RAK Offshore company formation allows foreign investors to register offshore companies with RAK Offshore. RAK Offshore is par of RAK Investment Authority (RAKIA) monitoring RAK offshore company formation. For an offshore company there is no need for a presence in the UAE. RAK Offshore is a complete solution that provides an offshore site for international businesses and financial services. RAK Offshore also offers a strong yet flexible legal structure based on global best practices.
RAK Offshore Company Formation – Features.
RAK Offshore is an International Offshore Business Centre for non-resident entrepreneurs. It offers an offshore site to conduct business and outsource back office activities.
RAK Offshore offers an independent Registrar of Companies and Boats. It helps to deal with the incorporation and formation of all offshore corporate entities and marine vessels.
RAK Offshore company formation provides many major benefits. Some of them are;
- No corporate tax.
- 100% capital and profit repatriation.
- 100% ownership in Free Zones.
- No capital gains tax.
- No value added tax.
- No withholding tax.
- Proximity to entire Gulf and global markets.
Other advantages of RAK offshore company formation include;
- A RAK offshore company does not need to have physical offices in the UAE.
- It may not carry on business within the UAE.
- It may not get UAE Residency Visa.
- It may have non UAE resident as director or shareholder.
- It may have UAE resident as director or shareholder.
- It may have corporate shareholder or corporate director.
- It does not need the shareholder or director be present in the UAE for offshore company incorporation.
- It may own the real estate in the UAE, with prior authorization from RAK Investment Authority.
- It may not do banking and insurance business without special license.
- It may keep up bank accounts and deposits in the UAE or worldwide.
- It is not obliged to keep up its books and records.
- It may hold shares in other UAE and worldwide companies.
Safety and Compliance.
No financial services jurisdiction can hope to succeed unless it is well-regulated and transparent. RAK Offshore sets the bar very high in terms of internal, local, federal and international compliance, yet keeping customers´ confidentiality at the heart of the system.
In delivering its functions and in considering applications by organizations and people wishing to have a RAK Offshore company formation, the Registrar and the FSA aim to adopt a firm but flexible legal approach.
All licensed institutions need to carry out proper due diligence and “know your customer” checks. This ensures that they verify their clients’ identity and the legitimate origin of their funds. The legislation ensures total confidentiality of the investors. But the authorities will co-operate with law enforcement agencies and regulators in the case of illegality.
Main activities of RAK Offshore Company.
RAK Offshore company formation offers the choice of doing international business in a unique way. RAK Offshore company formation is mainly for international business activities that involve foreign clients. So most of the activities of an offshore company is limited to the activities held outside of the country of business incorporation. Activities allowed within the borders of the UAE are limited to holding assets.
Activities held outside UAE.
- General trading.
- Business consulting and business advisory services.
- Holding company.
- Property owning.
- International business services.
- Professional business services.
- Shipping and ship management companies.
Activities held inside UAE.
- Holding assets.
- Holding offshore bank account.
- Property Owning (Freehold Areas).
Why RAK Offshore Company Formation?
The choice of a suitable jurisdiction for an offshore company registration is an important decision and requires careful considerations. Not all tax havens are treated equally by the international business community and various monitoring authorities. This is where RAK offshore company formation offers an excellent choice for investors.
Ras Al Khaimah (RAK) has a well established professional infrastructure, with entrepreneurs at the highest decision-making levels. The RAK Investment Authority has long experience in fast company registration and management of innovative companies and ventures. Companies are usually incorporated within 24 hours. Any non-resident person or corporate entity can register a company.
Many jurisdictions act only as tax havens. The United Arab Emirates is a ‘real’ country with a ‘real economy’ offering the benefits of tax havens for real business entities. It has an established history of international trade, finance and international business. Today, it is one of the fastest growing countries in the world with one of the highest standards of living.
United Arab Emirates is not a dependent or ‘overseas’ territory of another country. Traditional low tax countries or tax havens are facing pressure from the Commission of the European Community (EU). The UK parliament has converted British Dependent Territories to British ‘Overseas’ Territories (in 1998). The UK government may apply greater control over its tax haven progeny (ie Bermuda, BVI, Caymans, Gibraltar, Turks & Caicos).
- United Arab Emirates is not a member of the Organization for Economic Cooperation and Development (OECD).
- No foreign exchange of information.
- United Arab Emirates is not on the OECD ‘blacklist’ of tax havens (nor the FATF blacklist).
- United Arab Emirates is not a member of the EU, and is not subject to EU regulation.
Important aspects that one need to consider are the following.
- Political and economic stability of the jurisdiction.
- A modern and flexible legislative framework.
- Simple incorporation and filing requirements.
- Double Taxation Avoidance Agreement (DTAA).
- State of the art banking system.
- State of the art telecommunication facilities.
How to Register an Offshore Company in RAK Offshore?
One easy way to set up a RAK offshore company is to get in touch with us using the contact form below.
As the registered agents of RAK Offshore, Cross Border Business Consultants (CBBC) offers one of the most efficient offshore company formation services in UAE.
Cross Border Business Consultants (CBBC) is a fast growing new generation business advisory firm head quartered in United Arab Emirates. Dubai Business Blog is the official blog of Cross Border Business Consultants.
As one of the top business consultants in Dubai, UAE, Cross Border Business Consultants has been instrumental in helping clients with business set up services across the GCC region with special emphasis in RAK offshore company formation, offshore company formation in Dubai, Free Zone business set up and mainland business formation in Dubai and elsewhere in UAE.