RAK Offshore: An Introduction
The UAE has a long history of placing heavy resources into the development of its economy. By offering business and tax incentives for investors, they’ve managed to transform the region into one of the largest markets in the world. Foreign investors and companies alike regularly flock to the area seeking abundant business opportunities.
RAK, or Ras Al Khaimah, is a significant part of this economic push. This sector is one of the fastest-growing emirates throughout the UAE. It’s one of the first entities to participate in the registration of International Business Companies and is known for its guarantees of safety and confidentiality.
Companies forming in this sector include asset protection firms, tax planning consultancies, real estate holding companies, trusts, and even inheritance planning businesses.
Advantages of RAK Offshore Company Formation
The Emirates has placed a heavy focus on investing in their business sectors. It has freed them from an oil-based economy and transformed them into a powerhouse of opportunity. And it’s no secret why foreign investors flock to the region! There are many incentives and advantages available to investors that form their company in RAK offshore. Some of these advantages include:
- Providing a gateway to the international business market
- 100% repatriation of profits and capital
- No requirement to have a local office
- Complete foreign ownership without the need for local sponsorship
- Offering a stable and business-positive legal system
- Permitting the retention of capital, profits, and international earnings
- Complete tax exemption
- Flexible rules and regulations
- The ability to hold multiple bank accounts in various currencies
- Incorporation procedures require only one director, shareholder, and secretary, all of whom can be the same person
- No citizenship or residency restrictions
- Privacy and confidentiality
- Intellectual property protection tools and support
Documents Required for RAK Offshore Company Formation
When forming a company in the RAK Offshore sector, you’ll need a clear, firm grasp of all the documents you’ll need and the procedures you must follow. The application process is designed to be straightforward, but many investors choose to hire a third-party consultancy, like MSZ Consultancy, to help navigate the process. Having professionals knowledgeable in local customs, procedures, and regulations can help businesses get started with less headache and red tape.
However, if you’re an investor that chooses to apply without third-party assistance, we’ve compiled a list of the documents you’ll need to have handy.
For single shareholders:
- A notarized copy of your passport
- An original copy of your bank reference letter
- Proof of residency, usually in the form of a utility bill
- Curriculum Vitae for the shareholder
- A bank statement from the last six months
If your business has more than a single shareholder, you’ll also need to provide:
- A photocopy of your business license or incorporation certificate
- An attested shareholders resolution
- Copies of passports for all directors and shareholders
- Certificate of Good Standing, or a Certificate of Existence for your company
- An incumbency certificate
- Additional documents may be required during the registration procedures.
RAK Company Formation
When forming a company in the RAK Offshore sector, it’s essential to understand the process to ensure a stress-free experience. Before you complete your application, you’ll want to develop a clear business plan and thoroughly research the market forecast surrounding your service or product. We’ve outlined the essential steps you’ll need to take to form your company and get to conducting business:
1. Secure approval for company name and chosen business activity
You’ll need to submit your company name to the governing body, making sure that your business name has not already been claimed and that it does not violate UAE policies for obscenity.
You will also need to choose your business activity. This choice will have a significant influence on the sector in which you form your company.
2. Submit your documentation
You’ve picked your company name and the business you’d like to conduct. Now you’ll need to submit your documentation to the governing authority. The application process will most likely take a few days.
3. Pay registration fees and other costs
You’ll need to take care of any incurred fees during the application process. Failure to do so can result in outright rejection of your business application. Once your fees have been paid, you should have your documentation returned to you.
4. Open an offshore bank account
Once you’ve submitted your application, you’ll need to contact a bank in your business sector to form your offshore account. This will give you the ability to begin conducting business as soon as your application is approved.
Business Sectors Well-Suited for RAK Offshore Company Formation
The RAK Offshore sector covers a wide variety of different business practices. These can include:
• General Trading
This is a widely arching category, covering businesses that import, export, or trade several different products under the same business license.
• Consulting and Advisory Services
With the massive influx of investors and business transactions happening daily, it’s no surprise that there is a broad need for third-party consulting services. These services help companies navigate the intricate market and develop successful practices and policies.
• Holding Company
Holding companies maintain oversight over assets and investments for other business entities.
• Investment Company
There are substantial profits to be made for investors in the Emirates. It’s no surprise that companies dedicated to planning and executing investments are popular.
• International Services
Companies that operate internationally may need assistance in navigating regional and international regulations.
• Shipping Management Companies
Importing and exporting is a tentpole of international trade and needs to run smoothly and efficiently. Shipping management companies help provide the logistics necessary for business trade on the world stage.
• Commission Agents
Commission agents serve as liaisons between companies and vendors. This role works in numerous industries, and agents can sometimes work for multiple businesses at a time.
• Professional Services
Many companies need third-party assistance in handling the critical day-to-day legal operations of their business. Professional services operate as a direct liaison between a company and the governing body, allowing businesses to quickly navigate changing regulations, laws, and paperwork.
How MSZ Consultancy Can Help Your Business!
The Ras Al Khaimah Offshore sector is a quickly developing business market, providing a fantastic means for investors to form companies in markets like asset protection, tax planning, and real estate holding. This sector is dedicated to offering excellent business opportunities while providing safety, confidentiality, and intellectual property protections for its members.
And MSZ Consultancy is here to help you start your business journey! We are proud to have over a decade of experience helping businesses navigate the ins and outs of business in the UAE. Our experts possess the knowledge to help you easily sail through company formations, visa applications, PRO services, and more!
Whether you’re hoping to form a business in one of Dubai’s free zones, or you want assistance in securing a national sponsor, MSZ Consultancy has the tools and business experience to help your business prosper! Give us a call today at +971 52 544 1248 and let our specialists jumpstart your investments!