In short RAK a new kind of offshore company with RAK ICC was founded in 2016. This is an international business company for the international level business. It allures a lot of businesspeople. So, if you are interested and looking for RAK offshore company formation then you will have to consult with the best and experienced business setup consultants at Start Any Business UAE to make your process easy and effective. They are able to complete your business establishment process easily and successfully in a short possible time. Here we mentioned a little guide on RAK company setup that will be helpful for you.
Basically, RAK international corporate center (ICC) is a merger unit of the earlier two kinds of companies – RAK ICC and RAK offshore. RAK offshore entities were registered by RAK IC and RAKIA companies were registered by RAK free zone officials. These two companies were relatively the same but there were certain distinctions on the applicable rules. The merger between RAK offshore and RAK IC was announced in MAY 2016
The presentation of RAK company doesn’t include any main changes for the recent major benefits of a UAE offshore company. The only amendment to the Memorandum of Articles of the existing companies would be made, informing about the change in the position of RAK offshore company. The United Arab Emirates is signed to double tax treaties with over 47 nations – a RAK offshore company can take pleasure in the most suitable and amazing advantages of those treaties. A RAK offshore company may possess stakes in an onshore company in Dubai or any other legal unit at a global level. A RAK international corporation center can also own real estate assets in the United Arab Emirates.
What is RAK Offshore Company
RAK is one of the very lucrative offshore spots in the United Arab Emirates, as the installation fee is remarkably lower as compared to Fujairah or Dubai, despite giving similar benefits of the UAE, a completely free from all income and corporate taxes. While Jebel Ali needs a minimum of two stakeholders and their presence physically in Dubai is required to arrange for the establishment, a RAK offshore company needs only one stakeholder, who can be personally presented there.
Notably, RAK was the first to floor the track for the registration of International Business Companies throughout the Middle East sector. It means that business people are guaranteed complete security and privacy. In addition, business people are permitted to operated diversified activities of the business within the international space. An enterprise can form a RAK offshore company; inheritance plan, wealth security and maintenance, real estate holding, tax planning, fund, and trusts.
Benefits of RAK Offshore Company Formation
An offshore company in the United Arab Emirates must not be confused with a free zone company in UAE. An offshore company is a legal corporate entity established and conducted outside of its registered office.
RAK offshore is a dependable business sector that seeks to allure as several overseas business people as possible. Although, RAK offshore company establishments are ideal for Indian businesspeople looking to secure their hard-earned wealth, reduce the tax burden, or establish an exchange-controlled business platform. The key reasons why business people choose RAK offshore company establishment are –
- Confidentiality and Privacy
The details of the shareholders and owners of RAK IBC are kept confidential in accordance with the law. This rule provides a favorable business climate particularly among overseas business people interested in financial schemes and security of asset service provision.
- Multiple Business Activities
The owners of the RAK offshore company are allowed to involve in many business activities such as professional services provision, property holding, trading among others. There are just two areas in which RAK IBC must not venture; insurance and finance.
- Owning Bank Accounts
Because of the business nature operated by RAK offshore company establishments, business people are permitted to open multiple bank account in those banks which are located in Dubai and international banks situated outside the UAE also.
The emirate of RAK follows double taxation treaties. DTT is a contract that secure business corporations and business person from making payment of double taxes throughout one business tenure. This prescribes states to tax businesses in a special business tenure. It makes sure that business people maintain the maximum profit margin.
Highlights of RAK Offshore Company Formation
- 100% overseas ownership of the company is permitted
- Free from all the income and corporate taxes
- No overseas currency limitations
- Complete repatriation of capital and profits is permitted
- There is no requirement of the local office, no staff, and related outgoings.
- The RAK offshore company can own interest in the real estate in the United Arab Emirates and intellectual property
- The RAK offshore company can work as a holding.
Documents Required for RAK Offshore Company Formation
You will have to be prepared for RAK company formation. You can get the help of the best business setup consultants in Dubai in process of formulating documentation in a proper manner. They have extreme knowledge of the necessary documents which is needed for company establishment in RAK offshore. The essential documents required are given below –
- Copies of passport of the owner
- A bank reference letter addressed to RAK offshore official
- Residential proof such as municipality certificate or utility bill
- Bank statement of last six months
- Incorporation certificate and business license
- Memorandum of Association
- Resolution of the stakeholders
- Good standing certificate
- Company’s incumbency certificate
- Additional documents can be requested by another company.
RAK offshore company establishment has one very crucial need from RAKIA. All RAK offshore entities must have a registered agent that is sanctioned by the official, and this is where Start Any Business UUAE comes into the role. Our professionals have local specialties and knowledge to provide guidance and take care of your company registration procedure offshore. Our skilled experts give you the best and most suitable solutions and choices and make sure it that you get trouble-free and affordable business establishment services in a dedicated manner. Get in touch with us, we would take care of your complete company formation procedure and make it successful as soon as possible.