How to Set Up a Company in RAK Offshore

RAK offshore company set up

RAK OFFSHORE is such a great place for the small and medium business setups because special care is given to such enterprises. This is a good opportunity for new entrepreneurs to take their business o foreign countries. In this way, the small and medium businesses get to enjoy the benefits of RAK OFFSHORE.Click here for further details about business set up in RAK Offshore.

Documents required for RAK Offshore Company formation

Application forms

In the application form, you will write all the information regarding the company. In this way, you will get to reserve a name for your company. Along with that, you would be needing the consent of your shareholder, director and secretary.

MOA preparation

This will be prepared for you by the registered agents.

Documents needed for individual applicants

A copy of your passport

A bank reference letter. Make sure that the letter you submit is original and not a photocopy.

Residence proof- For this, you make take your utility bill but the bill should be original and not a copy.

Other documents- if the registrar asks you to bring any additional documents, you may bring them to.

Documents needed for corporate entity applicants

License copy-  you may take your license copy or the certificate of incorporation that was issued to you by the chamber of commerce or any other entity. Make sure the documents are attested or apostilled.

  • Resolution of shareholder- this document should be attested
  • Attested copy of the parental company’s MOA
  • Attested certificate of good standing
  • The passport copies of the directors and the shareholders
  • Incumbency certificate but that should be attested as well
  • Other documents in case the registrar asks you to bring

If the corporate entity is owned by another company again, the documents mentioned above are to be submitted till the final level so that the initial beneficiary of the owner may become known.

Some important notes you should consider;

In RAK offshore company, you can have a non-UAE resident shareholder

a non-UAE resident may act as the director of the company as well.

In RAK offshore company, you can have a corporate shareholder or a director.

The physical presence of the shareholder is not required in RAK offshore.

The company owner may have shares in the companies worldwide along with other states of UAE

Bank accounts can be maintained

The physical offices are not allowed in UAE

Advantages of a RAK Offshore company?

  • 100% income tax exemption

The best part regarding the free zones is tax exemption. You do not have to pay any tax to the government in UAE.

  • 100% corporate tax exemption

Along with tax exemption, the companies won’t even have to pay corporate taxes.

  • 100% capital and profit repatriation

Another perk of opening a business set up in RAK offshore is 100 per cent profit and capital repatriation.

  • No Value-added tax

The company will not have to pay VAT for a business set up in rank offshore.

  • No nationality restrictions

No matter where you are from, you can start your business in RAK offshore.

For more information about RAK Free zone business set up – https://www.farahatco.net/business-setup-in-rak-free-trade-zone/

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