Day-by-day, global business entities have been transforming business operations by advancing and implementing technology in every move.
The year 2020 and 2021 have shown a better pathway for business organizations to convert from brick to click.
Global nations have been encouraging business investors to come forward and set up an offshore online business as it creates enough business opportunities globally.
Ras-Al-Khaimah is one of the emerging business grounds in the United Arab Emirates that has been successfully grabbing the attention of business investors.
With the growth of the offshore industry, the zone has adopted the model along with other popular offshore jurisdictions to provide a safe and secured business environment.
This guide highlights the core details that one needs to know before incorporating an offshore online business in RAK. However, let’s have a glance at the basics.
Offshore Company in RAK
The ground of UAE has proved to be an emerging and flourishing ground for every business industry. Be it a newbie or an experienced businessman, UAE has got numerous business opportunities.
Providing a business podium has been one of the strong points of the UAE, and thus, it also holds a specific area for the business minds who are looking forward to investing in the offshore segment.
To know more about the same, have a look at the offshore company formation in RAK.
Opening a company in any tax haven turns out to be profitable because it helps the business investors to get complete exemptions on the tax to be paid. At the same time, it also allows individuals to gather the following benefits:
- 100% repatriation
- Exemption of stamp charges and other duties
- Easy access to offshore banking
- An accessible entrance to the international market
Online Business in RAK
The formation of an offshore company in RAK is not limited to physical business operations but has widened its wings to virtual business operations.
RAK Offshore business enables a business owner to set up an online business at ease by clearing the minimum proceedings.
The online business has penetrated almost all the business industries, and thus, RAK too provides a suitable ground.
RAKEZ and RAKIA are the two feasible grounds that allow the investors to proceed the same.
How to Open an Online Business Using RAK Offshore Company?
When it comes to business incorporation, any investor has got two choices, namely:
- Incorporate a new business entity
- Buy a non-operating (shelf company)
Here we will talk about the new company incorporation process.
- Talk to an expert: This is the first move is to join hands with an offshore business expert where you will get a complete idea of the process that needs to be carried out.
Proceeding ahead with an expert turns out to be a feasible move as it allows the business investors to complete the proceedings without any burden.
- Understand the proceedings: The moment you select a business investor, make sure to take the initiative to get a clear understanding of the core proceedings that are to be initiated.
- Submit the documents: Ensure to submit the complete set of documents required for the company setup process. In general, the core papers include:
- A duly filled offshore company formation application form
- Memorandum and articles of association
- Details of the company shareholders and business investors
- Well-drafted business plan
- The finalized company name (make sure to have 2-3 alternatives)
- Get the approvals: When you submit the complete documentation process, get the required permissions from the related government authorities. In UAE, any business needs to gather approvals from the Ministry of Trade and Commerce.
If the documents get declined, do have a word with the business consultant to understand the errors, rectify the same, and then re-submit.
- Open an offshore bank account: In the next move, you need to open an offshore bank account to provide you with the ease to carry out the banking transactions at ease. Opening an offshore bank account offers numerous benefits to investors. Here’s a guide on the advantages of offshore banking that will help you to understand the same.
- Build a website: Since it is an online business, you need to develop an online website that would showcase your products or services and provide relevant information to the business proceedings.
- Proceed with an offshore server: Up net, you need to host your website using an offshore server and hosting services. Offshore server hosting is preferred as the data doesn’t get recorded in the nation’s local server, making it secure.
Once the above pointers have been completed, any business investor can carry out the business operations globally.
Are you wondering how to start?
Well, your guide is just here.
Business Setup Worldwide will help you get a clear idea of the appropriate steps to be initiated to clear the legal proceedings at ease. Since its inception, we have been helping business investors to set up their business operations globally.
If you are looking forward to setting up your offshore online business in RAK, feel free to speak with our business experts. Contact us today-we’d be glad to assist!