Own Properties in Dubai with RAK Offshore Company

Own Properties in Dubai with RAK Offshore Company

RAK offshore or RAK IBC (International Business Companies) refers to an offshore company registered with the RAK ICC (Ras Al Khaimah International Corporate Centre). Until 2016, the RAK offshore company registration served as an independent authority. 

The RAK ICC is a government corporate registry applicable in the Emirate of Ras Al Khaimah, United Arab Emirates. This body encompasses various functions, including registration and formation of offshore companies in Dubai and other activities related to international businesses. 

RAK ICC complies with the best business practices across the globe, and its strong reputation has drawn the attention of business investors from all around the globe. As a result, RAK ICC is the standard for many entrepreneurs who wish to proceed with offshore company formation in Dubai.  

Another great news for offshore enthusiasts is that companies subject to the RAK ICC offshore jurisdiction can now get their hands on properties in Dubai without any extra hassle. 

Read on to know more! 

Real Estate Under RAKICC Jurisdiction 

Over the past couple of years, real estate investment in Dubai has attracted tons of foreign investors. In UAE, investors have many options at their disposal in apartments, villas, commercial spaces, etc. 

The signing of a Memorandum of Understanding (MoU) between RAKICC and the Dubai Land Department (DLD) has made it possible for an RAK offshore company to own property in Dubai. 

What Types of Companies Can Own Properties in Dubai? 

The following types of Offshore companies in UAE and other business bodies can have properties in Dubai subject to certain conditions. In addition, foreign business investors can acquire unique properties in Dubai, listed as “Freehold” areas. 

LLC and Private Joint Stock Companies

LLCs and Private Joint Stock Companies are onshore companies that have been incorporated in Dubai. It paves the way for property owners in freehold zones by non-UAE or GCC shareholders. 

Freezone Companies 

The Freezone companies registered in Dubai can buy property in the freehold areas but are subject to certain conditions. Please note that Freezones coming from Emirates other than Dubai cannot hold properties in the latter. 

A Freezone company in Dubai has to comply with the following conditions: 

  1. It can only buy freehold residential property in Dubai 
  2. It can buy the residential freehold property for self-usage 
  3. It cannot rent out the property as a way to earn some income

RAK ICC Offshore Companies 

A Ras Al Khaimah Offshore company setup can also pour its resources into the property market in Dubai now. Experts believe that real estate investment can protect your assets and offer confidentiality unlike any other. 

Thanks to the new developments in ownership of properties by offshore companies, interested investors can now expand the business opportunities at their disposal. In addition, offshore entities can also greatly benefit from the privacy and security of owning a property in Dubai. 

An offshore entity must get a No Objection Certificate from the RAKICC and present it before the Dubai Land Department (DLD) to complete the registration of a property under the company name. 

What Are the Essential Documents for Application? 

  • An appropriate incorporation certificate accompanied by a business trade license
  • An incumbency certificate which has a validity of six months 
  • A current business memorandum, the required Articles of Association including all the necessary amendments
  • Relevant identification forms and documents 
  • An applicable standing certification 
  • A NOC or No Objection Certificate from the developer stays valid for a month. 

What Are the Advantages of a RAK ICC Offshore Company Buying a Property in Dubai? 

RAK offshore company formation offers a wide range of benefits such as: 

  • There is no requirement for the legalization of company documents. 
  • The mainland authorities and financial institutions in UAE are well aware of RAK offshore entities. Consequently, offshore enthusiasts are unlikely to face any hurdles while opening an RAK offshore company bank account or registering property in Dubai or Abu Dhabi. 
  • Offshore businesses in Dubai do not have to pay any taxes on the revenue generated during property ownership.  Offshore companies are not subject to audits or any other financial reports in Dubai. 

The past years have witnessed a significant rise in the number of registered companies with the RAK ICC since it allows an offshore company in Dubai to acquire property without any hassle. As a result, the UAE has grown into a force to be reckoned with over time when attracting business investors.

If you wish to learn more about how offshore companies can acquire valuable properties in Dubai or wish to gain more valuable business insights, we can help. Contact us today to learn more! 

FAQs

What are the designated areas where an RAK offshore company can own property in Dubai?

The designated areas where offshore companies can own property may vary, and it's important to check with the Dubai Land Department or other relevant authorities for the latest information.

Are there any specific procedures or approvals required to purchase property in Dubai with an RAK offshore company?

Yes, there are typically procedures and approvals required. These may include obtaining a no-objection certificate (NOC) from the RAK authorities and adhering to the regulations set by the Dubai Land Department.

Can the property be used for residential or commercial purposes?

The use of the property may be subject to specific regulations. Some properties may be designated for residential use, while others may be for commercial purposes.

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