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RAK Offshore Companies | The Friendly Offshore Jurisdiction

RAK offshore companies: Activities allowed, prohibited businesses, steps to form your RAK offshore

The United Arab Emirates (UAE) offers popular options for establishing offshore companies. One of them is Ras Al Khaimah Offshore company called RAK Offshore – registered by the Ras Al Khaimah Investment Authority (RAKIA).

RAK offshore began in 2006 and soon became a popular jurisdiction for international business company registration.

Please invest 2 minutes of your time to watch the RAK offshore companies video below. It spells out how you can benefit. Or if you prefer to read, then feel free to skip the video and go straight to the text below:

RAK offshore companies: Get a free quote now by filling in the box on the right and learn its characteristics and uses

What is RAK offshore company?

RAK offshore companies have the status of an International Business Corporation (IBC). It is allowed to do business all over the world except inside the borders of the UAE. It is a business entity by itself with the status of a ‘limited’ company.

The company register is not in the public domain and hence the identity of the shareholders is not revealed unless there are criminal investigations against the company.

There are no taxes to pay. Minimum share capital is USD 1. No local directors need to be appointed. The company gets a registered office address which is the address of the registered agent.

What can a RAK offshore company do?

The RAK offshore companies can choose from many activities it is allowed to do. It can act as a holding company. It can invest in shares. It can own property and other assets. It can register patents and trade rights in its name. It can do trading, consultancy, and any other legitimate businesses. It can raise invoices and receive payments.

Most importantly it can open a bank account in Dubai with internet banking facility. The company is good for all international transactions and banking. Money is received and paid out freely once its credentials are established. Sometimes the bank may ask for a document to support a transaction.

RAK Offshore Companies | The Friendly Offshore Jurisdiction

Varal Team Member

RAK offshore companies: Get a free quote now by filling in the box on the right and learn its characteristics and uses

What can it not do?

The company cannot get a UAE trade licence being a non resident company. Also it cannot have a physical office in its name inside the UAE. No residence visas can be issued in the name of the company.

The company is prohibited to do certain businesses:

  • Banking
  • Insurance
  • Lotteries
  • Gambling
  • Foreign exchange trade
  • or any speculative business

How is the RAK offshore company formed

The RAK offshore company formation process is simpler and cheaper than other forms of an UAE company.

  • You must appoint the registered agent who will do the job for you
  • The company must have a name, at least one shareholder, at least one director and a Secretary. A single individual can be all of these
  • You will need to provide a set of three company names for approval of at least one of them. Name approval takes a day. Names always end with the suffix ‘Limited’
  • Then you must provide Know Your Client (KYC) documents for the Shareholders, Directors and Secretary. These are – a passport copy, a proof of address and a bank reference letter stating that you have a bank account. This can be from anywhere in the world
RAK Offshore Companies | The Friendly Offshore Jurisdiction

Varal Team Member

RAK offshore companies: Get a free quote now by filling in the box on the right and learn its characteristics and uses

  • The KYC documents along with the application set signed by you is then submitted for the company registration which takes only 3 business days to complete
  • Finally, once the company is registered, you will receive a Certificate of Incorporation, Memorandum of Association and Share Certificates

RAK offshore companies can also be owned by another company. In such a case a different set of KYC documents are needed.

What does it take to keep the company alive?

The company must be renewed every year. The renewal is done by the agent. Cost must be paid to the agent. Your presence is not required. No audited books need to be submitted. Not renewing the company will make it in ‘bad standing’ in the eyes of law.

The company can be closed if not needed. Or if you would like to sell it, it can be sold to another individual or a company. The company can also amend its name, activity or structure of ownership.

RAK Offshore Companies | The Friendly Offshore Jurisdiction

Varal CEO

RAK offshore companies: Get a free quote now by filling in the box on the right and learn its characteristics and uses

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Friendly Offshore Jurisdiction was last modified: June 8th, 2019 by Manu Raj

Manu Raj

Has a positive attitude towards the job, is friendly and a team player.

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