Offshore Company Incorporation

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Offshore Company Incorporation

The RAK Offshore company is by far the most popular set-up for international entrepreneurs in the UAE.

It is the easiest, fastest and cheapest way to start your business in Dubai, or the rest of the UAE for that matter. In addition, there are no annual audits or extensive reporting requirements and low maintenance costs. 

RAK Offshore companies have a lot of very interesting features from which you can highly benefit. And a number of benefits you don't find in other offshore jurisdictions in the world.

Highlights of RAK Offshore:

  • 100% foreign ownership is allowed
  • Exempt from all corporate and income taxes
  • No foreign currency restrictions
  • Full repatriation of profits and capital allowed
  • There is no local office required, no employees and related costs
  • The RAK Offshore company can own interest in real estate in the UAE and intellectual property
  • The RAK Offshore company can act as a Holding
  • No need to file accounts

About Ras Al Khaimah:

Ras Al Khaimah is part of the United Arab Emirates, a constitutional federation of seven emirates located along the south eastern tip of the Arabian Peninsula. Its infrastructure is of the highest standard, with access to more than 170 shipping lines and approximately 86 airlines connecting to over 100 cities worldwide. The RAK Investment Authority (RAKIA) launched the concept of the International Business Company in January 2007 and it has since become one of the most popular offshore destinations.

RAK Company main characteristics:

Company type
International Business Company (IBC)
Governing corporate legislation The RAK Investment Authority is the governing authority and companies are regulated under the RAK Offshore Regulations 2006.
Information published relating to company officers There is no public register of company officers. No name should be disclosed upon incorporation.
Confidentiality RAK offers complete anonymity and privacy as well as protection of any other information or assets.
Accounting requirement
No accounting / reporting requirements.
Taxation
No corporate taxes of any sort.
Legislation
Modern offshore legislation.
Ownership
100% foreign ownership is allowed, no requirement to have a local partner.
Communication
Efficient communication means.
Time zone
Convenient world time zone: GMT+4
Paid up capital requirement
No paid up capital requirement.
Basis of legal system
UAE law.
Minimum directors/shareholders
Minimum of 1 director/shareholder.
Bearer shares
Bearer shares are not permitted.

Since the inception of offshore company formations in early 2003, the UAE has rapidly emerged as the business hub of choice in the Middle East region and is proving itself to be well placed to being one of the most dynamic and fastest growing business and International Financial Centres worldwide.

Given the UAE's continued stance on ZERO tax's and duty exemptions, there is little wonder why more and more individuals and International Companies are now choosing the Emirates as, not only their business headquarters, but also in many cases their primary choice of residence too.

In early 2003, Jebel Ali Free Zone Authority (JAFZA) Dubai's foreign ownership Free Trade Zone, became the first location in the UAE to provide offshore company formations. In February 2007, Ras Al Khaimah Investment Authority (RAKIA) and Ras Al Khaimah Free Trade Zone (RAKFTZ) located in the most Northerly region of the Emirates expanded their already thriving Free Zone to include offshore business formations, often known as International Business Companies (IBC's.) Due to the excellent operational service methods adapted by RAK Offshores, the offshore incorporation division of RAKIA and RAKFTZ, coupled with the clear documentation process and lower incorporation fees, RAK Offshores have stepped into the driving seat of offshore formations within the UAE.

Owning UAE Offshore Company will benefit, and is particularly useful if you are considering or want to achieve any of the following:

  • Corporate Bank account in Dubai
  • No need to travel to UAE for Incorporation
  • Non Residents (without UAE visa) foreigner can become sole Director / Shareholder / Secretary of the company.

STANDARD LEGAL REQUIREMENTS & SUPPORTING DOCUMENTS:

INDIVIDUAL SHAREHOLDER(S)
  • Three Proposed Names (Suffix will be Limited or Incorporated).
  • Up to date clear Passport Copies of shareholder (s), Director (s) – if you have visited the U.A.E. recently, please provide the entry stamp page too alternatively get the MOAs notarized from local notary court.
  • Original Proof of Residence – Utility Bill i.e. Telephone, Electricity, Gas (latest issued by 03 months)
  • C.V. (Resume) of shareholder (s) Director (s)
  • Original Bank Reference Letter (latest issued by 03 months)

MULTIPLE SHAREHOLDERS(S)
  • The same is required as above. Every Shareholder and Director must provide the above mentioned documents

CORPORATE SHAREHOLDER(S)
  • Certificate of Incorporation of the existing company [notarized and attested/ apostilled]
  • Certificate of Good Standing of the existing company [notarized and attested/ apostilled]
  • Memorandum and Articles of Association [notarized and attested/ apostilled]
  • Board Resolution – Calling for the establishment of an IBC or Offshore formation in RAK FTZ, UAE. Also appointing Director / Signatory [notarized and attested/ apostilled]
  • Passport copy of the Director, Secretary [notarized and attested/ apostilled]

All original documents must be viewed by an Arab Embassy and the Ministry of Foreign Affairs in the country where the original documents were produced. Copies will be taken stamped and sealed as ORIGINAL COPIES. This is also known as Legalization

Other International offshore Jurisdictions include;

    • BVI
    • Seychelles
    • Hong-Kong
    • Panama
    • Isle of Man
    • Cyprus
    • Malta
For further details and clarifications please feel free to contact us any time