About RAKICC and RAK Offshore
The RAK International Corporate Centre (RAKICC), also referred to as RAK ICC, is a government-operated corporate registry located in the Emirate of Ras Al Khaimah, UAE. RAKICC specializes in the registration and formation of international business companies (IBCs) and offshore companies in the UAE, offering a comprehensive range of services for offshore company formation.
RAKICC was established through Decree No. 12 of 2015, later amended by Decree No. 4 of 2016, which merged two former company registries: RAK International Companies (formerly part of the RAK Free Trade Zone) and RAK Offshore (previously managed by the RAK Investment Authority).
Renowned for its modern, world-class approach, RAKICC adheres to international best practices in offshore company registration. It has built a strong reputation and is regarded as one of the most respected and trusted brands for offshore company formation in the UAE.
RAK Offshore or RAK IBC refers to an offshore company registered with RAKICC in the Emirate of Ras Al Khaimah. Prior to the consolidation of corporate registries in 2016, RAK Offshore was a separate entity under the RAK Investment Authority.
Key Benefits of RAK Offshore Companies in the UAE
- Bank Account: You can open a corporate bank account in the name of the RAK offshore company.
- Property Ownership: RAK offshore companies are allowed to own real estate in Ras Al Khaimah and Dubai.
- 100% Foreign Ownership: Foreign investors can fully own a RAK offshore company with no local partner required.
- Shareholding: A RAK offshore company can hold shares in both mainland and free zone companies within the UAE.
- Zero Taxes: RAK offshore companies benefit from a tax-free environment, with no income tax, capital gains tax, or withholding tax.
- Subsidiary Setup: You can establish a subsidiary within the RAK Economic Zone.
- Modern Legislation: RAKICC operates under a cutting-edge legal framework, ensuring a stable and reliable offshore company setup jurisdiction.
- Compliance: RAKICC adheres to strict compliance standards, ensuring robust regulatory procedures for offshore company formation.
3 Simple Steps
Register your RAK Offshore Company in UAE in 3 Simple Steps
Timelines
Here is the timeline for RAK offshore company formation.
RAK Offshore Company Bank Account
Once your RAK ICC company registration is completed, you may open a bank account with any bank that provides services for UAE offshore companies as well as offshore companies globally. We collaborate with major banks in the UAE and worldwide and will assist with all coordination and facilitation required for the bank account opening.
The process for opening a RAK Offshore company bank account typically takes 5 to 15 working days, or more, depending on the specific case.
Key Features
Here are some of the key features of RAK offshore companies
- RAK ICC: The RAK International Corporate Centre (RAK ICC or RAKICC) is a corporate registry based in the Emirate of Ras Al Khaimah, United Arab Emirates.
- Type of Company: RAK offshore companies are international business companies (IBCs) that can operate globally or serve as holding companies.
- Confidentiality: RAK ICC does not maintain public records of shareholders or officers. All company information remains confidential, in compliance with applicable laws.
- Accounting Requirements: There are no accounting or reporting requirements for RAK offshore companies.
- Taxes: RAK offshore companies are exempt from all taxation in the UAE, including income tax, capital gains tax, and withholding tax.
- Laws: RAK ICC operates under a modern offshore legislative framework based on UAE law.
- 100% Foreign Ownership: RAK offshore companies allow 100% foreign ownership, with no requirement for a UAE national partner.
- Time Zone: RAK ICC operates within a convenient time zone of GMT+4, facilitating international business.
- Paid-up Capital Requirement: There is no paid-up capital requirement for RAK offshore companies.
- Minimum Directors/Shareholders: A minimum of 1 director and 1 shareholder is required for RAK offshore companies.
- Bearer Shares: Bearer shares are not permitted under RAK ICC regulations.
Ultimate Beneficial Owner (UBO) Declaration for RAK Offshore Companies
1. Who is a UBO?
A UBO (Ultimate Beneficial Owner) is the individual who ultimately controls or benefits from a company, typically holding at least 25% of shares or voting rights. UBOs may also influence company decisions, including appointing or dismissing directors or managers. The declaration for a RAK offshore company will include the names of directors, managers, and shareholders, along with details on their voting rights and share ownership
2. Who Must Declare UBOs?
All companies in the UAE, whether based in the mainland, free zone, or offshore, are required to declare their UBO details. Even if a company is registered in the UAE but operates outside the country, it must still comply with UBO disclosure regulations.
3. Where to File UBO Details?
4. What to Include in the UBO Declaration?
The UBO declaration should include the identification details of the Ultimate Beneficial Owner (UBO), such as their name, nationality, date of birth, and address. It should also contain information about the UBO’s identity card, including the country of issuance, issue date, and expiry date. Additionally, the declaration must specify the date when the individual became or ceased to be the UBO, if applicable. Any subsequent amendments to the UBO details, as well as changes in shareholder or director information, must be reported to RAK ICC within 15 days of the change.
5. Why is UBO Disclosure Important?
6. What Are the Penalties for Non Compliance?
- Fines of up to AED 100,000 and a 12-month suspension of the trade license for failing to maintain a UBO register.
- Fines of up to AED 10,000 for failing to provide additional requested information. Repeated violations can lead to permanent license suspension or further sanctions.