Ras Al Khaimah offshore company formation requirements differ for each applicant and corporate entities. If you are not sure of the advantages of offshore company registration in Ras Al Khaimah, please read our article on “RAK Offshore Company Formation” which would give you a good understanding of the features of offshore company registration in Ras Al Khaimah.
Ras Al Khaimah Offshore Company Formation Requirements
In this article, we will try to list the documents required for Ras Al Khaimah offshore company formation, for personal applicant as well as corporate entities.
Ras Al Khaimah Offshore Company Formation Requirements for Individual Applicants
- Passport copy of the applicants.
- Original bank reference letter with signature of the authorized bank official and stamp of the bank – in case a bank reference letter is not available, 3 months original bank statement is enough.
- Proof of residence – any one of the following documents would be enough for this – original utility bill, telephone land line bill or an attested certificate of residence from the home municipality.
Ras Al Khaimah Offshore Company Formation for Corporate Entities or Non-Individual Applicants
- License or Certificate of Incorporation issued by the chamber of commerce*.
- Board Resolution to form an offshore company with RAK Offshore*.
- Memorandum of Association of the parent company*.
- Passport copy of the directors and the shareholders.
- Additional documents as requested by the Registrar during the registration process.
* Should be attested by UAE Embassy in the country of origin of the documents and UAE Ministry of Foreign Affairs
Please note that due to the current political developments citizens of certain coutries may face tighter scrutiny as compared to others for RAK offshore company registration.
Process of Ras Al Khaimah Offshore Company Formation
The process of RAK Offshore company formation generally follows the steps described below. After completing all these steps, you can open an offshore bank account. A bank account owned and operated by an offshore company offers higher security and confidentiality than a normal bank account held by a normal corporate entity.
Step 1: Find a registered agent for Ras Al Khaimah offshore company formation.
Only a registered agent of RAK Offshore can process the documentation for Ras Al Khaimah offshore company formation. Cross Border Business Consultants, as a registered agent of RAK Offshore, can process the offshore company registration.
Once you confirm the process and the cost details with the registered agent of RAK Offshore, the process normally is a smooth one.
Step 2: Choose the name and furnish the application.
You need to select at least 3 alternatives of the names for the proposed company. The proposed names need to end with “Limited” and should not contain terms like “Emirates”, “Dubai”, “Ras Al Khaimah”, “RAK”, “FOREX”, “Finance”, “Bank”, “Insurance” or names of the ruling families in UAE. An example of a valid name is “XYZ Limited”.
Step 3: Furnish the documents required
Send all the documents required for RAK offshore company registration to the consultant. Scanned copies of the documents are enough at this stage. Please see the list of documents required for Ras Al Khaimah offshore company formation listed above. These documents will help your offshore agent to prepare the application forms and memorandum of association (MoA) for RAK offshore company registration.
Step 4: Sign the official application form and the MoA
Offshore company registration agent will send you the official application form and the memorandum of association (MoA) for Ras Al Khaimah offshore company formation. Sign these documents and send them back to your offshore company formation agent by courier. Please note that you need to send the original documents as the offshore authority would need the documents in original.
Step 5: Payments
You need to make the payments towards RAK offshore company formation when the agent confirms the documents.
Step 6: RAK offshore company registration
Registration of RAK offshore company takes about 24 – 48 hours after the agent received the payment.
You are ready to start your business operations now. The first step would be to open an offshore bank account which may take 2 – 14 days depending on the bank you have chosen. An offshore company can open an offshore bank account in Ras Al Khaimah or in any other emirates in United Arab Emirates. Ras Al Khaimah hosts some international banks such as HSBC as well as regional banks such as RAK Bank, Emirates NBD etc.
An offshore company can even open a bank account in a foreign country provided that the regulations in that country allow such operations. The time frame for opening offshore bank account may vary if the bank account is opened in a foreign country.