RAK Offshore Company Formation
Registering an offshore company with RAK Offshore allows you to enjoy tax incentives, legal and financial advantages, infrastructural benefits of the Emirates as well as working from anywhere in the world.
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No auditing and accounting requirements in a majority of jurisdictions
You can own real properties in Ras Al Khaimah and Dubai through a RAK offshore company
Single and multiple directors are allowed
RAK offshore
The United Arab Emirates has fulfilled the requirements of both the European Union Code of Conduct Group on Business Taxation and OECD. This puts it in a select group that includes only seven other countries, including Ireland, Canada, Luxembourg and Singapore
The UAE is in complete compliance of the tax commitments prevailing in the international community, and the implementation of the Economic Substance Regulations further enhanced the tax cooperation measures. Given its compliance with the leading taxation and economic guidelines, the UAE ranks amongst the offshore jurisdictions added to the European Union’s whitelist.
The ESR was implemented and executed in the UAE after the UAE Cabinet of Ministers Resolution No. 31 was carried out. According to this resolution, all offshore businesses and enterprises founded and operational in the UAE are permissible to conduct any business activity that lies within the realm of the ESR. This basically means that the businesses will have to maintain certain financial activities to sustain their operations in the UAE.
Get a free consultationBusiness operations within the Scope of the ESR
Here are the business operations that fall within the realm of the ESR:
- Investment fund management
- Insurance
- Banking
- Shipping
- Financial lease products
- Offshore headquarters
- Holding company
- Intellectual property
- Distribution and service center
Businesses that do not conduct the above-mentioned activities do not experience the impact and advantages tied with the ESR. Naturally, enterprises that are not involved in these activities are not mandated to erect an economic presence in the UAE. Such businesses fall outside the realm of the ESR and can continue their operations without needing to file their tax returns with the RAK ICC.
Rising Popularity of RAK Offshore Businesses
In recent years, RAK offshore businesses have gained immense popularity, for the successful ESR, implementation has made the RAK ICC one of the most coveted and exclusive offshore jurisdictions worldwide. It is the most facilitative and conducive environment to support the successful creation of offshore businesses.
The RACK ICC is ideally situated to provide budding offshore companies the support and infrastructure they need to thrive in an economically facilitative environment. The RAK ICC empowers offshore companies by facilitating their compliance with the economic substance guidelines. For instance, the RAK ICC can facilitate the establishment of subsidiaries through the RAKEZ free zone, benefitting from outsourcing support and setting up branches.
The implementation of ESR has transformed the RAK ICC into a formidable platform to satisfy shareholders and attract businesses into a cost-effective and facilitative economic jurisdiction
Benefits of Setting up a RAK Offshore Business
Partnering with the RAK ICC offers the following advantages:
- RAK offshore companies allow businesspersons to own real properties in Dubai and Ras Al Khaimah.
- It facilitates 100% foreign ownership.
- RAK offshore companies can open bank accounts under their name.
- The company can own shares in a free zone company based in the UAE or in the mainland.
- Businesses can benefit from zero taxes.
- Companies can set up a subsidiary within the RAK Economic Zone.
- Businesses can benefit from leading legislation and a facilitative environment.
- RAK ICC is fully compliant with leading economic requirements.
