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 are the Required Documents to Set up an RAK Offshore Company in UAE?
- Passport copy/ Personal profile/ 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 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?
We MSZ Consultancy 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 +971 52 544 1248 or email at info@mszconsultancy.com
Find out how much it cost you to setup your Dream Business
Other Recent Blogs
Why You’ll Need the Help of Business Consultants in Abu Dhabi
Opportunity Awaits, But Experience is Paramount to Success With an ever-evolving business market, Abu Dhabi is quickly becoming one of the premier destinations for entrepreneurs and investors searching for lucrative endeavors. The region has worked to develop a...
Everything You Need to Know About Statutory Audit Requirements in Dubai
Statutory Audits in the UAE Statutory audit requirements in Dubai are integral to ensuring financial transparency, accountability, and regulatory compliance for businesses operating in the region. The UAE has established an expansive legal framework that requires all...
Compliance Checklist for Businesses in the UAE: Avoiding Common Legal Pitfalls
UAE Labor Laws If you’re an entrepreneur interested in company formation in the UAE, one of the first things you’ll need to do is become familiar with the local labor laws. These labor laws cover a range of aspects, including working hours, leave entitlements,...
Employment Laws in Dubai- Rights and Responsibilities
The UAE, with its thriving economy and diverse workforce, has a well-defined set of employment laws that safeguard the rights of both employers and employees. These laws establish rules surrounding wages, employment contracts, and potential disputes, creating a...
The Legal Implications of Doing Business in Dubai’s Free Zones
Free Zones Dubai If you're an investor who's eyed the benefits of business setup in UAE, you've already performed ample research on Dubai Free Zones and the advantages they offer. These business jurisdictions are independent sectors that provide a wide range of...
The UAE Announces New Laws for Healthcare Professionals
New UAE Healthcare Industry Laws With an eye toward the future, the UAE has made bold moves in updating the rules and regulations in their healthcare industry. These new regulations mark a tightened grip on unlicensed healthcare practices that aim to cement the...
Subscribe to Our Newsletter
We’ll keep you updated on the latest trends and news
WhatsApp us