Ras Al Khaimah Offshore Company Formation: Everything You Need to Know

Ras Al Khaimah is one of the seven emirates of the United Arab Emirates (UAE) and has emerged as a promising destination for entrepreneurs and business investors for offshore companies. RAK offshore company formation is inexpensive, beneficial, and has lots of tax advantages. Therefore, it has become one of the most popular offshore business destinations in the UAE. No physical offices are required for RAK offshore business registration. The jurisdiction has the potential to expand and provide more business opportunities for you. So, if you are someone who is interested in investing in offshore business, then consider RAK.

Benefits of Ras Al Khaimah Offshore Company Formation

The opportunities are innumerable in RAK for offshore company registration. Therefore, entrepreneurs and business investors are willing to invest in an offshore business in RAK. Find out all the advantages of Ras Al Khaimah offshore company formation here:

• Tax Benefits:

RAK offers zero corporate and personal income tax, no capital gains tax, and no withholding tax. This favorable tax environment enhances the scope of offshore business in the RAK, making it easier for entrepreneurs to start their businesses. This tax structure in RAK helps entrepreneurs grow and earn profits from their businesses.

• No Currency Restrictions:

RAK has no restrictions on currency exchange rates for offshore business setups. Therefore, it will be easier for you to do foreign transactions without any restrictions. This broadened your offshore business opportunities in Ras Al Khaimah.

• Foreign Ownership:

An RAK company formation approves 100% foreign ownership, which is a great advantage for business investors and entrepreneurs. Even if you are a non-resident, you can still own all of your business in RAK if it is an offshore business. 

• Asset Protection:

The RAK legal framework is designed to protect the asset in the interest of business owners, ensuring privacy and confidentiality. You can easily protect assets from any vulnerable market risks associated with offshore business.

• Access to the Global Market:

RAK is strategically connected with Asia, Europe, and Africa. You can easily expand your offshore business by using this advantage. Obtain the license, start your business, and then expand.

• Ease of Company Setup:

RAK offshore company formation is easy and straightforward. It only takes a few working days to start an offshore business. With the help of Business Setup Worldwide, the process will be completed efficiently. Therefore, you can save your time by investing energy somewhere else in the business. 

The Process of Ras Al Khaimah Offshore Company Formation

The process for offshore business setup in RAK will be done in the following steps:

Step 1: Finalize a Business Service Provider

The first step is to find a business setup consultant for RAK offshore company formation. There are lots of business service providers in RAK. Choose a certified one, and they will help you in the offshore company setup process in RAK. 

Step 2: Choose the Company Structure

Various company structures are there in RAK, such as Limited Liability Company (LLC), International Business Company (IBC), etc. Finalize one legal entity suitable for your offshore business. Finalize the directors and shareholders of the company.

Step 3: Select a Trade Name

In the next step, determine the name of the offshore business. Consider at least three trade names in case one gets rejected. Follow all the trade name compliance requirements in RAK for offshore companies.

Step 4: Submit the Documents

Prepare all the documents that are mentioned in the next section and submit them to the government authority for approval. If you contact any business service provider, then you have to submit your documents to that service provider. 

Step 5: Register the Company and Obtain the License

The next step includes the RAK offshore company formation and applying for a business license. Fill out the application form for obtaining a license and submit it to the authority for business registration.

Step 6: Opening a Corporate Bank Account

Open an offshore bank account for your RAK offshore company formation. You need to submit all the essential documents to the banks. There are various corporate banks in RAK. Open one account in any of them and go through the documentation process for that.  

Documents Required for Ras Al Khaimah Offshore Company Formation

You need to submit all the following documents:

• Passport copies of the shareholders and directors.
• Utility bill.
• The CV of the investors
• Trade name list.

How Can We Help?

RAK is a considerable jurisdiction for offshore company formation. One must go through the company formation steps mentioned above. You can contact any business consulting firm to ease the formalities. Business Setup Worldwide is one such consulting firm that can assist you in the RAK offshore company formation process. We have a team of experienced business advisors who can assist you in the process. Contact us for any sort of assistance you want for RAK offshore company formation, and we’d be happy to help.