What is International Corporate Centre–RAK ICC (also known as, RAK Offshore Company)?
RAK with the abbreviation RAK ICC (Ras Al Khaimah International Corporate Center) was formed in the year 2016. It was proposed for the foreign business, an International Business Company (IBC).
RAK International Corporate Center (RAK ICC) was an afresh merged entity of the earlier twin companies – RAK Offshore and RAK IC.
RAK Offshore companies are registered by RAKIA and RAK IC companies are registered by RAK Free Trade Zone Authority respectively.
The two companies were nearly similar but have variations in the applicable regulations.
The union between RAK IC and RAK Offshore was announced in May 2016 and new developments were being implemented to the newly formed registry. Comprehensive and extensive regulations and orders of RAK ICC were formulated to streamline various procedures.
The introduction of RAK ICC company does not engage any major changes in the current key advantages of an offshore company in UAE. RAK ICC companies remain totally void of taxes. Like, previously, you need not submit an audit report, whereby the UAE jurisdiction is well-known and recognized for registration of offshore companies for international businesses.
There will be no substantial changes to the existing companies RAK IBC and RAK Offshore, so those companies can still work same as earlier. The only amendment will be made to the Memorandum of Articles of the existing companies stating the change of status to RAK ICC Offshore Company.
UAE has been signed for double tax treaties with more than 47–An RAK–ICC which can best take advantage of those treaties.
However, UAE Offshore or other companies must follow United Arab Emirates law, RAK International Corporate Center (RAK ICC Offshore) can choose which law should to be applicable for arguments, inheritance and/or any other legal matter (the chosen law must be cited in the memorandum and Articles of Association). A RAK ICC Company (RAK International Corporate Center) can hold shares in “onshore” Dubai company (such as Dubai LLC company) or any other juridical entity globally. A RAK International Corporate Center (RAK ICC Offshore Company) can also own real estate property (such as freehold properties) in the UAE.
A RAK International Corporate Center (RAK ICC Offshore) can hold a bank account in the Dubai UAE, for carrying the day to day operational transactions and other concerned people carrying out business within the UAE. However, a RAK ICC (RAK Offshore) does not approve of business with UAE residents or conduct any trade in RAK Free Trade Zone and the UAE, unless and until the suitable license is obtained from the concerned authorities.
Advantages of RAK ICC (RAK International Corporate Center)
RAK ICC Offshore Company has the complete advantage in terms of currency control regulations, taxation, administration requirements and operating costs.
Following advantages are:
- RAK ICC gives complete foreign ownership
- In RAK ICC Company corporate income taxation is at 0%.
- Under RAK ICC Offshore there can be only one director – who can be non-resident.
- No accounting necessities on RAK ICC
- RAK ICC Offshore Company can be registered by one shareholder
- In RAK Offshore company shareholder and director can be the same person
- There are no limitations on shareholder’s and director’s residencies’
- It is simple to renew RAK ICC Company
- RAK ICC will issue all registration documents in the English language
- RAK ICC will not require any audit
- RAK ICC is a whitelisted Offshore jurisdiction
- RAK ICC Company is fully compliant with international regulations
- RAK ICC Offshore Company absolute privacy, confidentiality, and protection of assets and information
- By RAK ICC Company setup allows 100% foreign ownership
- Choice of law (common law, civil law or any jurisdiction of your choice) in RAK International Company.
- RAK ICC will provide you with a bank account in the UAE
RAK ICC Company Formation – Documents Required for Individual Shareholder (s)
- Valid Passport Copy with UAE entry stamp page for each Shareholder / Director
- Three Proposed Company Names of the company
- Personal & Business Profile of each shareholder(s) (CV)
- Original – Proof of Physical address of the shareholders. (Telephone/utility bill/ electricity etc.)
- Original Bank Good standing Letter (Bank Reference Letter) for the Shareholder(s) – the respective account should have been sustained for more than two years
- RAK ICC Company Formation – Documents Required for Corporate Shareholder
For Corporate Shareholder, following are the required documents:
- Certificate of incorporation*
- Memorandum & articles of association*
- Board resolution and power of attorney*
- Certificate of good standing or incumbency Letter *
- CV/Profile of directors/secretary
- Utility bills of corporate shareholder & directors as proof of address
- Bank reference of the corporate shareholder
Documents marked * must be notarized from home country.
Benefits of RAK ICC Company Setup in RAK
- RAK ICC – Limited liability company
- Minimum one director is required
- RAK ICC – Restricted bearer shares
- By using RAK Offshore company you can own real properties
- Zero Corporate/Income Tax
- Can hold intellectual property like trademarks patents, and copyright
- RAK ICC – Re-domiciliation into or out of RAK jurisdiction
How we will help you –
- Obtain an approval of your company’s name and activity from RAK Offshore Authority.
- Incorporation documents will be prepared by us, these documents need to be signed and necessary personal details should be provided.
- Furthermore, the documents will be submitted to the Registrar in RAK ICC Authority followed by necessary actions.
- In a span of few days, your company is set up!
You can now start your bank account in Dubai and begin your business
If you are looking to set up a quick and hassle-free Offshore company in the Middle East, RAK ICC (RAK International Corporate Centre) is the wisest choice.
At MSZ CONSULTANCY, we are here to, guide and completely assist you through the process of company formation like RAK ICC Offshore Company in RAK free zone or other offshore jurisdictions.