SETUP YOUR BUSINESS IN RAK International Corporate Centre (RAKICC)
Start your RAKICC company effortlessly! With our expert guidance, forming your business in this leading offshore jurisdiction is smooth and efficient.
RAK International Corporate Centre (RAKICC)
RAK International Corporate Centre (RAK ICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates.
RAK International Corporate Centre is the consolidation of two company registries in Ras Al Khaimah; namely RAK International Companies (formerly a part of RAK Free Trade Zone) and RAK Offshore (formerly a part of RAK Investment Authority). RAK International Corporate Centre (RAK ICC) was formed as per the Decree No.12 of 2015 and as amended by Decree No.4 of 2016.
RAK International Corporate Centre is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to International Business Company activity. RAK International Corporate Centre is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business Company formation industry.
RAK International Corporate Centre will be at the forefront of International Business Company formation services and continually develop our suite of products to meet the needs of our customers.
RAKICC is governed by the:
- RAK ICC Business Companies Regulations 2018
- RAK ICC Registered Agent Regulations 2018
Business setup consultants opinion
RAK offshore company would perfectly suit startups or large businesses who carry out their activity out of the UAE.
It is a good choice for people who want to hold UAE property under the company name.
Opening up a bank account is slightly longer for a RAK international company in comparison to free zone entities, for example. However, the success depends on the transparency of the client, not the jurisdiction the company is registered at.
RAK ICC company setup
Company formation usually takes 3-5 working days.
Upon registration you will receive:
Certificate of incorporation
Memorandum and Articles of incorporation
Shares register
Register of members
You need to prepare the following documents and details for company incorporation:
Passport
Recent utility bill
Latest entry stamp to UAE copy
Company name options
Business activity
TERMS AND CONDITIONS
- All business partners to be present at DED with their Emirates ID for those who are not registered in MYID (only the presence of one partner (or the manager) is sufficient in case other partners are already registered in MYID)
- Provide passport copy of all license partners (including the manager)
- Provide copy of Emirates ID of all license partners (including the manager)
- Provide copy of residency visa and NOC from sponsor for foreign partners (Non-local, non-GCC)
- Provide copy of visit visa for foreign partners.
PROCEDURES
- All partners will be registered in MYID.
- Trade name will be reserved for the business license (pre-reserved trade name can be used)
- Initial approval will be issued for the business license (pre-issued initial approval can be used)
- Electronic memorandum of association will be issued (Attesting from Notary Public is NOT required)
- Start Business certificate shall be issued with 6 months validity.
Once the customer provides tenancy contract for the business location attested by RERA (Ejari), the trade license will be issued automatically and SMS notification will be sent to the mobile number registered in the license details. The customer can get the license once the fees are paid at any payment channel.
Frequently Asked Questions
Top questions about RAK offshore company
You cannot have an official lease contract for the office, but your registered address will be in Dubai. It will be the address of your Аgent. It will be mentioned in your incorporation documents and normally the Аgent would be able to receive your correspondence at that address. You can also lease a space in a business center, where you can have a desk, phone answering, meeting room and other related services.
No, an offshore company is not liable for VAT, because its business can be carried out only outside of the UAE, thus UAE VAT does not apply. It also doesn't have to be registered with the Federal Tax Authority.
No, an offshore company is not liable for VAT, because its business can be carried out only outside of the UAE, thus UAE VAT does not apply. It also doesn't have to be registered with the Federal Tax Authority.
UAE is free from income tax and corporate tax. It only has import tax 5% for the goods that you bring into the country, and VAT 5% for the trading or service transactions that happen in the UAE. But since an offshore company cannot import any goods to the UAE, it is exempted from import tax too.
There are a few major differences: An offshore company is not allowed to do business in the UAE, but a free zone company can import goods and provide services in the territory of the UAE. An offshore company is not eligible for UAE resident visas, whereas a free zone company is usually entitled for resident visas. А Free Zone company may be liable for VAT if it does business in the UAE, but an offshore company never has to pay UAE VAT. An offshore company is the cheapest type of UAE corporate entity, and any free zone would always cost higher.
Yes, offshore companies have to be renewed annually. The cost of the renewal is $2,150 including Certificate of Good Standing, which serves as a formal proof of the company renewal. Usually we deliver this certificate to the bank in order to update the records and make sure the account of the company stays active.
No, offshore companies are not entitled for resident visas.
RAK offshore company setup cost
RAK offshore company setup cost may slightly vary depending on the Agent.
Price difference usually comes due to differences in:
- Location of registered office
- Dedicated manager for your company
- Professional competence of the Agent managers
Average market rate of RAK offshore company setup is 3,000 USD. Annual renewal costs about 2,000 USD. It makes RAK offshore IBC the cheapest type of company to maintain.