Offshore company registration with Ras al Khaiman International Corporate Centre (UAE)

Ras Al Khaimah International Corporate Center (RAK ICC) – offshore jurisdiction of the United Arab Emirates, established in 2015 by merging two free-zone registries RAK IC and RAK Offshore. The goals of the formation of SEZ – attraction of foreign investors, opening of international business projects in the region.

Non-resident commercial organizations registered with the RAK ICC are allowed to engage in any activity other than insurance, banking, trust. The most popular are trade, construction, tourism, consulting. It is forbidden to conduct business in the territory of the Emirates. Jurisdiction is not included in the "black" lists of tax havens, the organization of offshore operations meets international standards, cash settlements with foreign partners do not cause problems.

Organizational and legal forms of offshore legal entities

• LLC (Company Limited by Shares);
• Ras Al Khaimah company with segregated portfolios;
• an unlimited company;
• a company (LLC) dedicated to solving special problems.

What is included in the price

1. Lawyer's advice on international and corporate law.
2. Due Diligence – beneficiary identification.
3. Preparing documents.
4. Title check.
5. Office registration (for a year).
6. Paying fees and charges.
7. Registration of a legal entity.
8. Registration agent services (for a year).

Documents required to open a legal entity

For each founder, director, secretary, prepare:

• short CV (indicating education and work experience);
• a color copy of the international passport with the latest arrival stamp in the UAE (if any);
• utility bill (not older than 3 months, with last name, first name, address);
• letter from a banking institution confirming the existence of a personal account (issued no earlier than 3 months ago).

If the founder is a legal entity, constituent documents are needed. Additional documents will be required to obtain a license.

Documents provided after registration

1. Certificate of registration.
2. Charter
3. Share certificates.
4. Registers of directors, shareholders.

Working algorithm

1. Consultation in person at the office or over the phone.
2. Identification of the identity of the ultimate beneficiary – Due Diligence.
3. Payment for registration services.
4. Preparation of documents, their translation, certification by a notary, and the UAE Embassy.
5. Paying the registration fee.
6. Get legal address.
7. Company registration.

Principles of jurisdiction

1. The possibility of opening a company with 100% foreign capital.
2. Clear and transparent legislation.
3. Tax exemption.
4. No restrictions on capital, repatriation of profits.
5. Register a business remotely, manage your business from anywhere in the world.
6. No requirement to file financial and audit reports.
7. Confidentiality of information about participants, directors.

Disadvantages of jurisdiction

1. Founders, managers of a legal entity are not entitled to apply for a resident visa.
2. Transactions with residents and companies registered in the Emirates are prohibited.
3. A certificate of registration is issued only for a certain period, after the expiration of the document it needs to be renewed.

List of banks in jurisdiction

• My Bank;
• RAK Bank;
• Al Hilal Bank.

Company Requirements

Offshore companies are opened only through a local registered agent, a registered office is required (the actual one is not provided). The minimum number of directors, shareholders – 1 (may be one person – natural or legal). The name must use Latin letters. Emirates, Municipal, Trustee, Bank, Insurance, derivatives of these words are prohibited.