Foreign investors largely favour the RAK offshore company formation due to its global reputation, transparent laws, compliance with local & International regulations, excellent professional services and speedy incorporation. Setting up an offshore company with RAK ICC also offers critical benefits such as 100% ownership, easy incorporation and adequate resources to meet the Economic Substance Regulations (ESR) Test. Registered agents in the UAE can help you easily set up a RAK ICC offshore company.
Before proceeding with the process, you need to be aware of the features, conditions and other requirements put forward by the RAK ICC authority. In this article, we will discuss some of the core requirements foreign investors must meet to register an offshore company with RAK ICC. Read ahead to quickly start a RAK ICC offshore company:
What is RAK International Corporate Centre?
The RAK International Corporate Centre (RAK ICC) is a corporate registry operating in Ras Al Khaimah, which enables the formation of offshore companies. 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 previously a part of RAK Investment Authority). RAK ICC controls and regulates the registration and incorporation of International Business Companies and provides registry services. Registered agents in the UAE can provide further information on the regulations of RAK ICC.
Features of RAK Offshore Company Formation
Investors interested in RAK offshore company formation need to understand the key features of the company structure. You can consult with registered agents in the UAE for more information on the important features of RAK ICC company formation. Some of the key features of RAK offshore company formation are given below:
Shareholders
A company registered with RAK ICC is required to have at least one shareholder to obtain the certificate of incorporation. The RAK ICC authority also allows companies to have corporate shareholders. The shareholders will determine the capital structure of the offshore company.
A RAK offshore company requires at least one shareholder to be granted a certificate of incorporation. The Authority also permits the appointment of corporate shareholders.
Directors
A RAKK ICC offshore company is required to appoint at least one director. You can also appoint corporate directors. The details of a RAK ICC company director will not be made available for public inspection.
Secretary
All offshore companies registered with the RAK ICC registry must have a secretary. Consult with registered agents in the UAE for further information.
Annual Accounts & Audit
Offshore companies registered with the RAK ICC are required to keep accounting records for seven years from the date on which they were prepared. The records must be approved by the directors and one of them must sign them. However, the RAK ICC doesn’t mandate the submission of the accounting records.
Restrictions on Name & Activity
As per the regulations of RAK company offshore company formation, the company’s name must end with the suffix ‘Limited’ or ‘Incorporated’. However, 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
As per relevant company laws, the RAK offshore company is required to maintain a registered office address and appoint a registered agent. The company can use the address of the registered agent in the UAE as their address.
Regulatory Compliance Requirements
RAK offshore companies are required to disclose information about Ultimate Beneficial Owners (UBO) to the RAK ICC Authority. 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.
How to Register an Offshore Company with RAK ICC?
The process of RAK offshore company registration is fairly straightforward and can be completed in a few steps. They are:
- Appoint a registered agent to provide the address
- 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
You need to submit the following documents to register an offshore company with RAK ICC
- 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
Key Benefits of RAK Offshore Company Registration
By registering a RAK ICC offshore company, foreign investors can enjoy the following benefits:
- Ability to 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
Hire the Best Registered Agents in the United Arab Emirates
The process of RAK offshore company formation requires you to meet a series of requirements and fulfil certain obligations. Foreign investors may find such requirements complex but they can use the assistance of registered agents in the UAE such as Jitendra Business Consultants (JBC) to make the process easier. JBC has been providing quality registered agent services in the UAE for years, and hundreds of companies have benefited from our services. Consult with us today to avail of our seamless, robust and affordable offshore company formation services in the UAE.
