Ras Al Khaimah (RAK) is one of the seven emirates in the UAE and has the highest level of industrialisation. The emirate has built its reputation as a business-friendly environment with tax benefits. Setting up a company in RAK is considered as a lucrative option. Government initiatives along with the growing economy have always paved the way for offshore company formation.
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What is an Offshore Company?
An offshore company is a legal business entity set up to operate outside its registered jurisdiction. To incorporate the RAK offshore company setup, the primary focus is knowing about the location. To learn about the jurisdiction, their business advantages and the incorporation procedure, you can seek assistance from Business Setup Worldwide.
Reasons to Register an RAK Offshore Company Setup
There are many reasons to register an RAK offshore company setup, but the general benefits are mentioned below for your understanding:
- RAK offshore companies serve as a gateway for international market expansion.
- It provides complete protection for the details of shareholders and directors.
- It has a stable and business-friendly legal system.
- The emirate provides access to worldwide markets and speedy company incorporation.
- While incorporating an offshore company in RAK, one can enjoy tax neutrality on personal tax, corporate tax, capital gains and inheritance tax.
- The jurisdiction offers better access to global funding and asset protection.
- Investors or business owners are permitted to open multi-currency accounts in the RAK.
Things You Should Know Before Opting for RAK Offshore Company Formation
While opting for Ras al Khaimah offshore company formation, you should know the following:
- Shareholders and Directors – A minimum of one shareholder and director is required for RAK offshore company registration.
- Company Secretary – It is not mandatory to have a company secretary for RAK offshore company formation.
- Paid-up Share Capital – No minimum paid-up share capital is required.
Various Methods for RAK Offshore Company Registration
Registering an offshore company in RAK requires proper planning and teamwork. Before involving in the registration process, having information about the basic requirements will help you in swift incorporation of your offshore company in RAK.
1. Draft a Detailed Business Plan
While setting up an offshore company in RAK, it is necessary to draft a business plan. The plan must contain the details of your company’s information such as the size of the company, office space (if required), budget, hiring employees, and choice of business activity.
After drafting a plan, check with a business expert to learn more about the requirements for RAK offshore company registration.
2. Choose a Business Location
Once you draft the business plan, you need to finalize a location for your offshore company. As you have selected Ras Al Khaimah as your offshore location, you can get in touch with an offshore business setup consultant in knowing more about the jurisdiction. Knowing about the rules, regulations and the legal formalities followed in the respective jurisdiction will help you out to start your process sooner.
3. Finalize a Company Structure
After finalizing the business location, you have to choose a company structure. The business entities are important for running your business successfully and must be chosen according to the requirements of the business.
4. Select a Business Name
Once you finalize the legal structure for your offshore company formation, then you have to choose a business name. To learn more about the naming rules followed in the specific jurisdiction you have to get in touch with Business setup consultants.
5. Fill Out the Application Form
Fill out the application form with proper information. If you commit any error while filling out the form, it may end up being rejected. So it is always advisable to get assistance beforehand.
6. Submit the Documents
For setting up the RAK offshore company setup, it is essential to submit the following documents.
- Passport copies of the directors and shareholders
- Address proofs of the directors and shareholders [in case utility bills are given for the same, they shouldn’t be over 3 months old]
- CV of the shareholder stating educational and professional background
- Bank reference letter
7. Wait for Company Approval
After submitting the documents for Ras Al Khaimah offshore company formation, you have to wait for business approval. To check the status of the approval process, you can get assistance from the business experts.
8. Pay the Initiation Amount
The initiation fees varies according to your company setup steps. Pay the required amount to proceed to the next step.
9. Open a Bank Account
Once your RAK offshore company is incorporated, you need to open a bank account. Opening an offshore account is essential for carrying out your financial transactions. To do so, get in touch with an experienced business expert.
RAK Offshore Company Setup Cost
For incorporating your business, it is essential to know the RAK offshore company setup cost. The cost may vary depending on your business requirements. So, it is highly recommended that you seek the help of an expert. By knowing the exact pricing, you can plan well to proceed with your RAK offshore company formation.
If you are looking to begin a business or expand your company into a new market, get in touch with Business Setup Worldwide. The experts at BSW will take care of all the compliance requirements and will also act as a liaison between the company and the relevant authorities.