RAK ICC Offshore Company Formation
RAK Offshore Company Formation is situated in Ras al Khaimah. This is about an hour’s drive from Dubai and is one of the seven Emirates that make up the United Arab Emirates. RAK ICC offshore company manufactures accounting for 26% of GDP. It also has the highest degree of industrialisation in the UAE. Its reputation has been based on a business-friendly investment environment and low expenses. RAK’s business costs are 25 to 50 per cent cheaper than the UAE average. This allows businesses to maximize their return on investment.
RAK ICC Offshore company was founded in response to the growing need for offshore markets. This also aids the administration in diversifying their sources of revenue in order to maintain the economy’s steady growth. In RAK’s offshore customer portfolio, there are around 1900 International Business Companies (IBCs). Real estate and property investments are the first firms to be listed with RAK offshore company. RAK offshore has implemented new regulations to ensure that the people are given a friendly atmosphere.
The government of Ras al Khaimah founded the International Company structure, more commonly known as the RAK Offshore Company, in September of 2006. This structure is governed under the International Companies Regulations of 2006, as the Ras Al Khaimah Free Trade Zone Authority.
Main Characteristics Of A RAK ICC Offshore Company
- Shareholder — There must be the presence of at least one shareholder at all times. Stakeholders are allowed in corporations. International corporate stakeholders must authenticate all corporate paperwork.
- Corporate directors are not permissible, although a minimum of one director is necessary. No information about the directors is provided by the public registration
- Any business requires a secretary. A corporate director might also serve as the secretary of the firm.
- Capital of Share – There is no requirement for a minimum share capital.
- Annual Reporting – Accounting records must be retained for a period of seven years after they are created. The authorities in RAK do not require that accounts be presented with them.
Main Advantages Of RAK Offshore Company Formation
- 100% Foreign Ownership – RAK International Company regulations do not require local equity.
- Shares in Local Companies — Despite the fact that Offshore Companies are not permitted to do business with UAE nationals, the authorities permit Offshore Companies to own interests in both Free Zone and Onshore (LLC) Businesses. Documents do not required to be validated in the UAE, Bahrain, Saudi Arabia, or Qatar.
- Local Bank Account – An offshore corporation can create multi-currency bank accounts in the UAE to perform routine international transactions.
- Fast Incorporation – RAK IC will generally register a company within one week of receiving all application and due diligence documents.
- Information about shareholders and directors – The names of shareholders and directors are not obliged to be placed on a public registry.
Necessary Documents For Formation Of A RAK ICC Offshore Company
Certain important documents are required to set up a RAK ICC offshore company. Copy of a certified passport and address verification documents are very important. Other necessary documents would be the Letter of Recommendation from a bank professional. A Curriculum Vitae would also be required for the same.