RAK Offshore Company Formation Made Easy

Register your RAK offshore company in 3 easy steps and set up a bank account.

  • 100% confidentiality.
  • Set-up your company in the shortest time.
  • Have your dedicated account manager.

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3 Simple Steps

Register your RAK Offshore Company in UAE in 3 Simple Steps

Step 1
Step 1

Select your package and place the order

Step 2
Step 2

We register your offshore company

Step 3
Step 3

We deliver corporate documents to you

Bank Accounts

We work closely with the following banks for opening bank accounts for our clients.

Emirates NBDMashreq BankRAK BankEmirates IslamicDubai Islamic BankNoor Bank

Pricing

The below promotional packages for RAK offshore company formation are offered for a limited time.

Silver
AED 11,999AED 7,999Save AED 4,000
  • Government fee covered
  • Certificate of incorporation
  • Memorandum and Articles of Associations
  • Premium address in Dubai, Business Bay
  • Resolution to appoint director(s)
  • Dedicated agent for 1 year

*Yearly Fee from second year: AED 4,999 (all inclusive)

Platinum
AED 15,999AED 9,999Save AED 6,000

Platinum includes everything in Gold, plus:

  • Company stamp
  • Company letterhead
  • Assigned premier service agent throughout the year who will respond to you with priority

*Yearly Fee from second year: AED 4,999 (all inclusive)

The bank account will be opened based on the personal profile of the client and the company. There may be circumstances out of our control and the decision for bank account opening rests solely with the banks.

Process

Here is the process for RAK Offshore company formation and bank account opening.

1

Step 1 – We prepare your company documents

We will reserve your RAK Offshore company name and prepare the following company formation documents as your RAK ICC registered agents:

  1. Memorandum of association.
  2. Articles of association.
  3. Letter of appointment of director(s) and secretary.
  4. Letter of appointment of registered agent.
2

Step 2 – You sign company documents

For UAE residents: You will need to visit our offices in Business Bay, Dubai, United Arab Emirates, to sign your company documents.

For non-UAE residents: We will prepare a specimen signature form which you will need to sign before a notary public in the country of your residence and return in original to us. All other company documents will need to be printed and signed by you at your office/home and returned to us in originals.

3

Step 3 – We register your RAK Offshore company

Regular requests: We will submit your company documents to RAK ICC for the formation of your new company. The prescribed timeframe for the registration of RAK Offshore company is approximately three (3) working days.

Urgent requests: If you require urgent service, your company can be formed in one (1) working day with an additional fee of AED 1,700.

Your RAK Offshore Company Bank Account

Once your company has been registered, you can open a bank account with any bank offering bank account opening services to offshore companies in the UAE and around the world. We work closely with major banks in the UAE and worldwide. We will provide all coordination and facilitation required for the bank account opening, if you have opted for this service. The process of bank account opening may take between 5-15 working days or more depending on a case by case basis.

About RAKICC and RAK Offshore

What is RAKICC?

RAK International Corporate Centre (also known as ‘RAKICC’ or ‘RAK ICC’) is a Government corporate registry in the Emirate of Ras Al Khaimah, United Arab Emirates. RAKICC carries out the registration and formation of international business companies/offshore companies and provides a full range of registration services in connection with the international business/offshore company activity.

RAKICC was created through Decree No. 12 of 2015 (amended by Decree No. 4 of 2016) which consolidated two (2) company registries known as RAK International Companies (previously part of RAK Free Trade Zone) and RAK Offshore (previously part of RAK Investment Authority).

RAKICC is known as a modern, world class offshore company registration office and complies with international best practices. RAKICC has developed a strong reputation and is considered to be one of the most respected brands for setting up offshore companies in the United Arab Emirates.

What is RAK offshore or RAK IBC?

The offshore companies set up with RAKICC enjoy the following benefits:

  1. You can open a bank account in the name of the RAK offshore company.
  2. You can own real properties in Ras Al Khaimah and Dubai through a RAK offshore company.
  3. RAK offshore company allows 100% foreign ownership.
  4. RAK offshore company can own shares in a mainland company or a free zone company in the United Arab Emirates.
  5. RAK offshore company offers Zero taxes.
  6. You can establish subsidiary with RAK Economic Zone.
  7. RAKICC offers state of the art legislation which is a cornerstone for any reliable offshore company set up jurisdiction.
  8. RAKICC has robust compliance procedures.

