Company Formation in Ras Al Khaimah Offshore

In the UAE, an offshore company is a legal entity established outside the mainland or free zones, for international business. It is registered in jurisdictions such as Jebel Ali, Ras Al Khaimah, or Ajman. Offshore companies are used to manage assets and carry out business activities globally. They do not engage in business activities within the UAE

RAK Offshore is a significant location in the UAE specifically planned for forming international businesses. Administered by RAK ICC, it provides a simple and effective method for establishing businesses.RAK Offshore supports different types of businesses, like limited liability and holding companies, making it flexible for entrepreneurs and investors. The setup process is straightforward, requiring minimal paperwork, and allowing complete foreign ownership. RAK Offshore is a favored option for companies seeking growth in the area due to its strategic location and up-to-date infrastructure.

Ras Al Khaimah International Corporate Centre (RAK ICC)

The Ras Al Khaimah International Corporate Centre (RAKICC) is a government body in the United Arab Emirates that assists individuals and businesses in establishing offshore firms. The aim is to offer a simple and effective way to form a company, enabling complete foreign ownership. RAKICC provides a range of company structures, including limited liability and holding firms, with minimal paperwork needed. By making it easy to register businesses, RAKICC aims to attract international investors and support economic growth in the region.

Benefits of Ras Al Khaimah Offshore Company Formation

• Quick Setup Process for Businesses
• No Need for Local Office or Staff
• Complete Foreign Ownership of Companies
• No sVAT Obligations
• No Import or Export Fees Required
• Stable and Trusted Location for Investment
• High Privacy and Confidentiality for Owners
• Flexible Rules for Company Operations
• Affordable Costs for Starting a Business
• Fast and Simple Process for Registration

Basic Criteria for Forming a RAK Offshore Company

• Local Registered Agent: A registered agent must be appointed to manage the incorporation and ensure compliance.
• Minimum Shareholders Needed: At least one shareholder is required, either an individual or a corporate entity.
• Eligibility of Shareholders and Directors: No nationality restrictions, allowing global individuals and entities to participate.
• Company Name Requirements: The name must end with "Limited" or "Ltd" and be unique within the jurisdiction.
• Director Requirements: One director is needed minimum, who can also be a shareholder for easier management.
• Documentation Needed for Registration: Required documents include a shareholder's passport, proof of address, and relevant identification.

Types of RAK ICC Companies 

Knowing the various kinds of businesses is crucial for individuals wanting to start their own company. Each category has unique characteristics and legal aspects, addressing different requirements and goals. Below are a few typical types of companies you might come across, along with short explanations of their main features.

• Limited by Shares
  A company where the Shareholders' liability is restricted at the remaining balance on their shares. This is the most common type of company used for businesses looking to trade internationally, hold assets, or engage in investment activities.
• Limited by Guarantee
  A company where members' liabilities are limited to a pre-agreed amount that they guarantee to contribute in case the company is wound up. Used for non-profit organizations or companies without share capital.
• Unlimited Company
  A type of company where the liability of members is unlimited, meaning that shareholders are personally responsible for the company’s debts. These are rare and usually used for specific purposes requiring high trust.
• Segregated Portfolio Company (SPC)
  A company that allows for the creation of separate portfolios, or “cells,” within the company, each with its assets and liabilities. This is ideal for businesses managing distinct lines of operations or assets, such as funds.

Documents Required for RAK Offshore Company Formation

Here is a list of the documents required for your offshore company registration in RAK:

• Passport copy
• Investor’s curriculum vitae
• Copy of shareholder/investor’s passport
• Utility bill as verification of address
• UAE entry stamp (if available) or UAE visa
• Trade name(s) (if preferred)

Allowed Activities in Ras Al Khaimah Offshore

RAK Offshore companies can engage in international business activities such as holding assets, investing, and trading internationally. Limited activities, like owning property in designated free zones, are allowed within the UAE.

RAK Offshore companies are restricted from the following activities within the UAE:

• Direct business operations with UAE mainland companies or residents.
• Trading or offering services in the UAE local market.
• Real estate trading or property development (except in designated free zones).
• Banking, insurance, or financial services without special UAE licenses.

Their focus is on international operations, with limited allowances for certain activities within the UAE.

Step-by-Step Process for RAK Offshore Company Formation

1. Choose a Company Name and Select Business Activities

• Choose a unique company name that complies with RAK ICC's naming rules (e.g., avoiding restricted terms like "bank" or "insurance").
• Select your business activities, such as holding investments, trading, or consulting, remember that offshore companies cannot do business within the UAE.

2. Reach Out to a Registered Agent

• RAK Offshore companies must be set up through an approved Registered Agent, an agent licensed by RAK ICC
• The agent will help guide you through the formation process, ensure compliance, and submit your documents.

 3. Submit Required Documentation

• Provide the necessary documents, which usually include:
  • Passport copies of shareholders and directors.
  • Proof of address (utility bills, etc.).
  • Memorandum and Articles of Association(A business plan outlining company activities.)
  • Any other documents requested by the agent or RAK ICC.

4. Fee Payment

• Pay the registration fees and other setup costs. You can pay online, in cash, or through a bank transfer.

 5. Bank Account Opening

• Once your company is registered and approved, RAK ICC will issue the Certificate of Incorporation, officially establishing your company, and you can open a corporate bank account.
• The Registered Agent usually helps by referring you to local or international banks that support offshore companies.
• You may need to submit company documents, shareholders’ passports, and financial details to the bank.

Following these simple steps, you can establish your RAK Offshore company for international business purposes.

Establishing  Ras Al Khaimah Offshore Company with Reyson Badger

Establishing a Ras Al Khaimah Offshore Company with Reyson Badger simplifies our offshore RAK company formation process. We guide you through every step and make sure you understand all available options and requirements. Our experienced team is dedicated to providing personalized support tailored to your business needs. From choosing a company name to obtaining your Certificate of Incorporation, we make the process seamless. By partnering with us, you can focus on growing your business while ensuring compliance with local regulations.