RAK ICC Company Formation: A Comprehensive Guide

The Importance of RAK ICC Company Formation

RAK International Corporate Centre (RAK ICC) is a top-notch offshore jurisdiction in the United Arab Emirates, offering a wide range of benefits and services for businesses looking to establish an offshore company. In this section, we explore the importance of RAK ICC Company Formation, focusing on its strategic location, excellent infrastructure, and reputation as a stable and secure business environment.

Benefits of RAK ICC Offshore Companies

Asset Protection and Confidentiality

One of the primary advantages of forming a RAK ICC offshore company is the asset protection and confidentiality it provides. Businesses can safeguard their assets from potential risks, such as lawsuits and creditor claims, while also maintaining a high level of privacy. RAK ICC ensures the confidentiality of shareholder, director, and company information.

Taxation Benefits

RAK ICC offshore companies enjoy significant tax benefits, including exemption from corporate income tax, personal income tax, and capital gains tax. Additionally, there are no withholding taxes on dividends, interest, or royalties. These tax incentives make RAK ICC an attractive option for international businesses seeking a tax-efficient jurisdiction.

Requirements for RAK ICC Company Formation

Company Structure and Registration

To form a RAK ICC offshore company, businesses must adhere to specific requirements regarding company structure and registration. The company must have at least one shareholder and director, with no maximum limit. Furthermore, corporate directors are allowed, and there is no requirement for the director to be physically present in the UAE.

Business Activities and Licensing

RAK ICC companies can engage in various business activities, including investment holding, international trading, and consultancy services. However, it is essential to ensure that the company obtains the appropriate licenses and approvals before commencing operations.

How to Register a RAK ICC Offshore Company

Choosing a Registered Agent

The first step in the RAK ICC Company Formation process is selecting a registered agent. A registered agent serves as a liaison between the company and the RAK ICC authorities, assisting with the registration process and providing ongoing support and compliance services.

Submitting the Necessary Documents

Once a registered agent is chosen, the company must submit the required documentation, including the application form, passport copies of shareholders and directors, proof of address, and a bank reference letter. The registered agent will review and submit the documents to the RAK ICC authorities for approval.

Company Formation Timeline and Costs

Timeline for RAK ICC Company Formation

The RAK ICC Company Formation process typically takes between 2 to 4 weeks, depending on the complexity of the application and the required documentation. Once approved, the RAK ICC will issue a Certificate of Incorporation, and the company can begin its operations.

Costs Associated with RAK ICC Company Formation

The costs associated with forming a RAK ICC offshore company can vary depending on the chosen registered agent and the specific services required. Generally, the costs include a one-time registration fee, an annual license fee, and the registered agent's service fees.