Do you want to set-up a RAK ICC Company?
It is Fast, Cheap And Confidential.
We are a Dubai based -European owned- business consulting firm.
Active since 2006. Below you’ll find answers to all your questions…
Because if you are an international entrepreneur and want:
- The ultimate …low tax… cosmopolitan business set up.
- Honest, informed and professional support during the set up of your company.
- A smooth process. We do the paperwork and you focus on running your business.
…you have come to the right place.
Key benefits of the RAK Offshore company:
- No reporting requirements or publishing of annual accounts. You do not have to spend time and effort dealing with a costly annual audit like in most other jurisdictions. Focus on your own business instead.
- Strict confidentiality as far as the legal entity is concerned. Shareholder, directors and secretaries cannot be seen in a public register. An extra layer of confidentiality can be found when corporate or nominee directors, secretaries or shareholders are used.
- In comparison to other offshore jurisdictions, the UAE provides you with a solid international banking system with accounts in multiple currencies and access to other financial services. In addition, there are banking options in jurisdictions abroad. You will have peace of mind when you know that your money is secure, and within reach.
- No visit to the UAE in person is required to set up a RAK Offshore company. For opening a local bank account you have to visit here. However, since 2021 we also work with Electronic Money Institutions (EMIs) which offer local banking solutions with remote account opening.
- Enjoy strong asset protection. There is no requirement to pay up capital. It is very difficult to freeze a bank account in the UAE or file a lawsuit against a RAK Offshore company. This means that your assets are safer compared to the vast majority of countries in the world.
- Low taxes. There are no withholding taxes, no social security taxes and no VAT for offshore companies. There are also no personal income taxes in the UAE. In 2022 the UAE introduced (a low) corporate income tax, applicable to certain business activities, and as of yet not applicable on offshore company. See the FAQ below for the latest.
- And there is one little secret about the RAK Offshore company that makes it stand out from ALL other offshore jurisdictions—creating instant credibility for your business.
Interesting, right? We will go into more detail below. But first…
In early 2019, The RAK Authorities rewarded us with the “Top Agent” Award for 2018!
This prestigious award is given based on various factors, such as:
- Assisting a large share of the clients of RAK ICC Authority
- Few mistakes in the execution
- No complaints from clients
- Doing proper due diligence
- Supplying correct documentation (and maintaining documentation of existing clients)
- Quick in response to questions of the Authority
The RAK ICC Company is a wonderful set-up for your business.
The Freemont Oneworld Group is one of the main registered agents for RAK ICC companies in volume and in expertise (we were brainstorming partners of the Free Zone authorities and actively involved in redrafting the new regulations).
If you wish, you can contact us now. You can also keep reading for more details about the RAK ICC company.
Thousands Of Entrepreneurs Know Something You Don’t
Imagine what life is like if you do not have to worry about losing the biggest chunk of your hard earned income on taxes.
Picture your life doing what you love most without wasting time on endless reporting and filling in endless forms or obtaining permits.
What if we tell you that there are thousands of entrepreneurs who live just like that?
Dubai. A World Of Endless Possibilities.
Step into a prosperous paradise. Into the new cosmopolitan centre of the universe. The city that’s rapidly taking over the position of Hong Kong and even New York and London.
The sparkling business paradise where all your dreams come true. Overnight.
Safe. Clean. The Pure-Oxygen-Powerhouse for the People who rule the New World. A “Free Haven” for entrepreneurs. Spirit and business.
A place of luxury and wealth.
This is THE place where business thrives like never before. And after a few slow years wealth is again being created at a monumental scale...
Yes, we are talking about Dubai...
And you can:
Use A RAK ICC Company To Tie Your Business Image
To The Most Important Success Story Of The 21st century...
Your Registered Office In Dubai.
It is a fact that doing business from typical offshore jurisdictions like the Cayman Islands or the BVI is becoming increasingly difficult. With all that is going on in the world, you know that you will have a professional and solid foundation for your amazing business.
You need to have the best option possible. The flexibility, cost effectiveness and security of the international business company, but not the administrative, reporting and financial burden of a local company.
