RAK ICC Offshore Company Formation: Facts, procedures and considerations
RAK ICC Offshore is an international business company registered in the Emirate of Ras Al Khaimah, UAE. Such companies can perform essentially any type of business outside of the UAE.
The Emirate of Ras Al Khaimah, where this type of company can be registered, is located about 1 hour from Dubai and is a renowned center for business for many MNCs. The opportunity to register an ICC company in Ras Al Khaimah is a highly attractive and proven solution for international business.
RAK ICC Offshore Company in the UAE provides a unique combination of advantages integrated into one legal entity such as:
- Corporate income taxation is at 0%.
- The complete absence of import/export duties in the UAE.
- No tax on dividends paid, no withholding tax.
- Full foreign ownership is permitted.
- Can be registered by one shareholder.
- Can have one director – can be non-resident.
- Shareholder and director can be the same person.
- No limitations on shareholder and director residencies.
- No accounting necessities record keeping only.
- No audit requirements and no filing of financial results.
- Limited Liability – means limited risks for owners.
- Your offshore company would be from a country from “white” list.
- Very simple renewal procedure.
- The company is fully compliant with international regulations.
- All registration documents in the English language.
- ICC legal entity, no offshore wording in company’s documents.
Bank account in UAE: Whereas similar types of companies registered in other countries cannot open bank accounts in their place of incorporation, in the UAE there is no such limitation.
Bank account abroad: As the RAK ICC Company is well – known, banks have no issue accepting such legal entities for account opening.
Tax exemption certificate: Can be received for this company – gives legal approval on the tax free status of the company.
Confidentiality of information: RAK ICC Offshore Company’s registry is not accessible by third parties, and information on its owners is kept at a high level of discretion.
Company’s registered address is in Dubai: The registered address of the legal entity can be in Dubai – which gives the legal entity extra opportunities when using it.
Re-domiciliation possibility: You can relocate your existing legal entity from another country to the UAE so that it will become an RAK ICC offshore company. That secures your history whereby you move your company to a highly respected and stable jurisdiction.
Incorporation types/ services available:
- Company Limited by Shares
- Company Limited by Guarantee
- Restricted Purposes Company
- Segregated Portfolio Company
- Unlimited Company
- Transfer of Domicile
Types of businesses allowed and prohibited:
Possible examples of businesses when using such a company type – trading, consulting, logistics, holding of different assets, property registration, registration of various rights, various services, production, IT and IT related, media, contracting, design, engineering, healthcare, project support, manufacturing, art trading, research and others.
RAK ICC Offshore Company can do ALL types of business except banking / financial services and insurance / re-insurance.
These are the steps for offshore company registration in the RAK ICC:
You need to contact a reliable RAKICC authorized agent for the registration process
- Get an official quote for the scope of work, like registration, nominee services, opening bank accounts, any specific attestations required.
- Submit three names for the company out of which one will be finalized by the authorities.
- Decide upon the activities of your business – property investment, consultancy, trade, or acting as a holding company.
- To determine the share capital.
- Finalize the list of shareholders, a minimum of 2 directors, and secretary.
- Submit the mandatory documents, like passport copy, address proof, reference from the bank and shareholders’ resume.
- The Memorandum, Share certificates, fees and application forms signed by the shareholders, secretary and directors is submitted in the presence of the shareholders.
If the Registrar is satisfied that everything is in order, the company is registered in two days.
Companies have to pay a one-time registration fee of AED 2,500 and AED 2,000 to renew it. Land and office space is provided at reasonable rates and easy terms of renewal.