Ras-Al-Khaimah (RAK), one of the seven Emirates that make up UAE has established an International Corporate Centre (ICC) to simplify setting up an offshore company in the UAE.
RAK ICC offshore is a common name of an offshore company registered in RAK international corporate center (RAK ICC) an authority located in the Emirate of RAS Al Khaimah. RAK ICC Offshore is the most popular and well reasonable type of a company for business setup in RAK.
In current decades, RAK has arisen as a popular destination for expats due to its global lifestyle, and business-friendly policies. Almost any kind of international business can invest for RAK ICC Offshore companies. The company cannot be allowed to run business activity in the UAE. However it can open a corporate account in one of UAE Banks.
RAK ICC Offshore Company can hold real estate property in Dubai. Forming a RAK international company is the cheapest way to do so right now.
RAK ICC Offshore Company can carry out almost any business activities that are not recorded as a “High Risk” ones:
Below are the prohibited RAK ICC offshore activities:
- Fund Management
High Risk Activities include:
- Petroleum and crude oil Trade
- Gold and diamonds Trade
- Crypto currencies
- Charities or non-profit organizations
- Lending services
- High value/luxury goods trading
- Defence industry activities
If you are not sure about your business activity, you can call our expert business consultants in Dubai.
Various benefits of RAK ICC Offshore Company:
- No Corporate Tax or Income Tax
- 100% Foreign ownership is allowed
- No FOREX or trade restrictions
- 100% repatriation of capital possible
- Easy access to key decision makers in the ICC
- Simplified procedures to transfer shares
- No limit on the maximum number of shareholders
RAK ICC Offshore Company Setup is done by a registered agent. It takes 3-5 working days for company formation. You will receive Certificate of incorporation, Memorandum and Articles of incorporation, Shares register, Register of members.
Below are the document preparation for company incorporation:
- Recent utility bill
- Latest entry stamp to UAE copy
- Company name options
- Business activity
Once a company is formed, you can open an UAE Bank account or you can open an account in another country as well.
RAK ICC Offshore Company is not allowed to open resident visas. This company cannot carry out any business activities in the UAE. Apart from this, with Free Zone Company is eligible to apply for a resident visa and do business within the UAE.
RAK ICC offshore business renewal is very simple done by a registered agent. You need to transfer the funds and confirm you are still doing the same business and exist at the same address.
Doing business renewal, you will receive a certificate of good standing of your company as a formal proof that it has been renewed.
There are several formalities for setting up RAK ICC Offshore company in the RAK ICC. Consult Quickbiz Business Setup Services for more information.