Advantages Of Offshore Company Formation In Rak

By Author: KWSMiddleEast
Total Articles: 1
Comment this article

Dubai offers a friendly & stable business environment not only for the UAE business investors it also broadens its amazing business opportunities on a global scale. Offshore companies can easily establish themselves as a successful brand out of their registered place with the benefits of offshore company formation in the UAE.

Out of seven independent federal emirates of UAE, Ras Al Khaimah is considered the perfect strategic location for overseas companies. It provides attractive opportunities for incorporating a foreign business or international companies under Ras Al Khaimah International Corporate Centre. RAK ICC is the registered company by the UAE government for the offshore company formation in Dubai.

Apart from this, the RAK investment authority offers a wide range of financial services/facilities & multiple taxation services for foreign investors. Business owners & entrepreneurs from around the globe are willing to invest in Dubai offshore business because of the short span of incorporating a company, tax-free ...
... scheme & confidential financial account.

Highlighted Features Of RAK Offshore Company Formation

● Permit full company ownership

● Don't have any restrictions on foreign currencies

● Don't require any local office & local staff

● Require only one local shareholder. Shareholder & director can be the same person

● 0% income & personal tax

● Complete repatriation of capital and profits

● Have an interest in real estate in the United Arab Emirates and intellectual property

● RAK offshore company holds the copyright, trademarks & patent

● Offshore company formation requires no audit report

Benefits Of RAK Offshore Company Formation

Foreign investors are attracted to open their overseas companies in RAK as it has the most diversified activities other than other economic zones stated in Dubai. RAK is the first economic zone to open the registration for international business throughout the Middle East sector. It is one of the lucrative offshore zones where the company formation costing is remarkably lower than any other zone & also you can get all the office establishment-related work done within a short period of time. The benefits of RAK offshore company formation in terms of laws, regulation & administration are:

★ Multi Currencies Bank Account: One of the most important & effective advantages is that foreign owners can access local & international bank accounts using multi-currencies. It gives more flexibility to the MNC's to facilitate their international transaction & fund outside their registered office.

★ Business Confidentiality & Privacy: Doing offshore business with RAK ICC provides investors & shareholders complete anonymity & confidentiality according to their rules & regulations. This is one of the main reasons why business owners all around the globe choose this area as their branch office.

★ Tax Advantages & Double Taxation Avoidance Agreement: Offshore companies in UAE don't require paying any types of corporate or income tax. Companies can enjoy 0% tax exemption for every business including import & export. Most foreign business owners start their company to avail this tax-free business environment & make a total profit easily.

Also, the Double Taxation Avoidance Agreement(DTAA) is a tax contract signed among the countries so that foreign investors don't need to pay any tax where they transit with. It requires when a person/individual belongs to a country but the income source from another country. To avoid paying double taxes, the UAE government signed this agreement with 80 countries to make offshore company formation more advantageous.

★ Low Company Formation & Maintenance Cost: Another benefit is the ease of company formation with affordable maintenance costs. Setting up an offshore company in RAK is so time-efficient that it only takes 3-7 working days maximum to process all the legal papers. Even investors don't need minimum capital requirements. But having a shareholder or directors is mandatory. Also, you can run offshore companies in a virtual space, with no need for physical office space.

★ Multiple Business activities: The best-suited business activities of offshore companies in RAK includes:

○ Holding Company (buying/holding/selling stakes of companies)

○ Advisory & consulting services

○ General Trading

○ Shipping Management Companies

○ Commission Agents Companies

○ Architectural and Engineering Consulting

○ Real Estate Management

○ Transport & Construction services

Documents Required For Individual & Corporate Shareholders

● Valid passport & visa copy of company directors & shareholders

● Business profile of shareholders

● Proper business plan with 3 recommended trade name

● The physical address of shareholders with proof

● Bank reference letter

● Certificate of incorporation

● Memorandum & Articles of Association

For establishing the first offshore company in RAK, you can prefer a top-notch company formation consultant in Dubai to make your business formation process hassle-free.