RAK ICC is one of the international corporate registries which is based in Ras Al Khaimah. Due to the RAK ICC’s international reputation, cost-effectiveness, compliance with local and international legislation, and good professional services, foreign investors prefer to register an offshore company with them.International investors can take advantage of additional RAK ICC benefits, some of which will be covered in this blog. To form a RAK ICC firm, you must appoint registered agents in the UAE. This article will serve as a complete guide to getting started with RAK ICC. Browse through it.
Perks of Starting Your Business with RAK ICC
Confidentiality and privacy
The details of RAK IBC owners and shareholders are kept confidential as per the law. This rule offers a conducive business environment, especially among foreign investors interested in financial planning and asset protection service provision.
No Minimum Capital
If you start a UAE mainland company, you will be required to deposit a minimum level of capital. The capital needs to be stated in the Memorandum of Association (MoA) and should be deemed sufficient to ‘achieve the purpose of the company incorporation.’ For certain businesses, such as a public stock company, you will be required to deposit a minimum of AED 30 million. However, offshore company incorporation in RAK ICC involves no minimum capital requirement. Moreover, there is no restriction on the repatriation of capital and profits.
Easy to Open a Bank Account
Opening a bank account in the UAE or internationally is a big challenge faced by investors. The extensive KYC procedures followed by banks to comply with Anti-Money Laundering (AML) laws have made the process of bank accounting tough for international investors. However, investors setting up a RAK ICC offshore company can open corporate bank accounts within the UAE and hold them internationally as well. Since the RAK ICC company is considered a UAE entity, the normal extensive attestation of corporate documents for foreign businesses isn’t required.
Efficient Legal System
Foreign investors can have access to an efficient legal system as the RAK ICC operates as per Common Law legislation. It means companies registered with RAK ICC will have access to the Common Law Courts of the Abu Dhabi Global Markets (ADGM), the Dubai International Finance Centre (DIFC), as well as the local courts in Ras Al Khaimah. Access to such a legal system ensures that companies are compliant with local and international laws at all times, and their investments in other countries are fully protected. RAK ICC’s strong links with the DIFC and ADGM courts make it easier for investors when it comes to the migration or continuance of existing corporate entities from other jurisdictions.
Multiple business activities: RAK offshore company owners are permitted to engage in multiple business activities like the provision of professional services, trading, and property holdings among others.
Firstly, setup costs in RAK are generally much lower than in the rest of the UAE and there is no need to add the expense of renting office space since all companies in RAKICC have a registered office.
Steps to establish an offshore business in RAKICC
Incorporating a business in RAK ICC is as easy as these,
- Decide on the name of your business and the tasks it can perform.
- Compile the pertinent documents listed below.
- Submit an application to RAKICC for the incorporation of the business.
Documents needed to create a RAK company
These are the documents that the government typically need to establish a corporation in RAK.
- Three suggested names for the business
- Each shareholder and director must have a valid passport with an entrance stamp for the UAE.
- A picture of the stockholder
- Memorandum of Agreement (attested)
- Resolution of the shareholders (attested)
- Letter of good standing (bank reference letter) for the shareholders
- Verification of each director and shareholder’s home address
- Certificate of Good Standing, often known as the company’s “Certificate of Existence” or “Incumbency Certificate” (mentioning the names of the
- shareholders and directors)
- Board decisions and powers of representation
- Throughout the registration process, the authorities could ask for additional papers.
Al Arabiya Business Set Up assist you in hassle free business formation in the UAE. So, ring us today to know more!