The secret hidden to the outside world is: when you use Freemont Oneworld Group for the incorporation of your RAK ICC company, your company will have a registered office in Dubai.
So even though you have an offshore company: when your invoices are coming from Dubai, your mailbox is in Dubai and your bank is in Dubai, for the outside world, you are doing business from Dubai...
And Dubai is not a small island in the middle of nowhere. It is rapidly becoming a major financial power house.
That is the secret we just briefly mentioned.
...And your business solution...
This Set Up Works For 90% Of Business Models...
- It Likely Works For You -
We are a European Owned business consultant with offices in multiple countries. And we are successfully setting up businesses in the UAE since 2006.
We once had an amazing streak of opening 12 RAK Offshore companies in two weeks. These were twelve different entrepreneurs from eleven different countries on three different continents.
...They had completely different backgrounds and different businesses...
Internet businesses, holding companies, trading companies, consulting companies.
They all successfully set up their RAK ICC companies and opened their bank accounts.
Their business lives received an amazing boost. They use their RAK ICC in their international tax planning and their international image to beat their competitors.
The possibilities of a RAK ICC company are endless!
Exciting! Is a word that is often used to describe the vibe that you feel in this part of the world. And many of our clients refer their friends and business associates.
Why Go With Us?
We are an official registered agent. We administer RAK Offshore companies ourselves. Most agents you find advertising online are savvy marketeers who use agents like us to set up the companies for them (with a good margin, off course, paid by you).
With this article we want to show you that there is no need to go through a middle man, but you can come straight to us. For quicker and clearer incorporations.
And also, to talk directly to someone who deals with RAK Offshore companies all day.
What Other Premium Services Are On Offer?
There are a lot of additional services that we as a corporate service provider can provide to you:
- Bank introductions with local AND international banks (from Switzerland to Mauritius).
- Virtual office options. Have a Dubai mailing address, telephone- or fax number to improve your business image.
- Nominee directors or shareholders. Obtain complete confidentiality with your name not on the company papers.
- We can provide you wit local management and bookkeeping to provide substance.
- Tax planning expertise. Asset planning solution. Long lasting estate planning.
- Business set ups within the UAE. Visa services. Free Zone Companies. Attestations. Legalizations.
- International business incorporations. International structuring.
- Setting up your business from A-Z while you lay back and relax.
- And much, much more.
Facts About The RAK ICC
The picture painted must resonate with you as a business owner. But you might wonder, this sounds too good to be true. An Arabian fantasy story like One Thousand and One Nights.
Let us address all your potential questions one by one:
A lot of websites promote that the RAK Offshore company will be incorporated in 1 or 2 days.
Keep in mind that was originally a claim of the free zone that they incorporate in this time-frame. However, your registered agent FIRST needs to collect your funds, data and prepare the incorporation documents. And you will have to collect a list of due diligence documents. Finally, the incorporation documents need to be signed in the office in Dubai, or in front of a notary abroad and send by courier.
It is possible, assuming that you, your agent and the free zone all have the paperwork ready the moment you decide to go ahead. In reality this rarely happens.
Currently there is a possibility to incorporate RAK ICC in 1 day at additional fee to the registrar. However, with courier service and depending on the day submitted you will need to wait one additional day. The urgent incorporation is also due for approval of RAK ICC Registrar.
Indeed, the UAE has historically always had 0% tax rate. This is still true for any personal income taxes. There are no income taxes on personal income in the UAE.
In 2018, the UAE introduced Value Added Tax (VAT). However, the RAK Offshore Company is NOT subjected to VAT.
In 2022 a corporate tax of 9% on corporate income above 100.000 USD was announced. However, while the RAK offshore company currently is not, and will likely not be subject to taxes, this is an area that is still debated.
Any personal income remains tax-free also.
Yes, you can setup a RAK Offshore company over distance.
Do keep in mind, if you want to have a local bank account, you have to visit Dubai for a meeting with the bank (which can be done here in the office, and in one day).
Note that besides banks, we now work with Electronic Money Institutions (EMIs). These are Fintech solutions for getting bank account details and making and receiving payments. They are more flexible with their account opening process and don't require a visit.
