An offshore company in RAK allows for 100% foreign ownership, is exempt from corporate and personal taxes, and imposes no restrictions on repatriation of capital.
Ras Al Khaimah
Why is the need to set up a Company in RAK?
Ras Al Khaimah witnesses an inundation of numerous financial specialists as it is one of the most evolved economies in the Emirates that have seen huge monetary turn of events. Liberal government arrangements, cutting edge infrastructure improvement, flourishing economy and friendly trade relations with neighbouring countries are some of the various factors that attract major foreign investment in RAK.
Benefits of registering a company in RAK :
- No tax on personal or corporate income
- No custom duties on import, exports or services
- 100% tax exemption on all commercial levies for import and export
- No foreign exchange controls, quotas or trade barriers
- Hassle-free and business-friendly legal framework and company laws that ensure security of investment
- Government sponsored incentives for investors
How to set up a Company in RAK
- Find a Local Sponsor
- Determine the type of economic activity and legal form your business will take
- Submit application for company registration
- Submit proposed company name to the Department of Economic Development (DED)
- Submit the company’s documents to DED and Chamber of Commerce and Industry to obtain a trade licence
- Get the company's Memorandum of Association (MOA) notarized
- Register trade name
- Obtain initial approval
- Get special approvals
- Sign the lease agreement along with MOA in public notary
- Obtain municipality’s approval for location and inspection
- Apply establishment card
- Process required documents for issuance of payment voucher
- Fulfil the licensing requirements
- Get trade license issued by paying the license fees
- Get approval from Name Board
- Get approval for the employees from Ministry of Labour
- Get stamp on Visa from Immigration Department
Documentation required
- Certified copy of the tenancy contract
- Photocopies of visa, no objection letter, passport, and residency certificates
- Photocopy of land map or ownership certificate
- Approval of legal affairs
- License form and sign board
- Approval from Ministry of Economy
- All necessary approvals from government entities, if required
- Certification of partnership contract from the public notary
- Photocopies of national ID and family book
- Technical evaluation report
- Trade name certificate