RAK Offshore Company
RAK ICC Company Limited By Shares
(RAK Offshore Company)
The flexible nature of RAK Offshore Companies limited by shares makes them ideal for a variety of international business purposes. Providing shareholder privacy, world-class regulations in line with international standards, no financial reporting requirements, a tax-free jurisdiction, and the ability to incorporate remotely without visiting RAK, makes this company license extremely attractive.
RAK Offshore Companies should not be confused with either RAK Free Zone Companies or UAE Free Zone Companies. Free Zone companies are permitted to carry out business in the geographically defined economic zone where their license was issued; and, they enable their shareholders and employees to apply for residency in the UAE.
Overview
✔️ Minimum requirement: one shareholder, one director & one company secretary. The same individual may retain all three positions
✔️ Corporate directors and shareholders allowed
✔️ No public disclosure of the shareholders or beneficial owners
✔️ Relatively quick and easy to setup
✔️ Inexpensive to incorporate and maintain compared to other offshore jurisdictions
✔️ Modern, world class regulations offering convenience and efficiency
✔️ 100% income tax, corporation tax and capital gains tax exemption
✔️ 100% ownership permitted (no need for local sponsors)
✔️ Unique ability to specify the laws of another jurisdiction. We normally have the Memorandum & Articles written under English Common Law
✔️ No filing requirements
✔️ Robust compliance procedures
✔️ Company documents are produced in English
✔️ No requirement to visit the UAE during the incorporation
Limitations of RAK Offshore Companies
RAK Offshore Companies:
❌ may not carry out their trade within the UAE
❌ can't conduct regulated activities - banking, insurance, investments
❌ do not have any commercial presence in the UAE
❌ are not able to lease property in the UAE
❌ are not able to obtain UAE residence visas
Typical Uses for RAK Offshore Companies
✔️ International Business Company (IBC)
Flexible corporate vehicle to facilitate worldwide investments and global trade.
✔️ Holding Company
Flexible corporate vehicle to hold shares in subsidiary companies.
✔️ Holding Specific Assets
The underlying asset (e.g. real estate) may be indirectly sold as whole or in parts by selling the shares in the RAK ICC company, typically without needing to involve local notaries or land registries.
✔️ Joint Venture Company
Rights of the shareholders in the JV may be set out in the Memorandum & Articles and/or in a separate shareholders agreement.
✔️ Project Company
Vehicle to own and operate specific projects while reducing exposure of shareholders and liability.
✔️ Family Office
Private Vehicle to facilitate wealth management and asset protection, with limited disclosure obligations.
✔️ Segregated Portfolio Company
Segregated portfolios can insulate each asset from liability and permit the separation of ownership from management and control.
Quick to setup, compared to other offshore jurisdictions
5 -10 Working Days
Legal Structure & Ownership
Legal Form
RAK ICC Company Limited By Shares means the shareholders' liability is limited to the value of the capital they have invested for their shares.
Ownership
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No restrictions on the number of shareholders
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Shareholders can be individual and/or corporate
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Shares may be held by more than one person, as joint owners, for succession purposes
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Shareholders are not disclosed on the public register, but this information can be shared in the instance of a criminal investigation
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The company may issue bonus shares, party paid shares or nil paid shares
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Shareholders do not have to be physically present in the UAE
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A shareholder can also hold the positions of director and company secretary
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Share certificates must be signed by at least one director of the company.
Share Capital
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No minimum capital requirement
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The company may issue bonus shares, partly paid shares or nil paid shares
Directors
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Minimum requirement for one director
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Corporate directors are permitted, providing there is also an individual as a director
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Directors do not have to be physically present in the UAE
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Directors are disclosed on the public register
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A director may also take on the positions of company secretary and shareholder
Company Secretary
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The company secretary is not required to be physically present in the UAE
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The company secretary is disclosed on the public register
Registered Agent
A Registered Agent is a requirement for setting up, maintaining and annually renewing the license of the offshore company. This cost is included in our business setup cost and subsequently in our annual license renewal cost.
Registered Address
A Registered Address is a requirement for the registration and duration of the offshore company. This cost is included in our company formation cost and subsequently in our annual license renewal cost.
✔️ Complete RAK ICC Offshore Company Registration (for up to 3 individual shareholders)
✔️ ALL Incorporation Fees
✔️ Company Name Check
✔️ Memorandum and Articles of Association
✔️ Certificate of Incorporation
✔️ Share Certificate(s)
✔️ Register of Directors
✔️ Registered Agent
✔️ 1st year Registered Office
✔️ 1st Year Board Resolution
✔️ 1st Year Board Minutes
✔️ Company Stamp
Whats included in the setup?
RAK Offshore Company License Details
License Application
Upon receiving all of the necessary documents required to open a RAK Offshore Company, the application, review, approval and issuance of the Certificate of Incorporation usually takes approximately 5 -10 working days.
License Validity
RAK Offshore Company licenses are issued for a period of 12 months.
License Renewal
RAK Offshore Company licenses need to be renewed annually. Delays in renewing the license will incur additional late renewal fees.
License Cancellation
When the RAK Offshore Company license is no longer required, it is necessary to liquidate the company and apply for the cancellation of the license from the official registry.