Applicants from abroad might need to sign one form in front of a Public Notary.
Yes, foreigners can be a 100% shareholder of a RAK Offshore Company.
Most of our clients are foreigners who want to keep full ownership and control of their business. And unlike with other types of set-ups in the UAE that require a majority local ownership, the RAK Offshore company can be 100% foreign owned.
A RAK Offshore company does NOT entitle you to a residence permit, or any kind of visa.
If a visa is what you're after, you have to start a different kind of company, such as a Free Zone company. You can fill in the form below if you wish to know more.
Yes and no. Setting up an offshore company is generally quite easy. But the process for the RAK IC is a little bit more cumbersome than other offshore jurisdictions. Here, the authorities do their own due diligence. More documentation is required than in other jurisdictions. The UAE authorities want serious, ethical and honest businesses on their shores. But once you are in, it will feel like a warm bath.
In addition, you need to originally sign the memorandum and articles of association. We will explain you the exact process and requirements on the inside.
Also, if you want to have a UAE bank account, you will have to visit Dubai for a meeting with the bank (which can be done here in the office).
The process is as follows:
- Provide preferred name, and details of UBO/Shareholder/Directors. (client /agent provides form)
- Check if the name is available (agent)
- Create corporate documents (agent)
- Send all required due diligence documents by email in good quality (client)
- Sign corporate docs in Dubai, or abroad (client)
- Submit all due diligence documents and original signed corporate documents to the RAK Authorities (agent)
- Collect all company docs and forward to bank/client (agent)
If you wish to open a bank account in Dubai, you need to visit in person. We can provide an introduction meeting in the office. After incorporation, we send the documents to the bank and the process is finalized. If you open an account with a bank outside of the UAE, everything can be done online. Banks may require additional documents from your end.
As you can see, with a number of steps your input is needed. It is our experience, this is often where the most delays are. If you are in Dubai and have everything ready, it can be done in a matter of days. If you are abroad and need to collect all documents it can be a matter of weeks.
In comparison to other organizations advertising online we have been a local agent for many years. We have a very good relationship with the registrar. We can incorporate in the shortest time-span possible.
The following is needed from every shareholder:
- Passport copy
- Latest Utility bill not older than three months (electricity, water, internet, gas, telephone landline)
RAK ICC will require basic due diligence documents translated into English (or Arab) in good quality colored scan copies. You do not have to send original due diligence documents.
A RAK Offshore is a general purpose limited liability company. It doesn't have a specific trade license like other types of business have. It can be used for a wide variety of business activities. We will provide you a list of activities and you can choose the best suitable activities.
However, a short business description is required by both the free zone, and the bank explaining how the company will be used.
Banks have become difficult everywhere. What is needed depends on your business model, and where transactions are coming and going from. Please ask our staff what the ideal bank for your company is.
Note that besides banks, we now work with Electronic Money Institutions (EMIs). These are Fintech solutions for getting bank account details, and making and receiving payments. They are more flexible with their account opening process and don't require a visit, which makes them interesting in a time of Covid travel restrictions.
When you have a RAK IC, outsiders will not be able to find out who is the shareholder or the director. Also, you will not be required to file annual report and there will be no audit.
Note that banks nowadays always demand to know who the UBO is. This information of non-residents can be exchanged by tax authorities. This is now the norm everywhere.
The RAK International Corporate Centre (RAK ICC) is the free zone where RAK Offshore companies are registered. It is the result of a merger between the registries of Ras al Khaimah Investment Authority (RAKIA) and Ras al Khaimah Free Trade Zone (RAK FTZ). They merged in April 2016.
The RAK ICC provides investors with a very modern registry, and state of the art regulations. The new regulations are similar to those of long-standing financial services centres such as the BVI. We (Freemont Group) had a part the drafting those regulations. We provided an analysis of the previous regulations in relation to registration practices, and were involved in brainstorming sessions to integrate the new regulations.
The new regulations provide much more flexibility in how the company will be constituted. New legal forms have also been introduced: companies limited by guarantee, companies limited by guarantee and by shares, unlimited companies, segregated portfolio companies.
