The Ras Al Khaimah International Corporate Center (RAK ICC) is one of the fastest-growing global markets in the UAE. With a reputation for compliance and professionalism, this region is one of Dubai’s leading contemporary business jurisdictions. It’s an excellent location for on-shore, off-shore, and Free Zone company formations. So if you’ve considered starting your new business in the area, there’s never been a better time to jump on board!
The Most Significant Benefits that RAK ICC Has to Offer
There are many reasons that the Ras Al Khaimah International Corporate Center is a fantastic jurisdiction to form a business. So many, in fact, that we could go on for days about the benefits. But to narrow it down a bit for brevity, let’s take a look at the most significant benefits to conducting business in the RAK ICC:
With full ownership and complete control over your business, investors have the freedom to conduct their business operations the way they choose without government intervention.
Incorporation for a mainland company requires a minimum level of capital. This capital must be deemed sufficient by the UAE governing authorities. But with a business formed in RAK ICC, there is no minimum share capital and no requirement to file financial records. This removes a ton of the stress associated with opening local bank accounts and arranging certified corporate documents.
RAK ICC is home to an independent legal system distinctly separate from federal authority, including the Federal Supreme Court. Based on the Common Law system, this jurisdiction offers access to courts in both the Abu Dhabi Global Market (ADGM) and the Dubai International Financial Center (DIFC). These English-language judiciaries resolve all commercial disputes and international corporate cases, simplifying the process and giving clients peace of mind that their rights are protected.
4. Cost Efficiency
The Setup costs in RAK are typically lower than other jurisdictions in the UAE, thanks to office spaces being a part of registering in the region. Additionally, the UAE is home to one of the largest tax treaty networks in the world. This means that businesses setting up in the UAE can avoid double taxation and can often receive relief from other tax compliance obligations as well.
MSZ Corporate Services are world-class business arrangement specialists in the UAE who help investors and visionaries form their business in Dubai. Our expert consultants are some of the best in the field and can help you make the process of business formation stress-free. Give us a call at +971 52 544 1248 today and book your free meeting! Or reach out via email at email@example.com and let our experts help you make the most of your business!
RAK ICC Business Setup
Allow MSZ Consultancy to help you with all your business setup needs. Our experts have helped form many organizations in the UAE using cutting-edge marketing strategies and know-how. Get in touch with us now to arrange a consultation!
Frequently Asked Questions
1. How do you incorporate a company?
In RAK ICC, a company can only be incorporated through registered agents. After submitting your documents and application, incorporation typically takes two working days.
2. Is RAK ICC a free zone?
Yes! The Ras Al Khaimah International Corporate Center is an emerging Free Trade Zone.
3. What is a RAK ICC Company?
The RAK ICC is one of the fastest-growing international corporate registries and offers tons of benefits for companies that set up shop in the jurisdiction.
4. Which company structures can be registered and incorporated in RAK ICC?
Currently, there are five company structures that businesses can be incorporated under in the RAK ICC. They are:
1. A Company Limited by Shares
A company limited by shares is a private company where the liability of shareholders is limited to the capital originally invested.
2. A Company Limited by Guarantee
This company structure is where a company is authorized to issue shares, with at least one member being a guaranteed member.
3. A Restricted Purposes Company
A company formation where the business is designed to act as a special purpose vehicle for a larger corporate entity, thus limiting the amount of liability incurred.
4. A Segregated Portfolio Company
A Segregated Portfolio Company is a company that’s limited by shares with up to ten segregated portfolios that allow the business to separate assets and liabilities.
5. An Unlimited Company
An unlimited company is one incorporated with or without share capital where the liability of the members is not limited. Each member under this structure shares an equal liability.