UAE is well known for its offshore banking and business-friendly atmosphere. RAK Offshore companies (RAK International Corporate Centre) are one of the oldest offshore company jurisdictions in the United Arab Emirates to meet offshore banking as well as act as an investment vehicle for a businessperson’s investments.
Recently each investor of RAKEZ and RAKICC had good news that both companies can possess properties in Dubai. Dubai Land Department (DLD) signed MoU (Memorandums of Understanding) with RAKEZ and RAKICC for the registration of the land as well as freehold properties on behalf of the free zone companies.
Recently, Sheik Mohammed Bin Humaid Al Qasimi, Managing Director of both RAKEZ and RAKICC and Sultan Butti Bin Mejren, Director General of Dubai Land Department (DLD) has signed the MoU to encourage offshore and free zone companies to hold land in Dubai and the freehold properties.
Dubai Land Department (DLD) was established in January 1960 to build up the most prominent real estate sector in the world and the Middle East. It offers integrated as well as outstanding services to all its clients while building up necessary legislation to propel the Dubai real estate sector through the regulation of the sector, promoting and organizing real estate investments, and additionally spreading industry knowledge looking for worldwide and regional real estate innovation.
How to set up a RAK Offshore company?
Offshore company services in Ras Al Khaimah are mainly suitable for those companies who are looking for minimizing their corporate tax liabilities, looking for asset protection or need of establishing some exchange control trading vehicles. RAK Offshore company cost is very low. RAK Offshore company set up allows general trading and professional services in a single license. If you are looking for a cheap offshore company setup then RAK Offshore is the best option for you.
What are the benefits of RAK offshore company setup?
- 100% ownership.
- No restrictions on capital repatriation.
- Full repatriation of profits and capital
- Easy access to key decision-makers.
- Easy procedures for the transfer of shares.
- RAK Offshore Companies can own/lease real estate properties in the UAE approved by RAK ICC and anywhere outside the UAE.
- Offshore companies in RAK can hold an account in a bank within and/or outside the UAE for conducting routine operational transactions.
- Documents Legalization is low cost and less complicated than other jurisdictions.
- A single person can act as a director, shareholder, and secretary
- No foreign currency restrictions
What are the restrictions for RAK offshore company?
- RAK Offshore companies are not allowed to work in UAE and not allowed to apply for UAE resident visa
- RAK Offshore companies are not allowed to lease an office in UAE
- RAK offshore companies are not allowed to hire employees in the UAE
What are the documents required for the RAK offshore company setup?
For individual shareholders:
- Passport copies
- Bank Reference Letter
- Proof of Residence
- CV of Shareholder
- 6 months bank statement
For non-individual shareholders/applicants:
- Incorporation certificate (attested)
- MOA (attested)
- Shareholder Resolution to incorporate RAK offshore company (attested)
- Directors and shareholders Passport copies
- Certificate of Good Standing of the applicant company
- Incumbency certificate of the applicant company
NOTE: Additional documents may be requested during the registration process
- Shareholders: A minimum of one shareholder is required to set up a RAK offshore company and there is no limitation on the maximum. Corporate shareholders are permitted. Shareholder meetings should be held at least once a year.
- Directors: A minimum of one director is required to set up a RAK offshore company and corporate directors are permitted. Details of directors are not available for public record.
- Secretary: All RAK Offshore Companies are required to have a secretary, which is appointed by the shareholders for such a period as the shareholders may determine. Corporate Secretaries are permitted.
What is the minimum capital required to register a RAK offshore company?
Minimum share capital is not required for offshore company registration in RAK. RAK Offshore company can have any amount as capital and additionally must be disclosed in the Memorandum of Association(MOA) of offshore company incorporation in RAK.
How long it will take to set up a RAK offshore company.
If documents required for the registration are ready then usually it will take two to three days to set up RAK offshore company.
We MSZ corporate services provider will guide you on how to open a company in RAK offshore and will assist you in getting the no objection letter (NOC) for the land department for buying properties, maintenance, property transaction advisory, and renewal of the free zone or the offshore company. Our professional and experienced consultants will provide you a complete solution from setting up an offshore company in the UAE to transferring the property under the name of the company with no difficulty. For more information call us on +971562181007 or drop a mail to email@example.com