Advantages of Setting Up a Company in Dubai RAK ICC

How Can I Set Up a Company in RAK ICC?

Setting up an international business structure can seem complex, but jurisdictions like the Ras Al Khaimah International Corporate Centre (RAK ICC) in the UAE offer a streamlined and highly beneficial option. This guide will walk you through what a RAK ICC company is, its advantages, and the step-by-step process for incorporation.

What is an Offshore Company?

An offshore company is a legal entity established in a jurisdiction outside of the owner's primary country of residence. These structures are set up to take advantage of favorable regulations, such as tax exemptions. Offshore companies are also widely used to help owners achieve asset protection and maintain financial privacy.

What are the Benefits of Setting Up a Business in RAK ICC?

Establishing a company in the RAK International Corporate Centre (RAK ICC) in the United Arab Emirates offers a range of powerful advantages, including:

• 100% Foreign Ownership: RAK ICC allows for 100% foreign ownership of businesses, providing investors with complete control over their company's operations and assets.
• Tax Advantages: Companies in RAK ICC are exempt from corporate and individual income taxes, making it an attractive destination for businesses concerned with tax efficiency.
• No Currency Restrictions: RAK ICC operates a free currency policy, allowing businesses to easily transfer money in and out of the jurisdiction without limitations.
• Strategic Location: RAK ICC's location in the UAE provides easy access to the major markets of the Middle East, Africa, and South Asia.
• Simplified Business Setup: Thanks to RAK ICC's simple and efficient company setup procedure, businesses can be established in the free zone with ease.
• Quality Infrastructure: To meet the demands of modern businesses, RAK ICC provides a contemporary, well-equipped infrastructure, including office spaces, business centers, and virtual offices.
• Professional Support Services: To help businesses get set up quickly and effectively, RAK ICC offers a variety of professional support services, including company formation, visa processing, and accounting services.
• Dynamic Business Community: RAK ICC is home to a vibrant business community that offers opportunities for commercial growth, networking, and collaboration.
• Common Law Framework: The jurisdiction operates under a common law framework, providing a familiar and predictable legal environment for resolving disputes, based on English law.

What Documents are Required for Business Setup in RAK ICC?

To establish a business in the RAK International Corporate Centre (RAK ICC), the following documents are typically required:

• Business Plan: A comprehensive strategy that defines your company's objectives, the goods or services you will provide, and your target market.
• Passport Copies: Copies of the passports of all shareholders and other key company personnel.
• Proof of Address: Utility bills or bank statements are acceptable forms of identification for the shareholder(s) and other key company employees.
• Company Name Approval: The RAK ICC Authority must approve your business name.
• Trade Permit: A trade permit is a legal authorization that allows you to conduct business in RAK ICC.

Once these documents are submitted and accepted, you can proceed with the offshore registration and incorporation of your business. Please note that specific requirements and documents may vary depending on the nature of your company and the type of entity you are establishing.

What are the Steps to Set Up Your Business in RAK ICC?

The process of establishing a business in the RAK International Corporate Centre (RAK ICC) typically involves the following stages:

1. Choose a Business Activity: Ensure that the type of commercial activity you wish to conduct is permitted by the RAK ICC Authority.
2. Choose Your Business Structure: Select the type of business structure you want to create, such as a branch, a free zone company, or a free zone establishment.
3. Choose a Name for Your Company: Select a company name that is distinctive, complies with RAK ICC regulations, and is recognized by the RAK ICC Authority.
4. Develop a Business Plan: Create a comprehensive business plan that describes your industry, the services or products you will provide, and your target market.
5. Obtain a Trade License: To legally conduct business in RAK ICC, you must apply for and obtain a trade license.
6. Open a Corporate Bank Account: Open a corporate bank account in the UAE to handle your company's financial transactions.
7. Begin Business Operations: Once all prerequisites are met, you can begin conducting business in RAK ICC.

When setting up a business in a Dubai-area free zone, working with a consultant like World Company Setup can be a major advantage. In addition to significant knowledge and expertise of the local business environment, we have in-depth knowledge of the legal and regulatory requirements for setting up a company in RAK ICC. With our help, you can easily navigate the challenging process of company formation, ensuring that all essential procedures are followed and that you comply with all applicable laws. Additionally, we can assist you in choosing the most suitable business structure, obtaining the necessary licenses and permits, and finding adequate office space in the free zone. Working with World Company Setup allows you to concentrate on growing your company while they handle the legal and administrative details of setting up.

Frequently Asked Questions about RAK ICC

Are offshore establishments in the RAK region legal?

Yes, offshore companies that operate in consideration of laws and regulations are legal.

What is the difference between a free zone and an offshore company in RAK?

While offshore companies cannot be physically established in Dubai, free zone companies are not permitted to do business on the Dubai mainland. An offshore company is a legal entity for international trade, whereas a free zone company operates within a specific geographical area.

Can I operate my RAK ICC company from outside of Dubai?

Yes, RAK ICC allows you to operate your company from outside the UAE.

How are taxes determined for an offshore company in Dubai?

Offshore companies are not required to pay any taxes. This is why people worldwide prefer offshore companies.

What is the cost of setting up an offshore company in Dubai?

You can set up an Offshore Company in Dubai starting from just AED 9,000.

How long can the company formation process take?

Company formation in Dubai RAK ICC is an easy and fast process that can be completed in as little as one day.

What is the minimum capital required for company formation in RAK ICC?

There is no minimum capital requirement for incorporation in RAK ICC.

What are the tax laws for RAK ICC?

RAK ICC is a tax-free jurisdiction. This means that companies operating here are not required to pay any taxes.

Can I open a commercial bank account in RAK ICC?

Yes, after setting up your company in RAK ICC, you can open a corporate bank account.

Can I have a physical office in RAK ICC?

Yes, RAK ICC has provisions to provide you with physical office space solutions.