Requirements
Each Shareholder and Director
✔️ Full name
✔️ Residential address
✔️ Mobile number
✔️ Email address
✔️ Passport copy (either notarised or presented to us for verification)
✔️ Utility bill (Gas/Electric/Water/Landline telephone, dated within the previous three (3) months.
We're making it easier to register your business.
Our website is currently being upgraded.
We're adding all of our services onto our site to provide you the best and easiest experience for setting up your business and applying for visas in Abu Dhabi.
Although this license setup isn't available to buy online yet, don't worry, we can still setup your company right away. Fill out the form below to let us know you want this service and one of our team will contact you.
We can check the most suitable activities for your business before you purchase.
Scan the QR code to send us a Whatsapp:
Company Activities
Offshore Company Name
When supplying the documents needed for your RAK Offshore Company registration, you will be prompted to supply three names for your new company, in order of preference; indicating which suffix you prefer at the end of the name: ‘Limited’ or 'Incorporated' or the abbreviation 'Ltd' or 'Inc'.
RAK Offshore Companies are suitable for these types of exit strategy:
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When the license is no longer required, it is simply a case of liquidating the business and cancelling the license from the commercial registry.
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If the intention is to sell the company, the sale is conducted by way of a share transfer to the new owner(s).
Exit Strategy
Offshore Bank Account Opening
Once your offshore company is incorporated, you will be able to apply, if required, to open an offshore bank account and avail offshore banking facilities.
Requirements and conditions for opening offshore accounts varies from bank-to-bank, and are updated regularly to reflect the bank's own appetite for risk, whilst remaining compliant and being competitive. Likewise, the timescales for opening offshore accounts vary by bank due to their own internal due diligence procsses. It can take several weeks, and in some instances, several months. Offshore banking, similar to standard business banking, requires a certain amount of compliance and due diligence to reduce the opportunities for money laundering and financing of terrorism.
In general, offshore bank accounts with UAE banks are easier to open for RAK offshore companies because it avoids the requirement for expensive legalisation of documents. However, this is only an option for applicants who have an Emirates ID. For those who don't have an Emirates ID, opening an offshore bank account will need to be with one of the international banks instead.
If you require our assistance with opening an offshore account, we do offer this as an additional service and one of our team will be happy to assist you. Scan the QR code to send us a Whatsapp:
The annual financial reporting requirements for a RAK ICC Offshore Company are minimal. Whilst accounts should be maintained, there are no auditing or filing requirements.
A simple bookkeeping exercise with P&L account and balance sheet is suggested as a minimum for housekeeping purposes, but is not required to be evidenced. If you would like assistance in this area, we offer this as an additional service and one of our team will be happy to assist you. Scan the QR code to send us a Whatsapp:
Tax Compliance
The UAE doesn not require RAK Offshore Companies to file any tax returns.
RAK is on the Organisation for Economic Co-operation and development (OECD) ‘white list’ for having exchange of information treaties.
Economic Substance Regulations
The UAE's Economic Substance Regulations (ESR) apply in RAK ICC and require entities that carry out any 'Relevant Activities' (listed below), to have economic substance in the UAE in relation to these activities, and to comply with notification and return filing obligations. ALL RAK ICC entities, including those who are exempt, are required to file an economic substance annual notification.
The UAE's ESR require UAE mainland and free zone companies, and certain other business forms, that carry out any of the defined 'Relevant Activities' to maintain and demonstrate an adequate economic presence in the UAE relative to the activities they undertake.
ESR Relevant Activities
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Banking
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Insurance
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Investment Fund Management
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Lease - Finance
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Headquarters
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Shipping
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Holding Company
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Intellectual Property (IP)
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Distribution and Service Centre.
Financial Reporting, Tax Compliance & ESR
About Ras Al Khaimah (RAK)
Ras Al Khaimah (RAK) is one of the seven emirates that formed the federation of the United Arab Emirates (UAE). Situated on the Arabian Gulf, RAK is the northern-most emirate boasting a diverse landscape of mountains, deserts, green plains and 64km of white sandy beaches. A limited number of destinations are served by RAK International Airport; alternatively, Dubai International Airport (DXB) is just a 50 minute drive away. Logistics are supported by five seaports, led by Saqr Port, which is the largest bulk port in the Middle East.
Over recent years, RAK has experienced accelerated economic growth, becoming a credible and attractive hub for business, with a dynamic and diversified economy. RAK is developing its tourism and hospitality sector, boasting luxurious hotel resorts and leisure facilities. Explore RAK's 7,000 years of history and culture. Enjoy the environment and get active at the same time by horse riding, mountain biking and sailing.
Why Use Gateway Group
for your offshore company formation
✔️ We are highly experienced in setting up RAK Offshore Companies. Our RAK-based business setup agent is here to remove the daunting processing of registering an offshore company.
✔️ We have the ability to setup your RAK Offshore Company electronically - eliminating the need to complete any paperwork.
✔️ Upon completion of your company registration, you will receive an electronic copy of your Certificate of Incorporation, confirming the existence and validity of your new company.
Still have questions?
We're here to help. Scan the QR code to Whatsapp us.
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Address
Hamdan Street
Abu Dhabi
Conrad Hotel, Dubai