Why You Need to Venture into RAK Company Setup

Why You Need to Venture into RAK Company Setup

RAK Company Setup

A popular Arabian destination in the UAE boasting a wealth of scenic spots and luxurious accommodations for both tourists and residents, Ras Al Khaimah (RAK) is one of the most ideal locations to start a company.

One of the things that make offshore company formation in RAK secure and cost-efficient is its lower establishment cost compared to Fujairah and Dubai. What’s more, RAK company setup enables you to have a sole shareholder whose physical presence is not required. Apart from these, it offers other hosts of great benefits that will take your earning potential to a new level.

Perks of a RAK Company Setup

Have you ever wondered why a number of entrepreneurs choose to venture into offshore company formation in RAK? Here are just some of the reasons:

  • It paves the way for the entrance to the global market
  • It offers a business-friendly and secure legal system
  • Global funding is available
  • Protection tools for assets including intellectual property are provided
  • It enables the retention of profits, capital, and international earnings
  • Offshore firms in RAK are fully exempted from tax
  • Flexible rules and regulations
  • Entrepreneurs can hold shares in an offshore company and in a free zone company
  • Firms can have several bank accounts in various currencies to conduct their international business operations
  • To incorporate an offshore company, only a single secretary, shareholder and director are required. They can also be the same person.
  • There are zero restrictions on citizenship and there are no limitations when it comes to residency
  • You can expect nothing but the highest level of confidentiality and privacy

What are the Documents Required for RAK Company Setup?

Submit the following requirements for a quick and glitch-free registration process:

Documents for a Company with an Individual Shareholder:

  • Notarized passport copies
  • Original copy of the reference letter from your bank addressed to RAK Offshore Authority
  • Original copy of residency proof such as municipality certificate or utility bill
  • The CV of the company’s shareholder
  • The company’s bank statement for the last 6 months

Documents for a Company with More Than One Shareholder

  • Attested photocopy of the applicant company’s incorporation certificate or business license
  • Attested Memorandum of Association (MOA)
  • Attested shareholder’s resolution
  • Passport copies of the shareholders and directors
  • The company’s Certificate of Good Standing or Certificate of Existence
  • The company’s incumbency certificate mentioning the names of the directors and shareholders
  • Additional documents that may be requested by the authorities

Steps in Establishing an Offshore Company in RAK

The good news is that registration of a RAK offshore company takes as quick as 24 hours. Here are the steps involved in the process:

  • Obtain approval for your company’s name and business activities.
  • Ensure that the incorporation documents are signed and submit them to the Registrar in RAKIA, Ras Al Khaimah offshore’s a regulatory body.
  • Pay the registration and incorporation fees via cash, online, or money transfer.
  • Open a corporate bank account and you can kickstart the operations.

Offshore company formation in RAK is quicker and easier than you realize. Through timely submission of necessary and complete documents to the authorities, you can have your business up and running into time.

 

RAK Offshore Company Formation

RAK Offshore Company Formation

RAK Offshore Company Formation

Ras Al Khaimah (RAK) is situated at the northernmost part of the United Arab Emirates (UAE), one of the leading destinations for setting up a company in the country. RAK’s cost-effective and business-friendly environment has aided numerous investors to achieve a higher return on investment.

Founded in 2000, Ras Al Khaimah Free Trade Zone (RAK FTZ) is one among the three major offshore jurisdictions in the UAE.

Ras Al Khaimah Investment Authority (RAKIA) was established to strengthen the investment sector of RAK and to promote numerous financial industries.

As of 2017, RAK FTZ and RAKIA is now part of a larger group, RAK Economic Zone (RAKEZ). Ras Al Khaimah Economic Zone (RAKEZ) was founded to supervise and merge the specific clienteles of RAK FTZ and RAKIA.

RAK Offshore Company formation is primarily envisioned for investors who are in search of a safe place to process international businesses and transactions.

RAK Offshore provides an offshore site for international organisations and financial services. It offers a robust and flexible legal structure.

RAK offshore company registration offers several benefits including,

  • Auditing not required
  • Exemption from personal income or corporate taxes
  • Fast and economical company set up
  • Complete foreign ownership
  • Double Taxation Avoidance Agreement with over 40 countries
  • No restrictions in foreign currencies
  • Not required to have physical offices
  • High level of confidentiality
  • Easy access to markets throughout the Middle East, North Africa, Europe and Asia
  • Shareholder is allowed to operate the establishment

 

Each RAKEZ Offshore Company is mandatory to have a secretary, which is assigned by the shareholders for such period as determined by the investors. It is possible for a shareholder to be appointed as a director or a secretary. The company is required to have a minimum of one director. The Memorandum and Articles of Association (MOA and AOA) will have the fixed number of directors. Information on the directors and shareholder will not be available for public inspection. The incorporators will assign the first directors at the time of incorporation and will be subsequently elected by the shareholders.


 

RAK FTZ and RAKIA are now part of RAKEZ

RAK FTZ and RAKIA are now part of RAKEZ

Ras Al Khaimah Economic Zone (RAKEZ) is an authority established by the government to supervise, control and amalgamate the services, amenities and zones of Ras Al Khaimah Free Trade Zone (RAK FTZ) and RAK Investment Authority (RAKIA). RAKEZ offers easy access to the UAE’s local markets as well as the Middle East, Europe, North Africa, and South and Central Asia. RAKEZ has now become one of the largest economic zones in the region aided by RAKIA and RAK FTZ.

RAK’s two prominent free zones began their alliance in 2016 by merging their management and board teams. Leading as Chairman, His Highness Sheikh Ahmed bin Saqr Al Qasimi and Group CEO Ramy Jallad. The back-office functions of the two entities were combined to streamline their activities and improve service delivery to clients.

The Chairman of RAKEZ, His Highness Sheikh Ahmed bin Saqr Al Qasimi, said:

The formation of RAKEZ marks an important milestone for the free zone landscape in Ras Al Khaimah. We have established a new Authority that will drive the emirate’s development by diversifying its offerings to attract a broad client base and grow the number of investors. It is our firm belief that after nearly two decades of operating independently, the time is right to leverage the combined resources of RAKIA and RAK FTZ under one strong, unified brand. We are confident that with RAKEZ, we will start an exciting journey that will help achieve our vision for Ras Al Khaimah to become a leading global investment destination that is better able to serve our clients.

RAKEZ provides free zone, and non-free zone licences through RAKIA and RAK FTZ for firms functioning in various industry sectors including, consulting, manufacturing, logistics, trading, media, academic, and so on.

The Group CEO of RAKEZ, Ramy Jallad, had mentioned that RAKEZ would have a significant impact on existing potential investors, clients and the economy at large. He also said that the authority looks forward to meeting their investors’ and clients’ needs and empowering their growth.

RAKEZ has promised to be committed to assisting Ras Al Khaimah’s vision of being a prominent investment destination for investors all around the world and substantially contributing to the emirate’s economic growth.

GCC Solutions provides company formation services within the RAK FTZ jurisdiction. We work in close corporation with RAK FTZ as a registered agent and can provide offshore company set up services to create a bespoke offshore company.