Business Setup In Ras al khaimah Offshore
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Business Setup In Ras Al Khaimah Offshore
Ras Al Khaimah Offshore is a popular offshore jurisdiction in the UAE for entrepreneurs looking to set up a cost-effective and tax-efficient business. It offers several benefits, including 100% foreign ownership, tax exemption, and no foreign exchange controls.
Businesses operating in the Ras Al Khaimah Offshore zone can access a large pool of skilled workers and a robust infrastructure. The setup process is relatively straightforward and can take a few days to a few weeks, depending on the complexity of the business activity. It is advisable to work with a business setup consultancy firm that can assist with the entire process and ensure compliance with all the regulations.
Here are few important points on business setup in Ras Al Khaimah Offshore:
Types of companies: Businesses can register two types of offshore companies in Ras Al Khaimah Offshore – a Ras Al Khaimah International Company (RAK IC) and a RAK Offshore Company. The RAK IC can conduct any legal business activity, while the RAK Offshore Company is limited to holding investments and assets.
Share capital: There is no minimum share capital requirement for businesses setting up in Ras Al Khaimah Offshore. However, it is recommended to have a minimum of $1 as share capital.
Registered agent: All businesses in Ras Al Khaimah Offshore must have a registered agent. The registered agent can provide several services, including company registration, assistance with opening bank accounts, and document attestation.
Business licenses: Businesses in Ras Al Khaimah Offshore must obtain a business license from the Ras Al Khaimah International Corporate Centre (RAKICC). The license is renewed annually, and failure to renew can result in fines and penalties.
Banking: Businesses can open corporate bank accounts with any bank in the UAE or abroad. Most banks require the presence of the company’s director or authorized signatory to open the account.
Business Diaries provides end-to-end business setup services, from company registration and licensing to visa processing, accounting, and legal services. We work closely with our clients to understand their business goals and needs, and offer tailored solutions that best suit their requirements.
Documents Required For Setting Up An Offshore Company In Ras Al Khaimah
To set up an offshore company in Ras Al Khaimah, you will need to provide the following documents:
- A completed application form
- A passport copy of the shareholder(s) and director(s)
- A bank reference letter
- Proof of address for the shareholder(s) and director(s)
- A business plan (not always required)
You will also need to engage a registered agent to submit the application and provide ongoing services such as registered office, company secretary, and nominee director (if required).
Benefits Of Business Setup In Ras Al Khaimah Offshore
The advantages of setting up a business in Ras Al Khaimah Offshore include:
- 100% foreign ownership
- No personal or corporate income tax, no withholding tax, and no value-added tax (VAT)
- Fast and easy registration process
- Low incorporation and maintenance costs
- Repatriation of capital and profits
- No currency restrictions
- Access to a large market
- World-class infrastructure
- Simplified company formation process
- No requirement to submit annual financial reports
- Access to a stable and business-friendly legal and regulatory environment
Frequently Asked Questions
What is the minimum share capital requirement for an offshore company in Ras Al Khaimah?
There is no minimum share capital requirement for an offshore company in Ras Al Khaimah.
What is the difference between an offshore company in Ras Al Khaimah and a free zone company?
An offshore company in Ras Al Khaimah is not allowed to conduct business within the UAE, while a free zone company is allowed to conduct business within the free zone and with companies outside the UAE. Free zone companies are also subject to different regulations and tax regimes.
Can an offshore company in Ras Al Khaimah conduct business within the UAE?
No, an offshore company in Ras Al Khaimah is not allowed to conduct business within the UAE. It can only engage in activities outside of the UAE.