RAK ICC Company Formation
RAK ICC Business Setup
The process of RAK ICC company formation is straightforward. It includes the steps of filling out the application form and submitting documents. The authority verifies the documents and approves or rejects them. On approval of your RAK ICC offshore application, you receive a certificate of incorporation and you can open a bank account.
RAK ICC offshore is one of the two options for offshore company formation in the UAE. It is an International Corporate Centre in Ras Al Khaimah, acting as a government corporate registry. You can form offshore or international business companies (IBC) here in this Emirate.
Why Choose RAK ICC for Offshore Company Formation?
RAK ICC is a preferred destination for offshore company formation due to the following reasons:
- You do not have to conduct annual audits of your finances and do not need to submit financial statements. Thus, you can maintain privacy.
- You are not required to own or rent a local office.
- You are exempt from corporate tax, personal tax, dividend tax, withholding tax, and import-export duties. In the case of a taxable supply, VAT is applicable.
- You can have complete ownership of your offshore company in RAK ICC.
- You can own real estate properties in local and other countries, provided the authority approves it.
- You do not have to face any trade or forex restrictions.
- Repatriation of capital and profits is possible.
- Your owners and directors are free from the obligation to visit the UAE in person for incorporation of the company.
- The confidentiality benefit of offshore stays intact; there are no public records of your directors’ and shareholders’ personal details.
- You can re-domicile your company from another country to UAE offshore in RAK ICC.
- You can open multiple currency bank accounts in the UAE and internationally.
- You can enjoy a business-friendly regulatory environment and advanced infrastructure and facilities in RAK ICC.
You must set up an offshore company in RAK ICC to access all these benefits. But you cannot do it yourself. You need to appoint a registered agent for RAK ICC company formation.
FAME is an expert provider of company formation services across the UAE. Based on our years’ of business setup experience, we provide timely and cost-effective services. You do not have to worry about the documentation, approvals, or formalities.
With a good network of people and complete knowledge of regulations, we ensure smooth management of all the processes for offshore company formation. You also enjoy advisory and consultation services for name selection, drafting MoA, and compliance with rules. We customize our guidance to your needs and business goals.
Excited to start a company in RAK ICC?
Get in touch with us to fulfill your dream of RAK ICC offshore company formation.
Features of RAK ICC Offshore Company
Before considering to set up a business in RAK ICC offshore, you must be aware of the following features of RAK ICC:
01
Permitted Business Activities
If you want to form an RAK ICC offshore company, you can conduct any of the below business activities:
- Investment company
- Holding intellectual property
- Shareholding in local, free zone, or international companies
- Trading activities outside the UAE
- International consulting and advisory services
- Internal corporate services
- Shipping-related services
- Professional services
- Intermediary brokers
- IT and IT-related
- Media, design, and engineering
- Healthcare and related services
- Research and project support services
You cannot engage in banking, fund management, or insurance business.
02
Legal Structures Allowed
You can form the following types of companies in RAK ICC as an offshore company:
- Company limited by guarantee
- Company limited by shares
- Unlimited company
- Segregated portfolio company
- Restricted purpose company
03
Capital
The RAK ICC offshore company must have a share capital of AED 1000. You must make this payment in the local currency. You can issue various classes of shares in any number of series. These shares have their own set of privileges, constraints, rights, and limitations.
04
Shareholding
You need to have at least one natural person as a director in your company. If you have more than one director, you can appoint corporates. It is not mandatory to appoint a company secretary; but a secretary makes document signing easier. You can have as many shareholders as you want. One person can manage all the roles – that of a shareholder, secretary, and director.
05
UBO Requirements
You must maintain Registers of Ultimate Beneficial Owners (UBOs) and Partners of Shareholder Register (PSR). Keep these registers up-to-date with all the necessary details. Also, you must submit them to the RAK ICC authorities.
06
Recordkeeping
You must create and maintain accounting records for a period of seven years from the date of creation. The director/s must approve the accounts and sign on to them. You do not need to submit them to the RAK ICC authorities.
07
Naming Rules
The name of your RAK ICC offshore company must end in Limited or Incorporated. You can keep names in foreign languages or characters. The name must not have any connotations related to religion or government entities. The name relates to your business activities or shareholders names.
08
ESR Requirements
If you engage in relevant activities in UAE under the ESR regulations, you must follow its requirements. Accordingly, you must submit an economic substance report and economic substance notification within 12 and six months, respectively, after the end of the financial period.
09
Legal Proceedings
If you establish your company in RAK ICC offshore, you can access common law jurisdiction courts of ADGM and DIFC, which conduct court proceedings in English.
10
Flexibility
You do not need a minimum capital. Also, you can have the documents in English; there is no need to submit them in Arabic. You can invest in LLCs and free zone companies in the UAE.
11
Limitations
As an offshore company, you cannot rent office space or apply for employee visas. You are also not permitted to conduct business within the UAE or with a UAE-based supplier or customer.
Documentation for RAK ICC Company Formation
During the RAK ICC company formation, the applicant must submit relevant documents as proof. The documents are different for a company with a single shareholder and multiple shareholders.
If the RAK offshore company has a single shareholder, you must submit the following documents:
- Passport copy of the shareholder
- A letter of recommendation from a bank
- CV of the shareholder
- Last six months’ bank statement
- Utility bill or municipality certificate as residence proof
If the RAK offshore company has multiple shareholders, you must submit the following documents:
- Directors and shareholders’ passport copies
- Memorandum of Association and Shareholders’ Resolution
- A certified photocopy of the applicant’s business license
- Certificate of good standing
- CVs of shareholders and directors
- Company certificate with names of directors and shareholders
You must ensure notarization and legalization of all documents by the UAE embassy in your country of origin.
Looking for an offshore presence in RAK ICC?
Contact FAME for RAK ICC company formation.
RAK ICC Offshore Business Setup Process
The procedure to set up an RAK ICC offshore business is not a daunting task. But a minor mistake or missing a step can delay your registration. So, you must be better prepared for it. The best option is to partner with an expert like FAME.
Our analysts can handhold you in the entire process of offshore business setup. You just have to keep your business documents ready. FAME will manage the rest of the steps.
Step 1: Company Name
Based on your business activity, choose a company name for your RAK ICC offshore company. Select 2-3 options to have a backup if your first option is already registered. Also, ensure the name does not have any religious, ethnic, country, or political connotations. Please be careful of the naming conventions of RAK while naming your company.
Step 2: Documentation
Submit all the necessary documents to the RAK ICC authority, along with the application form. Before submitting the documents, sign each one. The Registrar handles the incorporation of offshore companies in RAK ICC.
Step 3: Payment
Now, you must pay the relevant fee amount for registration and incorporation. You can pay either in cash, money transfer, or online.
Step 4: Certification
If you fulfill all the necessary conditions, the Registrar will issue the certificate of incorporation. The Registrar will also allot a unique number to your business, company stamp, and share certificate. The last step is opening a bank account in the company’s name.