- January 30, 2019
- Posted by: MSZ Consultant
- Category: Business Setup, Offshore Companies
Company setup in RAK Offshore
RAK Offshore: Offshore company set up in RAK allows general trading and also professional services in single license.
Some of the benefits of offshore company setup in RAK is following below
- 100% ownership.
- No restrictions on capital repatriation and also no restrictions on foreign currency
- Easy access to key decision makers
- Full repatriation of profits and capital
- Simple and easy procedures for transfer of shares.
- Own or lease real estate properties in the UAE approved by RAK ICC and also anywhere outside the UAE.
- Offshore companies in RAK can hold a bank account within and outside the UAE for the purpose of conducting routine operational transactions.
- Documents Legalization cost is low and also less complicated than other jurisdictions.
- A single person can act as a director, shareholder and also secretary
Restrictions for an offshore company in RAK is following below
- Not allowed to work in UAE
- Offshore companies in RAK is not allowed to apply for UAE resident visa
- Not allowed to lease office in UAE
- Not allowed to hire employees in UAE
What are the required documents for RAK offshore company setup?
Required documents for individual shareholders is following below
- Passport copies
- Bank Reference Letter
- Proof of Residence
- CV of Shareholder
- Bank statement for last six month
Required documents for Non-individual shareholders is following below
- Certificate of Incorporation (attested)
- Memorandum of Association (attested)
- Shareholder Resolution (attested)
- Directors and also the shareholders Passport copies
- Certificate of Good Standing
- Incumbency certificate
A minimum of one shareholder is required to setup an offshore company in RAK, Corporate shareholders are permitted. Shareholders meetings should be held at least once in a year.
A minimum of one director is required to setup an offshore company in RAK. Details of directors are not available for public record.
All RAK Offshore Companies must have a secretary, Corporate Secretaries are permitted.
Annual Account and Audits
No requirements for the audited accounts.
Minimum share capital
No requirements for the minimum share capital. The RAK Offshore company can have any amount as capital and should be disclosed in the MOA of offshore company incorporation in RAK.
Procedures for setting up an offshore company in RAK is following below
- You have to contact RAK offshore registered agents.
- Then the RAK offshore agent will apply for name approval along with required documents.
- After the name approval, application forms and also the Memorandum of Association (MOA) will be signed.
- Then the RAK offshore business setup with bank account application signing will be complete within a day.
- Finally, the RAK offshore business setup with bank account will be functioning within a week.
If you are planning to setup an offshore company in RAK then contact us: +971589827842 or Email us: firstname.lastname@example.org