- September 1, 2019
- Posted by: MSZ Consultant
- Category: Business Setup, Buy property in Dubai, Company Setup, Dubai, RAK offshore company, United Arab Emirates
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 Jebel Ali Free Zone. 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 also 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.
Moreover, the real estate specialists are excited about seeking the ownership of the property using a corporate, which is more 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 are the Required Documents to Set up an RAK Offshore Company in UAE?
· Passport copy of a shareholder
· Personal profile of a shareholder
· Address profile of a shareholder
· And also bank reference letter
Advantages of Setting up RAK Offshore Company in UAE
· 100% foreign ownership
· Can use it as a holding company
· Can hold intellectual properties
· Can also open a corporate bank account
· Invest in properties and business locally and internationally
· And also Favorable tax conditions
We MSZ corporate service provider offer a full scope of a power of attorney just as other additional services including legal papers drafting, property transferring, portrayal, confirmations and also corporate services. If you have questions, connect with us on +971589827842 or email at firstname.lastname@example.org