2024 Guide All You Need to Know About RAK Offshore Company Formation in the UAE

1
2024 Guide All You Need to Know About RAK
Offshore Company Formation in the UAE
2
Ras Al Khaimah International Corporate Centre
(RAK ICC) stands as a beacon for entrepreneurs
seeking a strategic gateway for RAK offshore
company formation in the UAE. This article will
take you through the essential aspects that you
need to know before opening your enterprise under
Ras Al Khaimah offshore company formation. RAK
ICC, established in 2016 as an International
Business Company (IBC), resulted from the merger
of RAK Offshore and RAK IC. The merger, announced
in May 2016, harmonized the offerings of the
previously distinct entities.
3
Overview of Additional Benefits

• Single-day incorporation process.
• No restrictions on the number of shareholders.
• No requirement for a physical office.
• Access to common law courts such as ADGM and
  DIFC.
• Offers various legal structures tailored for
  different business purposes.

4
Steps in Setting Up RAK ICC Offshore Company

• 1. Proper Documentation
• Assemble necessary documents, including notarized
  passport copies and a bank reference letter, and
  submit them to RAK ICC authorities.
• 1.1 Documentation Overview
• Various documents required for individual
  shareholders, including passport copy, proposed
  company names, personal and business profiles,
  proof of address, and a bank reference letter.
• For corporate shareholders, additional documents
  like a certificate of incorporation, memorandum
  articles of association, board resolution, and
  power of attorney are needed.

5
Steps in Setting Up RAK ICC Offshore Company
2. Payments and Transactions Submit registration
fees and other expenses online or through other
means as specified by RAK ICC. After completion
of the registration process, open a dedicated
business account for efficient financial
management.
6
Things to Keep in Mind

• Companies under RAK offshore company formation
  are not allowed to conduct business with UAE
  residents or trade in RAK Free Trade Zone and the
  UAE without suitable licenses.
• All photocopies of documents must be attested.
• Ras Al Khaimah offshore company formation license
  is valid for a limited time period, requiring
  renewal after expiration.

7
Conclusion
As we navigate through 2024, we are yet to
witness the inherent capacity of the program that
offers a compelling environment for entrepreneurs
seeking a robust offshore presence in the UAE.
With its streamlined processes, fiscal
advantages, and international connectivity, it
remains a beacon for those venturing into the
realm of offshore business formation.