Business Setup For An Offshore Company Ras Al Khaimah Economic Zone (Rakez)
A To Z Guide For Company Formation For RAKEZ Offshore Company In Ras Al Khaimah
Overview About RAKEZ Offshore Company
- Ras Al Khaimah Government introduced regulations in 2006 for offshore company formation inside RAKIA.
- In 2017, RAK FTZ and RAKIA merged to form a new entity RAKEZ.
- Currently it is known as RAKEZ authority.
- RAKEZ offshore maintains high reputation with international financial authorities.
- 100% foreign ownership is allowed.
- Bank account of an offshore company registered with RAKEZ can be opened in multi currencies.
- RAKEZ offshore company can only be registered through a registered agent.
- Annual audit of an account is not mandatory.
- RAKEZ offshore company is not allowed to rent an office location in UAE.
- RAKEZ offshore company cannot conduct banking and insurance business.
- RAKEZ offshore company is allowed to own real estate.
- RAKEZ offshore companies are allowed to own shares in onshore LLC.
- Names of share holders and directors are not displayed on public register.
- Since 2019, it is mandatory to submit ESR notification for all offshore companies as per ministry of economy.
- Offshore company does not fall under VAT levied by Government.
Key Benefits of Registering Offshore Company with RAKEZ in Ras Al Khaimah
- Asset protection
- Succession planning
- Privacy and Anonymity
- Low operational cost
- Operational bank account in multi currency
- Invoicing internationally for trading and services businesses
- Owning freehold real estate in Dubai
- Owning shares in mainland LLC
Popular Business Activities in an Offshore Company Registered with RAKEZ Ras Al Khaimah
- Property holding
- Asset or share holding
- Investment holding in form of stocks, precious metals and funds
- International trading
- International consultancy services
- Holding IP rights
Minimum Legal Requirements for RAKEZ Offshore Company Registration in RAK
- Minimum one share holder is required.
- Corporate company can also be a share holder in an offshore company. However all attested documents are required for a foreign corporate company.
- Having director is must in an offshore company. Director names are not available in public domain.
- Appointment of secretary is must in JAFZA offshore.
- Share holders names are not available on public domain.
Documents Required to Register an Offshore Company in RAKEZ Dubai
- Passport copy
- Utility bill clearly showing name and address not older than 90 days
- Bank reference letter from any recognised bank or bank statement
- CV for the share holder
- Business plan
- Duly filled in application form
- Any other compliance process adopted by an authority or registered agent
Special Note
- An offshore company registered in RAKEZ RAK is not allowed to conduct any business inside UAE.
- An offshore company registered in RAKEZ RAK is allowed to own asset inside United Arab Emirates.