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.