What are benefits of RAK offshore company?

RAK offshore or RAK IBC is usually used as synonym for an offshore company registered with RAKICC in the Emirate of Ras Al Khaimah. Before the consolidation of the corporate registry in 2016, RAK Offshore existed as an independent as part of RAK Investment Authority.

What is the legislative framework for RAKICC?

The legislative framework for RAKICC includes (i) the RAKICC Business Companies Regulations 2016; and (ii) RAKICC Registered Agent Regulations 2016.

Ownership of Real Estate in Dubai with RAK Offshore Company

RAK International Corporate Centre (also known as RAKICC) and the Dubai Land Department have signed an MOU in July 2019 to permit the RAK offshore companies (also known as RAK IBC companies) to directly own real estate in the Emirate of Dubai. This was not previously possible and anyone intending to own real estate in Dubai had to set-up a Jebel Ali offshore company as the only available option.

This arrangement has been welcomed as a landmark development since the vast majority of people looking to set-up offshore companies with the intention to hold real estate can now benefit from far less costly incorporation of RAK offshore companies in the UAE. The cost difference in setting up Jebel Ali offshore and RAK offshore companies is almost AED 9,000 – in favour of RAK offshore. This is a significant difference when compared in the context of the costs that are typically applicable to the incorporation of offshore companies around the world.

The Emirate of Dubai offers more than 23 freehold areas where any foreign national, RAK offshore or Jebel Ali offshore companies can own real estate properties. The most well-known freehold areas in Dubai include Business Bay, Dubai Marina, Downtown Dubai, Palm Jumeirah, Jumrirah Lake Towers, Emirates Hills, Springs, Meadows, Arabian Ranches and Jumeirah Village Circle.

RAK ICC issues no-objection certificates for companies that wish to own real estate in Dubai. The no-objection certificate is required to be presented to Dubai Land Department in order to transfer the property to the company. Our clients are now taking advantage of this opportunity with a world-class company formation services at InZone.

Key Features

Here are some of the key features of RAK offshore companies

RAK ICCRAK International Corporate Centre (RAK ICC or RAKICC) is a Corporate Registry established in the Emirate of Ras Al Khaimah, United Arab Emirates.
Type of CompanyInternational business company that can carry out business internationally or act as a holding company.
Information publishing and confidentialityRAK ICC does not keep any public register relating to company shareholders or officers. This information is kept confidential in accordance with the applicable laws.
Requirements for accountingThere are no accounting or reporting requirements for RAK offshore companies.
TaxesRAK offshore companies are exempt from all taxation in the United Arab Emirates.
LawsRAK ICC provides a modern offshore legislative framework. Basis of legislation is the UAE law.
100% Ownership100% foreign ownership is permitted and there are no requirements for having UAE national as partner.
Time zoneConvenient world time zone: GMT+4
Paid up capital requirementNo paid up capital requirement.
Minimum directors/shareholdersRAK offshore company requires a minimum of 1 director and 1 shareholder.
Bearer sharesNot permitted.
RAK ICC
RAK International Corporate Centre (RAK ICC or RAKICC) is a Corporate Registry established in the Emirate of Ras Al Khaimah, United Arab Emirates.
Type of Company
International business company that can carry out business internationally or act as a holding company.
Information publishing and confidentiality
RAK ICC does not keep any public register relating to company shareholders or officers. This information is kept confidential in accordance with the applicable laws.
Requirements for accounting
There are no accounting or reporting requirements for RAK offshore companies.
Taxes
RAK offshore companies are exempt from all taxation in the United Arab Emirates.
Laws
RAK ICC provides a modern offshore legislative framework. Basis of legislation is the UAE law.
100% Ownership
100% foreign ownership is permitted and there are no requirements for having UAE national as partner.
Time zone
Convenient world time zone: GMT+4
Paid up capital requirement
No paid up capital requirement.
Minimum directors/shareholders
RAK offshore company requires a minimum of 1 director and 1 shareholder.
Bearer shares
Not permitted.

