Ras Al Khaimah (RAK) is undoubtedly an ideal location for business set up in the UAE. RAK is considered to be the best destination for both luxury and comfort. Going with company formation in RAK, businessmen get to settle their businesses in a most comfortable way. Business set up in RAK helps the people, especially the entrepreneurs, to get the most cost-effective solutions for their companies as compared to that of Dubai. There are numerous advantages associated with RAK as it allows total tax exemption along with total ownership. If the companies want, they would be able to have only a single shareholder without physical presence. This is not all as there is a whole lot of other advantages of RAK company formation as well.
The businessmen who go for business set up in RAK get the most secured banking and security options. This saves them from unnecessary time and stress. Businessmen can invest in RAK companies in a very efficient manner. It really won’t take much time for a company formation in Ras Al Khaimah.
The authority that is considered to be the governing body in RAK is called Ras Al Khaimah Investment Authority (RAKIA).
Requirements for An Offshore Company Formation In RAK
For your offshore company formation in RAK, a proper set of documents are required. Submitting these documents is mandatory else the authorities won’t allow the business formation.
Documents required for an individual shareholder
- Your notarized passport copies
- Original reference letter from the bank addressing RAK Offshore Authority
- Proof of residency
- Shareholder’s Curriculum Vitae (CV)
- The Parent Company’s bank statement for the last six months
Documents required for more than one shareholder
- Photocopy of the business license or the attested incorporation certificate of the applicant
- Attested Memorandum of Association (MoA)
- Attested resolution of the shareholder
- Passport copies of the directors
- Passport copies of the shareholders
- The existence or good standing certificate
- Certificate of Incumbency
- Additional documents if request by the concerned authorities.
For a company owned by any other company, the above-listed documents should be up to the last stage in order to get an idea about the initial beneficiary owner.
Procedure for RAK Company Formation
Before starting the RAK business formation process, do not forget to fulfil all the requirements for RAK offshore company formation. If you do each and everything in a proper manner, it will only take a day for you to register your offshore company in RAK.
Here is the proper procedure for the formation of an offshore company in RAK;
First of all, you must get all the required approvals from the concerned authorities regarding the company name and the business activities.
Sign and submit the documents
Sign and submit all the incorporation documents to the RAKIA’s registrar. RAKIA is the regulatory body in RAK offshore. So, you must submit your documents to it.
Pay the fees
Pay all the incorporation and registration fees via online, cash or any other medium including the money transfer.
Create a bank account
As you are already done with all other processes, you must go for opening a bank account in order to start all your business operations easily.
Advantages of Offshore Company Formation in RAK
The first and the foremost thing that you must keep in mind while opening an offshore company in RAK is that it is not at all like a UAE free zone company. This is because the offshore company is the one that is set up and operated out of the authority it is registered in.
Here are some of the main reasons which make the people go for RAK offshore company formation;
- It has a very good legal system which is stable as well as friendly.
- Global funding is really huge here.
- Protection tools for protecting intellectual property are offered here.
- The companies here are able to enjoy the total exemption from tax.
- There is no restriction on the currency.
- The companies are allowed to have more than one business accounts.
- It offers flexible rules and regulations to the companies.
- It doesn’t need a huge number of shareholders, directors, and secretaries.
- There is no limitation of residency.
This is not all. There is a huge number of other benefits as well which will surely make you start your business in RAK.
As the offshore companies in RAK need an agent, you must count on FAR. This is because RAKIA needs the registered agents who are from approved authorities. This is all that you get at FAR. It offers the best services as the agents here are very well knowledgeable of the process of offshore company registration. They make sure that they provide their clients with the best options so that they may go through the most hassle-free business processes.
So, contact us if you want us to take care of all your business processes on your behalf.