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Are you a foreign investor or a company founder that is looking forward to their RAKoffshore company registration? Ras Al Khaimah (RAK) is well known for its highly transparent laws, compliance with local & International regulations, excellent professional services and quick incorporation. If you are preparing for your RAK offshore company registration, 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 RAK offshore company registration.
RAK ICC
The RAK International Corporate Centre (RAK ICC) is a corporate registry that operates in the Emirate of Ras Al Khaimah. 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.
RAK offshore company formation
Some of the key features of forming your offshore company in Ras Al Khaimah are as follows:
Shareholders
In order to obtain the certificate of incorporation, A RAK offshore company must have at least one shareholder. You are also allowed to have corporate shareholders. These shareholders determine the capital structure of your RAK offshore company. The maximum number of shareholders your offshore company can have is 15. Such a formation offers 100% foreign ownership and there is no requirement of a minimum capital for incorporating your offshore company in RAK.
In addition, there is no requirement of shareholder presence for your offshore company incorporation.
Directors
Your 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
In the process of your RAK offshore company registration, You must have a secretary in place.
Accounting records & Auditing
You must keep accounting records for seven years from the date on which they were prepared. The financial records are to be mandatorily approved by the directors and are to be signed at least by one of them.
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), You should also assess your 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 a RAK Offshore Company
Congratulations on making it this far, Now we’d like to walk you through the steps involved in registering your offshore company in Ras Al Khaimah:
Appoint a registered agent in the UAE
- Prepare your documents
- Submit the application
- Receive the RAK ICC certificate of incorporation, MOA, and Registry of Members
Document Checklist for RAK Offshore Company Registration
- 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
RAK Offshore company: Benefits
Foreign investors can enjoy the following benefits if they register their offshore company in Ras Al Khaimah:
- 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
Changing your registered agent
Are you not satisfied with the services provided by your registered agent for your offshore company? There is a provision for changing your registered agent in case of any dissatisfaction. If this sounds like something you want to do, We can help you!
We have a history of taking over as registered agents for numerous RAK offshore companies.
Best registered agents in UAE:
Forming your offshore company requires you to follow a set of guidelines and rules. If you are a foreign investor and are new to the dynamic UAE landscape, We can save you time and keep you away from hassle by taking you under our wing. Dubai Business Zone has been providing quality registered agent services in the UAE for years, and we are highly recommended by top performing offshore companies within RAK.
Get a FREE consultation with us today and find out more about forming your offshore company in Ras Al Khaimah in the most cost-effective and quickest way!
FAQ’s
What is RAK ICC?
RAK International Corporate Centre (RAK ICC) is the corporate registry of Ras Al Khaimah, formed by merging RAK International Companies and RAK Offshore. It regulates the registration and incorporation of International Business Companies in RAK.
How many shareholders can a RAK offshore company have?
A RAK offshore company must have at least one shareholder but can have up to 15 shareholders, including corporate shareholders.
Is there a requirement for minimum capital to incorporate an offshore company in RAK?
No, there is no minimum capital requirement for incorporating an offshore company in Ras Al Khaimah.
Are the details of the directors of a RAK offshore company publicly accessible?
No, the details of the directors are kept confidential and are not available to the public.
What are the requirements for maintaining accounting records for a RAK offshore company?
A RAK offshore company must keep accounting records for seven years from the date they were prepared. These records must be approved and signed by the directors.
What name suffixes are required for RAK offshore companies?
RAK offshore companies must end their names with suffixes such as ‘Limited’ or ‘Incorporated’. Certain words like ‘Assurance’, ‘Bank’, and ‘Insurance’ are prohibited.
What are the compliance requirements concerning Ultimate Beneficial Owners (UBO)?
RAK offshore companies must disclose information about their Ultimate Beneficial Owners and comply with Economic Substance Regulations (ESR), including ESR Notification filing and ESR Report submission.
How do you register an offshore company in Ras Al Khaimah?
To register, you need to appoint a registered agent, prepare necessary documents, submit an application, and then receive the RAK ICC certificate of incorporation along with other incorporation documents.
What documents are required for the incorporation of a RAK offshore company?
Key documents include the Memorandum & Articles of Association, Agent Appointment Letter, certified copies of the shareholders’ passports, and proof of address such as a utility bill or bank statement.
Can a RAK offshore company own property in the UAE?
Yes, owning real estate in Ras Al Khaimah and Dubai is permissible for RAK offshore companies.
What benefits do foreign investors gain by registering an offshore company in RAK?
Benefits include 100% foreign ownership, the ability to open a bank account in the UAE, own real estate, own shares in mainland or free zones companies, and form a subsidiary with RAK Economic Zone.
Can I change my registered agent for my RAK offshore company?
es, if you are dissatisfied with your current registered agent, there is a provision to change to a different registered agent.
For more detailed information or specific inquiries, consider scheduling a free consultation with a Dubai Business Zone.
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