RAK Offshore Companies Eligible to Buy Property in Dubai

RAK Offshore Companies Eligible to Buy Property in Dubai

RAK Offshore companies can buy and own land properties in Dubai. Successful from July 16, 2019, every single offshore company could not own properties in Dubai, aside from companies enlisted in the JAFZA. This has changed at this point.

Great news, which stood apart a month ago in Dubai. Companies recorded under RAK International Corporate Center (RAKICC) also called as RAK offshore companies can purchase property in Dubai’s freehold regions.

The change pursues the signing of the Memorandum of Understanding (MoU) among Ras Al Khaimah Economic Zone (RAKEZ) and RAKICC and also the Dubai Land Department (DLD) on 16 July 2019. This will now allow a greater adaptability to real estate specialists to enhance and structure their wealth in the UAE. DLD will invite applications from RAKICC companies for freehold property possession. RAK offshore will have the right to regulate Dubai’s properties. The RAKICC authority must issue a “No Objection Letter (NOC)” from RAKICC to DLD.

There are new guidelines that will be issued by the Dubai Land Department (DLD) and RAKICC will issue regarding the terms and also conditions of buying properties through RAK offshore company. Real estate specialists are excited about seeking ownership of the property using a corporate, which is cost effective, then the investment one.

And furthermore to the Dubai market experts who constantly consider approaches to make a better legal system to foreign investors.

What Does This Mean for Investors?

With this new ruling, companies registered under RAK International Corporate Centre (RAKICC)-commonly known as RAK Offshore companies-can now:

• Buy, own, and manage properties in Dubai’s freehold areas.
• Apply directly to the Dubai Land Department (DLD) for property ownership approval.
• Enjoy streamlined procedures through the issuance of a No Objection Certificate (NOC) from RAKICC to DLD, confirming the company’s eligibility.

This step has been widely welcomed by investors, real estate experts, and business consultants as a move that strengthens Dubai’s reputation as a global investment hub.

Process to Set Up a RAK Offshore Company and Documents Required

Setting up a RAK Offshore company is a straightforward process when done through an approved corporate service provider like MSZ Consultancy. Here’s an overview of the key steps:

1. Choose a Company Name
Select a unique name that complies with RAKICC naming conventions. 2. Prepare the Required Documents
Gather all necessary shareholder and director documents for submission. 3. Draft and Sign the Company’s MOA and AOA
Define the company’s business activities, ownership structure, and operational terms. 4. Submit the Application to RAKICC
MSZ Consultancy will handle all the paperwork and liaise directly with the RAKICC authority on your behalf. 5. Receive the Certificate of Incorporation
Once approved, your company will receive its official incorporation certificate. 6. Apply for a No Objection Certificate (NOC)
Before purchasing a property in Dubai, RAKICC will issue an NOC to the Dubai Land Department (DLD) confirming your company’s eligibility. 7. Purchase the Property
With DLD approval, your RAK Offshore company can proceed with property acquisition in Dubai’s freehold zones.

Required Documents

• Passport copy/ Personal profile/ Address profile of a shareholder
• Proof of residential address (utility bill or similar)
• Bank reference letter confirming good financial standing
• Memorandum and Articles of Association (MOA/ AOA) (drafted during registration)

Advantages of Setting up RAK Offshore Company in UAE

• Here are the following benefits of business setup in RAK Offshore:
• 100% foreign ownership
• Can use it as a holding company and also hold intellectual properties
• Opening a corporate bank account
• Invest in properties business locally as well as internationally
• And also Favorable tax conditions

Why MSZ Consultancy?

At MSZ Consultancy, we specialize in offshore company formation, property transaction assistance, and corporate structuring in the UAE. Our team of legal and business experts ensures a seamless and compliant setup process from start to finish.

Our services include:

• Offshore company registration with RAKICC
• Obtaining No Objection Certificates (NOC) for property purchases
• Drafting and attestation of legal documents and Power of Attorney
• Property transfer assistance with the Dubai Land Department (DLD)
• Corporate bank account opening and compliance support
• Business consulting and ongoing corporate services

Whether you are an investor, real estate specialist, or entrepreneur, our experts will guide you through every step of owning property in Dubai through a RAK Offshore company.

If you have questions, connect with us on +971 52 544 1248.