Ras Al Khaimah (RAK), a constitutional federation of seven emirates located on the Arabian Peninsula’s south-eastern edge, is no doubt but one of the suitable places for forming an offshore business. Having RAK Offshore is the quickest option to invest in UAE-based offshore firms. The regulatory authority Ras Al Khaimah Investment Authority (RAKIA), and RAK offshore firms are under the control of the RAK Offshore Regulations 2006.
What are the documents you require for RAK offshore company formation?
It is obvious that you need some important documents to cover up for the application of the RAK company set up. Let us look at the list of documents so that you won’t miss a thing or two before the company formation.
If the company is owned by a single shareholder then you require the documents given below:-
- Firstly you need to have a copy of your passport which is notarized
- Next, you need an original copy of the bank reference letter that is to be submitted to the RAK Offshore Authority
- Then get a copy of residency proof in which you can get a utility bill or even a municipality certificate but should be original
- Next, you will need a CV/ Curriculum Vitae of the shareholder
- Finally, you should have a bank statement of the company for the last six months
If your company have more than one shareholder then you need the documents given below to set the business up:-
- Firstly you need a copy of your business license or attested incorporation certificate
- Next, you will need an attested memorandum of association
- You will next require shareholders resolution
- Another thing you need is a copy of the passports of all the directors and the shareholders involved
- Then you need a certificate of good standing or certificate of existence of the company
- Don’t forget about the incumbency certificate of the shareholders and directors of the company
All the additional requirements on the documents will be asked by the authorities during the application process
What are the steps involved in RAK company formation?
Do you have all the important documents with you for the RAK free zone company formation? Then worry no more, it will take only one day to complete the registration of the company. For your better understanding, we will be discussing the step-by-step process in the setup procedure.
- Firstly, you have to come to terms with the selection of the company name. After selecting the one you need to get approval from the respective authorities to finally name the company and your business activities
- The next significant step to company set up is to sign in all the incorporation documents. After that, you ought to submit it to the registrar in RAKIA which is the known regulatory body of RAK offshore
- Next is the step to pay for the registration. Not only the registration but also the incorporation expenses. The payment can be done online or cash or through money transfer
- Everything you need to start the business is done now. The leftover procedure is to start a corporate bank account.
What are the advantages of setting up a RAK offshore company?
An offshore company in the UAE is not the same as the UAE free zone company and so an offshore company is a legal corporate body. It is actually started outside of its registered authority. There are several reasons why businessmen all around the world prefer the RAK offshore company. Let us understand what all are those amazing benefits entrepreneurs are reaping.
- The first advantage that you might want to know is that it lays a pathway to the international market
- You will get a constantly stable legal system and a business-friendly environment
- Businessmen can get relief from getting the enormous flow of fund
- Next is that you and your company assets are constantly under protection. Protection tools are applied to protect the misuse of intellectual property
- You will hundred percent get to enjoy tax exemption
- RAK permits capital, profit, and international earnings to be retained
- Entrepreneurs can enjoy the comfortable and flexible business-friendly rules and regulations
- The next important advantage is that the company owners can enjoy the freedom to catch on to shares. They cannot only hold on to the shares in a free zone company but also in an offshore company
- We can get multiple bank accounts of different currencies for those who deal with international business deals and transactions
- You will not face any kind of restriction on citizenship and also not any residency limitation
- Another advantage is that you only need one director, shareholder, and secretary to run the incorporation of a RAK offshore company. Also, they can be the same person who acts out the important roles in a company
- RAK Offshore company can gift you with the trusted level of privacy and confidential behavior
Conclusion
To sum it up, Ras Al Khaimah provides you with the best business infrastructure with a cost-effective setup process. You will get a luxurious stay and amazing spots for you to effectively start the business. The cost setup is comparatively low when compared to Dubai or Fujairah. Apart from the location, you will get tax exemptions, total foreign ownership, and so on. You can be a single shareholder and not even have a physical presence but are solely allowed to start RAK offshore companies. Whatever the case is you need expert advice and guidance on how to start up the business employing the business resource we have. You can consult the best business setup consultants in RAK offshore to help you do it easily and fast.
