Business Setup in Ras Al Khaimah Offshore

Often times, an Offshore company in UAE is mistaken for a UAE Free Zone company. But, the two are completely different business structures. An Offshore company is a legal corporate body which is set up and operated outside of the area it is registered in. Here are some other things to know about RAK Offshore Business Setup.

• Legal System – In the UAE, the legal system is based on Civil Law. Ras Al Khaimah follows the same type of overall legal system.
• Governing Legislation – A Business Setup for RAK Offshore is governed by the International Business Companies Regulations.
• Company Activities – There is no trading allowed within the UAE for a RAK Offshore company. Other than that, there are no restrictions on the scope of activities that can be carried out.
• RAK Offshore Business Setup Timeframe – A RAK Offshore Business Setup is usually completed in about 3 to 4 business days.
• Redomiciliation – A RAK Offshore company cannot operate in another jurisdiction. The same goes for a foreign company. It cannot become registered and continue in RAK.
• Information held on public record – There is absolute privacy with RAK Offshore Business Setup. No information about the Offshore company will ever be made public.
• Company Name – There are some requirements about a company name for a RAK Offshore business. First, the name must be something in the English language. Also, the name must have “LLC” after it.
• Share Capital – The share capital can only be in Dirhams (AED). A minimum share for RAK Offshore Business Setup is AED 10,000.
• Shareholders – For a Ras Al Khaimah Offshore company, the minimum number of shareholders is one. The shareholder can be a person or a company.
• Directors – There has to be at least one director appointed to the RAK Offshore company at the time of formation. The same person can be both a sole director and a shareholder.
• Shareholder and director meetings – There’s no requirement for where meetings for shareholders and directors need to be held. These meetings can take place anywhere in the world or by a conference over the phone. Shareholders aren’t obligated to hold an annual meeting either.
• Registered Office – RAK Offshore companies are required to keep an office within Ras Al Khaimah. This is where the company’s records are kept.
• Company Secretary – RAK Offshore companies are required to have a company secretary. This can be a person or a company from anywhere in the world. In some cases, that person can be the company’s sole shareholder, director, and secretary and have all three roles.
• Financial Statements – A RAK Offshore company isn’t required to be audited; however, the companies are required to prepare annual financial statements.
• Annual Filing Requirements – RAK Offshore companies don’t have any statutory filing obligations. But the companies are required to pay an annual fee to the Registrar of companies.
• Taxation – One of the biggest perks to RAK Offshore businesses is that there are no taxes.
• Double Tax Treaties – RAK Offshore companies do not qualify for any benefits under the double tax treaties.
• Other Considerations – RAK Offshore companies are completely confidential. All details about the company and its shareholders and directors will not be released. In some cases, an Offshore company is used as a way to hold a bank account in the UAE.

We are experienced consultants with a specialty in setting up businesses in the United Arab Emirates. If you have a dream of doing business in the UAE, we can help that dream become a reality. Let us help you form your company in RAK Offshore. With MSZ Consultancy on your side, we will guide you through all the paperwork, help you understand the laws in UAE, and make sure you get everything turned in on time. Don’t take the chance of letting any roadblocks stand in your way! Let MSZ Consultancy help make your RAK Offshore business setup a smooth and quick process. Start forming your business today with a FREE consultation! Contact us at +971 52 544 1248.