Documents required to form a RAK offshore establishment
The necessary documents for an individual shareholder to incorporate:
- Original letter from the Bank addressed to the RAK International Corporate Centre (RAKICC)
- Bank statement for six months
- Notarised Passport copy
- Résumé of the shareholder
- Original proof of residence such as an electricity bill
The documents required for an entity or a non-individual shareholder to incorporate:
- Company’s Certificate of Incumbency
- Attested Memorandum of Association (MOA)
- Attested company copy of the license or certificate of incorporation certificate
- Shareholders’ and directors’ passport copies
- Verified shareholder resolution
- Applicant’s certificate of Good Standing
Each RAKEZ Offshore Company is mandatory to have a secretary, which is assigned by the shareholders for a period determined by the investors. It is possible for a shareholder to be appointed as a director or a secretary. The company is required to have a minimum of one director. The Memorandum and Articles of Association (MOA and AOA) will have the fixed number of directors. Information on the directors and shareholder will not be available for public inspection. The incorporators will assign the first directors at the time of incorporation and will be subsequently elected by the shareholders.