RAK International Corporate Centre (RAK ICC) is the consolidation of two company registries in Ras Al Khaimah; namely RAK International companies and RAK offshore. International business almost of any nature can easily start its operation in RAK. The fact that it is a 100% tax-free zone makes it even more attractive to most businesses.
Advantages of RAK ICC Offshore Company Formation
Other features are:
- Fast incorporation process and easy renewal procedure
- Ideal for investment diversification
- No office required
- No audit requirements
- Ease of international operations
- Asset protection and investment diversification
- 100% business ownership
- 100% tax-free
Activities Of RAK ICC Offshore Company
The best part of forming a company in this free zone is that all business activities are allowed in RAK ICC – excluding banking and insurance. Permitted activities include most trading, consulting, construction, marketing, manufacturing activities and more.
RAK Offshore Company Setup Cost
RAK offshore company setup cost may vary a little bit as it depends on your agent. The average market rate of RAK offshore company setup is 3,000 USD. Annual renewal costs about 2,000 USD. It makes RAK offshore ICC the cheapest type of company to maintain.
RAK ICC Company Setup
The company formation is done by the agent you have hired. Company formation usually takes 3-5 working days.
When you register you will get:
- Certificate of incorporation
- Memorandum and Articles of incorporation
- Shares register
- Register of members
Documents and Details for Company Incorporation:
For Individual Applicants:
- Passport
- Recent utility bill
- Latest entry stamp to UAE copy
- Company name options
- Business activity
- Bank Reference Letter
- Proof of Residence
You can do registration without visiting the UAE if you do that you have to provide;
- Notarized passport copy
- Notarized specimen signature
When your company is formed, you can come to UAE for an offshore bank account application. Otherwise, you can open an account in another country.
For Non-Individual Applicants: (Foreign Companies)
- Copy of License or CERTIFICATE OF INCORPORATION
- Board Resolution (calling upon to establish SUBSIDIARY or BRANCH and authorizing a person to be the Authorized Signatory)
- MEMORANDUM OF ASSOCIATION of the parent company
- Passport Copy of the Director and the Shareholders of Parent Company
- Additional documents may be requested by the Registrar during the registration process
Transfer of Company Domicile To RAK ICC
Transfer of Domicile is the process when a company shifts its domicile from one offshore jurisdiction to another. This type of transfer can be done either in the same country or transfer from one country to another. This transfer of domicile can be because of a number of reasons such as better business environment, safety, security, infrastructure, good banking facilities, cost-saving, better management of the company, and much more.
As per RAK ICC Business Companies Regulations 2016, IBC (International Business Company) in any part of the world is permitted to transfer its domicile to RAK ICC Offshore jurisdiction. As the result of the transfer, the Company keeps its name and legal status, the reputation can be maintained, the records of the company’s activities are intact.
Process of RAK ICC Company Domicile Transfer
Step 1: Application
- Initial Application
- Name Check
Step 2: Submission of Documents
- Documents required for Continuation
- KYC requirements for individual Shareholder/ Director/ Secretary
- KYC requirements for corporate Shareholder/ Director/ Secretary
Step 3: Review
- Due Diligence Check & Review
Step 4: Acceptance Confirmation
- Issuance of Invoice or Payment
- Approval & issuance of Certificate of Continuation by the Registrar
RAK offshore company would perfectly suit startups or large businesses who carry their activity out of the UAE.