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RAK Offshore Introduction
The Emirate of Ras Al Khaimah (RAK) has introduced an offshore facility, marking it as the second of its kind in the UAE.
The International Business Companies (IBC) Registry enables foreign investors to register offshore companies through RAK Offshore, a division of the RAK Investment Authority (RAKIA), without needing to establish a physical presence in the UAE.
RAKCA, Ras Al Khaimah’s first and largest registered agent, specializes in incorporating International Offshore Business Companies (IBC). Companies are typically incorporated within 24 hours. Any non-resident individual or corporate entity can register a company with RAKCA.
While many jurisdictions are seen as mere tax havens, the United Arab Emirates stands out as a ‘real’ country with a ‘real economy.’ With a population of approximately 4 million, the UAE boasts a rich history of international trade, finance, and business. It is now one of the fastest-growing nations in the world, offering one of the highest standards of living.
Benefits of RAK offshore
RAK Offshore offers several key benefits for businesses. It provides a favourable tax environment with zero corporate and personal income taxes, and no capital gains tax. Companies benefit from 100% foreign ownership and full repatriation of profits, enhancing financial flexibility. RAK Offshore also features a straightforward and cost-effective company setup process with minimal reporting requirements and no requirement for physical office space in the UAE.
The jurisdiction provides confidentiality and privacy for shareholders and directors, which is ideal for international business operations. Additionally, businesses in RAK Offshore can benefit from ease of access to international banking and financial services. This makes RAK Offshore an attractive choice for those seeking to optimize their tax liabilities while maintaining operational efficiency.
Process
Choose Jurisdiction
Select an offshore jurisdiction in Dubai, such as Jebel Ali Free Zone (JAFZA) or Ras Al Khaimah (RAK), based on business needs.
Engage Registered Agent
Hire a registered agent to assist with the incorporation process. Feel free to reach out to us to act as your agent.
Prepare Documents
Gather necessary documents, including application forms, passport copies, and proof of address for shareholders and directors.
Submit Application
Submit the completed documents to the relevant offshore authority, along with the required fees.
Await Approval
The offshore authority reviews the application and typically issues the license within a few days.
Set Up Bank Account
Open an offshore bank account to facilitate financial transactions.
Start Operations
Begin international operations, benefiting from tax advantages and confidentiality.
Required Cost
AED 4,000 to AED 5,000
Cost Of Process
Price: The cost of obtaining a RAK Offshore license typically includes several components:
- Registration Fees: Approximately AED 4,000 to AED 5,000.
- Annual License Fee: Around AED 3,500 to AED 5,000.
- Document Processing Fees: Additional costs for document preparation and submission, usually around AED 1,000 to AED 2,000.
- Registered Agent Fees: Contact us for the charges
- Additional Costs: Fees for opening a bank account, legal services, and other incidental expenses.
Overall, the total cost for setting up a RAK Offshore company generally ranges from AED 12,000 to AED 20,000 for the initial setup, excluding any extra charges related to additional services and compliance.
Required Document
- 3 -Optional Trade names of the company (on the basis of your preference)
- Passports copy of Shareholder(s)
- Visa page copy/entry page copy of shareholder(s)
- Universal Identification Number (UID Number) of Shareholder(s)
- Any other information or documents required by the Government Authorities for the purpose of
- processing the application
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