The statutory right of pre-emption has been abolished. Re-domiciliation in and out is allowed. Different classes of shares are allowed too.Companies can be registered under the new RAK ICC regulations now, given you the opportunity to structure your business in a compliant and solid way for decades to come.
Jebel Ali is a free zone located in Dubai. You can use this company to hold real estate in Dubai or use the image of the famous Jebel Ali port. But 99% of business owners don't need this and a RAK Offshore with a registered office in Dubai is the more known and flexible option.
The Jebel Ali Free Zone is about three times the price of a RAK Offshore, and the owner (or POA holder) needs to appear in front of the Free Zone to incorporate the company.
Ajman Free Zone offers an offshore company that looks similar to the RAK Offshore Company. However, there are some big disadvantages when you look closer. The regulations and memorandum & articles of association are written in such a way that the free zone has a lot of power, and the business owner has a lot of uncertainty. Not good, when looking from an asset protection point of view. In addition, you need to appoint two directors.
Fill in the form below if you have any more questions.
An Introduction To The Freemont Oneworld Group
Freemont Oneworld Group is the result of a 2019 merger between Freemont Group, operating in Dubai since 2006, and Oneworld Mideast, a subsidiary of the prestigious corporate service provider Oneworld, active from Cyprus for over 30 years.
Our office is located in the centre of new Dubai (Bayswater Tower, Level 18, Office 10, Business Bay), and you can drop by any time you like.
Our most important activity is setting up legal entities for our clients. We can advice you as to what business set up best suits your need. We will assist you from start to end and make sure the registration of your company will go smoothly. We will guard you from excess paperwork.
Why Should You Use Us?
Let us give you some facts:
- We have set up more than 6.000 companies in jurisdictions all around the world.
- We have clients on every continent. Most are from Europe.
- In the last 3 years alone, we helped over 400 international entrepreneurs set up their business here in the UAE from our strategically located office in new Dubai.
What makes us unique?
We have extensive experience in international tax planning, asset protection, estate planning and providing corporate services.
There are other registered agents out there who can help perfectly help you with the administrative part, but we will be able to place your business in an international financial and tax perspective.
Whatever you do, please make sure you understand the tax and regulatory requirements your business will face before you set up any type of international company.
Important: this is why you need us...
For setting up RAK ICC companies, a registered agent is required. We are that registered agent.
Our Network of reliable partners
Freemont Oneworld Group is on the forefront in promoting economic and personal liberty and we sponsor and support organizations and conferences that do the same. Also, we write well received articles for various organizations in the field of tax planning and corporate service providing.
- The Institute of Chartered Accountants in England and Wales (ICAEW)
- The Association of Chartered Certified Accountants (ACCA)
- The International Tax Planning Association (ITPA)
- The UK Law Inns
- The Society of Trust and Estate Practitioners (STEP)
- The Institute of Internal Auditors (IIA)
- Dubai Department of Economic Development
- Jebel Ali Free Zone Authority
- RAK Investment Authority
- UAE Ministry of Finance
"Yes, I Want To Set Up A RAK ICC Company"
In case you are convinced that a RAK ICC company is the right choice for you, are if you still have questions, please fill in the form below.
Here is what you will get:
A fully detailed consultation from an expert in setting up companies in UAE. You will discover what set up and which bank suits your business desires most.
... No cost!
Why we give you this information for free?
Because our business model is setting up companies.
We pride ourselves on giving solid advice to our clients. Because we know that once we provide you with all the information you need for setting up your business, you will ask us to do it for you.
Now, please go ahead and fill in the form below so we can start...
See you on the inside.
The staff of the Freemont Oneworld Group
Freemont Oneworld Group Dubai
Freemont Services DMCC Dubai Branch
Level 18, Office 10
Al Abraj South Street
Dubai, United Arab Emirates
Tel: +971 444 57 900
P.S. Stop wasting your money on out of control taxes. Stop wasting your time on senseless reporting. A cheap, solid, confidential and simply awesome option is available to you!
P.P.S. Get that “Free Consultation” and discover exactly what you need in order to set up the ideal solution for your business.