How to Start an Offshore Company RAK?kwsmedeveloper
Ras-Al-Khaimah is the capital and is one of the seven Emirates of the UAE. It covers an area of a 2,468-kilometre square sharing borders with Oman and has a 64-kilometer long coastline making it one of the fertile regions of the country. The RAK city as it is abbreviated as is only a stone’s throw away from Dubai-the heart of The UAE.
RAK city has managed to attract and captivate the attention of foreign investors. The city is proving to be a land filled with business opportunities for seasoned business owners and budding entrepreneurs alike. Most of the business owners and investors prefer to establish an offshore company in RAK.
Below are a few reasons that will provoke you into opening an offshore company in RAK is on the rise:
What is an Offshore Company?
Before you think of starting an offshore company first, you should acquire a better understanding of it.
According to its actual definition, an offshore company is one of the legal business entities that formed in a foreign land that can only operate outside of its country of formation. Another type is in which it acts as an administrator of the parent organization in the foreign jurisdiction.
Offshore often entails:
- Company Limited by Shares
- Company Limited by Guarantee
- Unlimited Company
Primary Requirements of an Offshore Company in RAK:
The fundamental requirements of starting an offshore company in RAK are:
- At least one shareholder should be onboard. If the shareholder is an international investor, all the documents must be attested.
- At least one company director must be mandated.
- All the offshore companies in RAK must have a secretary in their staff. A company director can also act as a secretary.
- It is compulsory for the companies that are operating in RAK to keep their accounting records for seven years from the date of establishment.
Now, let us focus on the steps that are involved in starting an offshore company in the RAK.
The Steps involved in Starting an Offshore Company in RAK:
In order to establish an offshore company in RAK, the series of steps that need to be followed are:
- Select a name for your company and get it approved by the designated Government Authorities.
- Submit the requisite paperwork mentioned below in RAKIA’s company register to register your business entity.
- Apply for the business license specific to your company’s needs.
- Pay the applicable mandatory license and registration fees.
- Collect the required permit.
Your business is now ready for operations in RAK.
Now, let us take a look at the documents required for starting an offshore company in RAK.
Documents Necessary to Start an Offshore Company in Ras-Al-Khaimah:
The mandatory documentation for an offshore company are as follows:
- Attested copy of the passport of the shareholder(s).
- Proof of address.
- Reference letter of the Bank.
- A summary of your professional history.
- A detailed business plan.
Once you submit the documents that are required for establishing an offshore company in RAK to the designated Government authorities, the incorporation process sets in motion. Subsequently, the company is ready for business operations.
Why Should you Choose Ras-Al-Khaimah?
Being a smart business owner, you should know about the benefits that you are reaping from setting up a business in Ras-Al-Khaimah.
Nevertheless, we are going to apprise you of some of the advantages of starting a business in RAK a wondrous Emirate of the UAE:
- The RAK is the powerhouse of industrialization and manufacturing in the UAE. RAK’s manufacturing sector boosts the overall GDP of the country.
- Ease and cost of doing business are comparatively better than the other Emirates.
- Hundred percent foreign ownership is allowed.
- The return on investment is quite high.
- The offshore companies in RAK can retain shares in Onshore, Mainland and Free Zone companies.
- Restriction on currency is not mandated, i.e. multiple currencies can be used during business activities and transactions.
- Disclosure of shareholder, owner of the offshore company in public register is not mandatory.
In a nutshell, starting an offshore company in RAK provides the perfect business opportunity to business owners and entrepreneurs alike.
However, starting a business in a foreign land can prove to be a daunting and confusing task. Therefore, hiring business setup consultants in the initial stages of company formation prove to be a wise decision. As many legal formalities require proper guidance from an expert, which the business setup consultants can give.
So if you are thinking of starting an offshore company in RAK, Hire Business Setup Consultant Dubai for an ultimate incorporation business experience. We can guide you every step of the way.
Contact us and book your commitment-free call with our team today!