Information on RAK Company Formation

RAK Offshore
 
RAK Offshore is a government organization, division of the RAK Investment Authority (RAKIA) and is situated in Ras Al Khaimah, which is one of the seven United Arab Emirates (UAE). It offers to non-resident corporations, entrepreneurs and individuals worldwide a wide range of comprehensive services and structures. RAK Offshore is the first International Business Centre in the Gulf Region offering the possibility of establishing International Business Companies, Trusts Funds etc.
 
UAE– RAK Offshore Companies
 
The International Business Companies (IBC) Registry allows foreign investors to register offshore companies without the need of establishing physical presence in the UAE. UAE is a country with an established history of international trade, finance and business, and today is one of the fastest growing countries in the world with one of the highest standards of living.
 
Benefits
  • It can carry out any business activity outside UAE such as general trading, consulting and advisory services, holding company, property owning, international services, professional services, shipping and ship management
  • 100% Income Tax, Corporate Tax & Capital Gains Tax Exemption
  • 100% ownership in Free Zones
  • No Capital Gains, Value-added & Withholding Tax
  • Proximity to entire Gulf and Global Markets
 
Main Features
  • No need of physical offices in UAE
  • May not carry on business within the UAE
  • UAE Residency Visa- not obligatory
  • May have a non UAE or UAE resident as director or shareholder
  • May have corporate shareholder/corporate director
  • No physical presence requirement for the shareholder/director in the UAE for incorporation
  • May own real estate in UAE with prior authorization from RAKIA
  • No banking and insurance business without special license
  • May maintain bank accounts and deposits in UAE or worldwide
  • Not obliged to maintain any books and records
  • May hold shares in other UAE and Worldwide Companies
  • No audit requirement unless this is requested by the RAK Financial Services
  • Authority due to suspicion for criminal activity
  • No share transfer duty
  • Company is required under its limited liability character to include the words ‘Limited’
  • No requirement for disclosure of the beneficial owner to the Government but must be disclosed to the Registered Agent.
 
What is a Registered Agent (RA)?
A RAK Offshore Company can only be registered through agents registered with RAK Offshore. Bianco e Nero Services Limited, being a Registered Agent with RAK Offshore can provide, in addition to registration/incorporation of companies, management, administration, processing services and may accommodate any other professional service that the client may require, such as legal, financial and audit services.
 
The Registrar shall register an application provided by (1) a solicitor engaged in the establishment of the company or (2) the registered agent designated in the memorandum as registered agent of the company
  • The Registrar shall register and keep records of the memorandum and articles submitted at the time of the application
  • Upon the completion of the incorporation process the Registrar shall issue a certificate of incorporation which shall be considered as prima facie evidence that all requirements of these regulations in respect of registration have been complied with and that the company is duly established 
  • Prior to formation an offshore company has to inform the Registrar the objective to be pursued after the incorporation
Requirements for setting up a RAK Offshore Company
 
Individual Applicants should provide:
  • Copy of Passport –copy attested by a solicitor or Registered Agent
  • Proof of Residence (utility bill) – original required
  • Original Bank Reference letter
  • Any other docs requested by the Registrar during incorporation
Non-Individual Applicants should provide:
  • Copy of License or incorporation certificate issued by the Chamber of Commerce or any other Body – apostilled or attested from the Registry where the company is incorporated
  • Original Board of Resolution authorizing the incorporation
  • Memorandum of Association of the parental Company – apostilled or attested from the Registry where the company is incorporated
  • Copy of Passport of the Director and Shareholders – attested by a solicitor or Registered Agent
  • Original Good Standing Certificate
  • Any other documents requested by the Registrar during the incorporation
Opening of banks accounts
 
Our firm can provide opening of bank account services to clients in UAE or in any other part of the world. An offshore RAK company can open a bank account anywhere in the world.  Our services include opening of bank accounts in UAE with any bank of client's choice (i.e. Emirates NBD, UAB, Mashreq Bank, ADCB etc).  An offshore company is not eligible for cheque books and/or debit cards. Online banking and bank counter transactions are however available. 
 
Registration of Boats & Pleasure Yachts
Additionally, RAK offers a rapid, secure, convenient and uncomplicated registration through an international network of approved surveyors to owners of crafts/boats & pleasure yachts in an open registry from anywhere in the world. This eligibility is provided to anyone who wishes to apply for the creation of a special IBC with the objective of owning the craft/boat/pleasure yacht.
 
For further information with regards to the above mentioned services please do not hesitate to contact our company by tel: 25350006, by fax: 25350009 or by e-mail: mpirilidou@multilysis.com.
Office Address: 5 Amathountos street,
Pirilides Building, 4th-5th Floor,
3105 Limassol-Cyprus 51252, 3503