RAK (Ras Al Khaimah) is one of the seven independent federal Emirates that make up the United Arab Emirates, offers attractive opportunities for those seeking to establish an International Business Company (IBC).
RAK remains a premier investment authority, giving potential investors, individuals, and companies numerous benefits and arrangements in setting up a RAK offshore company. The country has never blacklisted by the EU and has excellent standing with all high-tax jurisdictions such as the US and EU and maintains good banking relations with correspondent banks.
RAK offshore company provides a business person with total banking privacy and security. RAK offshore is the quickest way to invest in offshore companies in the UAE. Ras Al Khaimah Investment Authority is the governing body, and RAK offshore companies regulated under the RAK Offshore Regulations 2006.
What is an Offshore Company?
An offshore company is a valid business entity that formed outside the region where the parent company started, and carry out the business operations only outside the country of its origin. It is one of the preferred options when it comes to business expansion and also regarded as a non-resident company. The characteristics of an offshore company are:
- Can be incorporated at a faster pace
- Can be included with the presence of one shareholder and one director
- Holds Financial, Legal, and Taxation benefits.
- Provides the flexibility to deal with offshore banking
Where Do RAK Companies Get Registered?
The RAK ICC, which is a government-owned corporate registration centre established in the Emirate of Ras Al Khaimah (RAK), United Arab Emirates, registered RAK offshore companies. RAK ICC is one of the most necessary offshore company set up registries and ranked amongst the top jurisdictions in the world. It provides efficient legislation for the creation and maintenance of offshore and international business companies. RAK is a favourable tax-haven jurisdiction that allows the business investors to:
- Carry out international business activities outside the UAE
- Act as holding companies
- Hold real estate properties in the Ras Al Khaimah.
- Provide asset protection
- Carry out tax planning and carry out estate planning.
Why Opening an Offshore Company in RAK?
An offshore company is a corporate legal body which set up and operated outside of its registered authority. The following advantages are obtainable when setting up a RAK offshore company:
RAK offshore company offers complete asset protection with a reliable and robust platform for the investors in compare to the domestic business structures. RAK offshore asset protection allows foreign trustees to create a legal wall between the creditors and the assets secured within your offshore company.
The primary benefit of RAK offshore company registration is that you are not bound to rules and restrictions compared to any other jurisdiction. Offshore company in RAK is an independent overseas territory for investors, with its set of guidelines and authority named RAK Investment Authority (RAKIA).
Taxation and Double Taxation Avoidance Agreement
RAK offshore remains 100% tax-free region. The tax-free atmosphere provides transparency for business people to engage in business activity and gain complete returns. Moreover, to benefit the foreign investors, a tax treaty was signed among the countries named Double Taxation Avoidance Agreement, that allows international business people to avoid paying tax in the two countries, which they transit.
RAK offshore company saves your possessions in case of legal allegations or judgments for Lawsuit Protection. RAKIA (RAK Investment Authority) assures that your company is incorporated ethically, and a thorough check happens before setting up a business in RAK. However, in the case of legal pursuit, the possessions under the company could be protected by the authority.
RAK offshore company provides complete anonymity and confidentiality for the business and owner of the business. Confidentiality is still another essential benefit of operating in an offshore company in RAK. Investors, entrepreneurs and business people from all around the world strive for a company formation in RAK offshore mainly for this reason.
Steps Involved in the Formation of RAK Offshore Company
If all the documental requirements met, then it usually takes one day to register your RAK offshore company. Here is the procedure for registration of your offshore:
- To start with, you should get sanction for the company name and business activities.
- Next to submit the signed incorporated documents to the Registrar in RAKIA, the regulatory body of RAK offshore.
- Pay the registration fees and other expenses. The payment can be made cash, via online or through money transfer.
- Open an offshore bank account to carry out the business transactions
Your business is ready now. You’d need to create your corporate bank account, and then you can start with the operations. However, it becomes tough to deal with the legal proceedings if one is not aware of the steps that need to undergo. So, the ideal option that most of the business investors proceed ahead with is to move with an expert’s guidance. Have a look at the Core Benefits of Hiring an Offshore Business Consultant, which will help you to understand the basics in detail.
Business Setup Worldwide helps small, medium and large enterprises concretize their business. For a RAK ICC, we can support you in company incorporation from start to end. We provide not only strategic business inputs on company formation but also handle legal and documentation formalities. For any help or advice on the business set up for a RAK offshore company, do contact us; we would glad to help you out.