Frequently Asked Questions

Here are some answers to some of the most common questions related to RAK offshore companies.

How are RAKICC offshore companies/IBCs incorporated?
RAKICC offshore companies/IBCs can only be incorporated through registered agents. INZONE is a registered agent with RAKICC and offers cost-effective and efficient company formation services to its clients. Once we receive instructions from our clients, we incorporate the offshore company/IBC within 3-4 working days.
What types of companies are incorporated with RAKICC?
The following types of companies can be incorporated with RAKICC:
  • Company Limited by Shares – most commonly used.
  • Company Limited by Guarantee
  • Restricted Purposes Company
  • Segregated Portfolio Company
  • Unlimited Company
Can I use the name of a company that has been liquidated?
Yes. However, the name of a liquidated company may only be permitted for use after the expiry of a period of 3 years from the date of liquidation of the relevant company.
Can I use the name of a company without any suffix?
No. The name of a RAK offshore company is only approved with a suffix as per the Regulations.
Can my RAKICC company hold bearer shares?
No. Bearer shares are not permitted under RAKICC Regulations.
Can RAKICC company shares be held as treasury shares in a company?
Yes, a RAKICC company is permitted to hold treasury shares. However, all rights and obligations that are attached to any treasury shares are suspended by or against the company while the company holds shares as treasury shares.
Can a RAKICC company issue any bonus shares?
Yes. RAKICC companies are permitted to issue bonus shares, partly paid shares or nil paid shares.
Can company shares be issued with or without par value?
A company is permitted to issue shares with and without par values. Further, the issuance of fractional shares is also possible as per the Regulations.
What is the liability of shareholders and directors agent towards a struck off company?
The shareholders and directors continue to remain liable towards a struck off company. The company continues to exist until it is liquidated as per the Regulations.
Can I transfer the domicile of my offshore company in another jurisdiction?
Yes. RACICC allows companies formed in other offshore jurisdictions to transfer their domicile or migrate into RAKICC jurisdiction. The company being transferred will not cease to exist. You can move the company from any jurisdiction where there have been any changes in rules and regulations.
What is a company limited by shares?
A company limited by shares is a company in which the liability of shareholders to creditors of company is limited to the amount of capital originally invested by the shareholders. This type of company is required to have at least one shareholder and one director. The memorandum of association of an offshore company limited by shares will state the maximum number of shares which the company is authorized to issue. The company may also be authorized to issue an unlimited number of shares. The memorandum of association will state the classes of shares that the company is authorized to issue.
What is a company limited by guarantee?
A company limited by guarantee is authorized to issue shares or as a company not authorized to issue shares. The name of a limited company ends with the words “Limited” or “Incorporated” or the abbreviations “Ltd” or “Inc”. At least one of the members of the company will be a guarantee member. Where the company is authorised to issue shares, a guarantee member may also be a shareholder. The guarantors give an undertaking to contribute a nominal amount in the event of winding up of the company. The liability of a guarantee member to the company is limited to:
  1. the amount that he/she has agreed to liable to contribute in memorandum and articles of association
  2. any other liability expressly provided for in memorandum or articles of association
What is a restricted purposes company?
A restricted purpose company is a legal entity that is registered only to act as a special purpose vehicle. A restricted purposes company is essentially limited by shares with specific language in the memorandum of association stating that the company is a restricted purpose company. The memorandum of association of the company will outline the specific purpose for which the company is incorporated.
Can company shares be issued with or without par value?
A segregated portfolio company (SPC) is a company which segregates the assets and liabilities of different classes of shares from each other and from the general assets of the company. The assets of this type of company may comprise share capital, retained earnings, capital reserves, share premiums and other assets that may be related to held within the segregated portfolio.

Government Departments

We can help you with the processes in the following government departments.

Dubai Economy Department
Dubai Courts
UAE Ministry of Economy
UAE Ministry of Labour
abu dhabi Judiciary department
RTA
Land Department
RERA
Ministry of Justice UAE
Ministry of Foreign Affairs UAE

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