RAK ICC Offshore Company Formation | Offshore Company Setup in UAE

RAK-ICC Offshore

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RAK-ICC OFFSHORE

What is RAK-ICC

RAK-icc Offshore is a popular destination among investors and entrepreneurs looking to establish an offshore company in the UAE. While there are many offshore destinations to set up a business globally, RAK-icc stands out for several reasons.

It has been said that one who sets foot in this destination, his/her business venture gain wings and become profitable in no time. Described further are various benefits of setting up a company in RAK-icc, the process, the documents required and how Corpin Consultants can help you realize your dream of company formation in UAE in no time! Let’s explore further!

Benefits of RAK ICC Offshore Company Formation

Do I need a physical office in the UAE?

No. RAK ICC companies use the address of their Registered Agent as their legal address.

Can a single person be the only shareholder and director?

Yes. A single natural person can hold both roles. Corporate entities can also be shareholders.

Do I need to visit the UAE to set up the company?

No. The entire incorporation process can be handled remotely through an authorized Registered Agent.

Can a RAK ICC company trade within the UAE?

No. It is restricted from conducting commercial activities, such as selling goods or services, within the UAE. It must operate internationally.

Can I get a UAE residency visa through an offshore company?

No. RAK ICC companies do not grant eligibility for UAE residency or investor visas. For visas, you would need a Free Zone or Mainland setup.

What are the annual renewal requirements?

You must renew your license annually. This involves paying a renewal fee to the registry and the Registered Agent. Failure to renew results in hefty penalties or striking off.

Offshore Company Formation Dubai – Types of Firms that can be formed

Looking to set up a business where shareholders’ liability is limited? LLC is the way to go.

In this type, the company’s shareholders liability is limited to the amount they haven’t paid on their shares.

If you are starting a non-profit organization, club or an association, consider this company structure.

Companies dealing in investment funds, asset protection, and insurance businesses should go for this type.

International companies who want to establish a presence in the UAE without creating a separate legal entity can establish their branch of a foreign company in the RAK-ICC.

These are the businesses that hold shares in other companies and which manage group assets.

Companies involved in wealth management, family offices, and portfolio management come under this category.

This category comprises of companies seeking to centralize and protect intellectual property assets.

Process of Forming a RAK ICC Offshore Company

Prepare and submit the necessary documents, including:

Passport copies of shareholders and directors
Proof of address (utility bill or bank statement)
CV or professional profile of shareholders and directors
Proposed company name and business activities
Memorandum and Articles of Association.

Submit all the documents, fees and the form to the RAK ICC office.
Once your application is reviewed and approved, officials issue you the Certificate of Incorporation.

A minimum of one shareholder is required, and there can be multiple shareholders.
At least one director is required. Shareholders can also serve as directors.
Appointment of a company secretary is optional.
There is no minimum share capital requirement.
The company must have a registered office address provided by the registered agent.

The company must renew its registration annually.
While there is no requirement to file annual accounts, maintaining accurate financial records is recommended.

RAK ICC Offshore Company Formation with CorpIn Consultants

CorpIn Consultants is a leading company formation firm in Dubai that provides end-to-end assistance to those looking to establish an offshore company in RAK ICC. As an approved registered agent by RAK ICC, we offer expert guidance and help you prepare all necessary documents so they meet the regulatory requirements. Choose CorpIn Consultants to ensure your company formation in Dubai is set up efficiently and in full compliance with local laws.