Forming offshore company with RAK ICC
Registering your offshore company with RAK ICC
Are you a foreign investor or a company founder that is looking to register their off shore company in RAK ICC? Offshore company formation in RAK ICC is well known for its highly transparent laws, compliance with local & International regulations, excellent professional services and quick incorporation. If you set up your offshore company with RAK ICC, You might as well also prepare for the high-value benefits like 100% ownership, easy incorporation and adequate resources to meet the Economic Substance Regulations (ESR) Test. We are one of the top registered agents in the UAE that can help you with your Offshore company registration in RAK ICC.
We’ll try our best to equip you with the knowledge you need about the features, conditions and other requirements laid out by the RAK ICC authority.
RAK ICC
The RAK International Corporate Centre (RAK ICC) is a corporate registry that operates in the Emirate of Ras Al Khaimah. This implies that you can register your offshore company in RAK ICC. RAK ICC was established by merging two company registries: RAK International Companies (which used to be a part of RAK Free Trade Zone) and RAK Offshore (which was a part of RAK Investment Authority). RAK ICC provides registry services and also regulates the registration and incorporation of International Business Companies.Offshore company formation in RAK ICC
Some of the key features of forming your company in RAK ICC are given below:Shareholders
In order to obtain the certificate of incorporation, An offshore company formed in RAK ICC must have at least one shareholder. The RAK ICC authority also allows companies to have corporate shareholders. These shareholders determine the capital structure of your offshore company. The maximum number of shareholders your offshore company can have is 15. RAK ICC offers 100% foreign ownership and there is no requirement of a minimum capital for incorporating your offshore company with RAK ICC. In addition, there is no requirement of shareholder presence for your offshore company incorporation with RAK ICC.Directors
Your RAK ICC offshore company must have at least one director. The details of your offshore company director will not be made available for the public eye.Secretary
It is impossible for your offshore company formation with RAK ICC if you do not have a secretary. This is an important point to be noted.Accounting records & Auditing
Did you know that if your offshore company is registered with the RAK ICC, You must keep accounting records for seven years from the date on which they were prepared? There financial records are to be mandatorily approved by the directors and are to be signed at least by one of them. The RAK ICC doesn’t mandate the submission of the accounting records.Name & Activities
Your offshore company’s name must end with a suffix such as ‘Limited’ or ‘Incorporated’. In addition, you will not be allowed to use prohibited words such as Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.Local Requirements
Your RAK offshore company must maintain a registered office address and appoint a registered agent. However, it is possible for your company to identify the address of the registered agent in the UAE as your own address.Compliance
Your offshore company must disclose information about Ultimate Beneficial Owners (UBO) to RAC ICC. They should also assess their compliance obligations under the Economic Substance Regulations (ESR) and meet requirements such as ESR Notification filing, ESR Report submission, and meet ESR test.Steps to Register an Offshore Company with RAK ICC?
Congratulations on making it this far, Now we’d like to walk you through the steps involved in registering your offshore company with RAK ICC:- Appoint a registered agent in the UAE
- Prepare your documents
- Submit the application
- Receive the RAK ICC certificate of incorporation, MOA, and Registres of Members
Document Checklist for RAK Offshore Company Incorporation
The following are the required documents for offshore company formation in RAKICC:- Memorandum & Articles of Association (signed by all shareholders)
- Agent Appointment Letter
- Certified copy of the passport of shareholders
- Certified copy of current utility bill or local authority tax bill or tenancy agreement or residency certificate showing the address of current permanent residence or bank statement
Offshore company formation with RAK ICC: Benefits
Foreign investors can enjoy the following benefits if they register their offshore company with RAK ICC:- Open a bank account in the UAE
- Own real estate in Ras Al Khaimah and Dubai
- 100% foreign ownership
- Ability to own shares in mainland or free zones companies in the UAE
- Ability to form a subsidiary with RAK Economic Zone (RAKEZ)
- Benefit from state-of-the-art legislation
- Robust compliance procedures
- General trading
