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Benefits of Setting Up Your Offshore Company
Confidentiality and Privacy
Offshore companies in the UAE are not obligated to disclose financial information or the personal details of directors and shareholders in public records. Additionally, these businesses are not required to undergo audits.
Reduced Liabilities
Offshore companies offer significant protection for their assets and possessions in legal matters. They provide a safeguard for investors’ assets, establishing a legal barrier between the company’s resources and any external entities.
Gateway to Global Expansion
Establishing a UAE-based offshore company instantly lends credibility to a business, fostering opportunities for international partnerships and activities. It also facilitates the opening of UAE bank accounts, providing access to multiple currencies and global financial transactions.
Tax Benefits
As of 2023, the UAE has a corporate tax rate of 9%. However, offshore companies, which are not permitted to conduct business within the country, are exempt from this tax, offering a notable fiscal benefit.
Establishing an Offshore Company
Based on your business requirements, you have the option to establish an offshore company in one of these three jurisdictions:
- Ras Al Khaimah International Corporate Centre (RAK ICC)
- Jebel Ali Free Zone (Jafza)
- Ajman Free Zone
Ras Al-Khaimah International Corporate Centre (RAK ICC)
RAK ICC stands out as one of the rapidly expanding jurisdictions renowned for streamlining the establishment of offshore companies. It has earned a strong reputation for its commitment to compliance and adherence to international standards, delivering the following advantages.
Included Benefits:
- Swift incorporation process completed within a single day, accessible through the RAK ICC portal.
- No limitations on the number of shareholders.
- Elimination of the need for a physical office.
- Access to common law courts, including ADGM and DIFC.
- Provision of diverse legal structures tailored to meet various business objectives.
Requirements for Setting Up an Offshore Company in RAK ICC
The prerequisites for establishing an offshore business depend on the location and method of formation. For a company with a single shareholder, the following documents are necessary:
Single Shareholder Requirements:
- Notarized Passport Copies
- Bank Reference Letter addressed to the RAK Offshore Authority
- Proof of Residency
- Curriculum Vitae
- Bank Statement for the last six months of the Company
Multiple Shareholders Requirements:
- Applicant Company’s Attested Photocopy of Business License or Incorporation Certificate
- Attested Memorandum of Association
- Attested Shareholder’s Resolution
- Passport Copies of all Directors and Shareholders
- Certificate of Good Standing
- Incumbency Certificate of the Company
Cost of Setting Up an Offshore Company in RAK ICC
The cost of establishing an offshore company in the UAE varies depending on the selected options. It also fluctuates based on factors such as business activities, the number of shareholders, office space requirements, and other considerations.
For those interested in forming an RAK ICC offshore company, the starting price is USD 2,050 or AED 7,500. Additionally, RAK ICC offers the Premium Product, which enables offshore companies to engage in onshore activities by creating a subsidiary at RAKEZ. Premium product packages start at AED 17,500.
Obtain an estimated cost for forming your offshore company.
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* Please note that the general terms and conditions set by the banks will apply.
Steps to Follow
Make a minimum purchase of AED 1,000 using your credit card for any of the services offered by Vip Zone.
Contact the banking services of any of our partner banks and request to convert your purchase into an Easy Payment Plan.
You'll have the flexibility to choose from installment options spanning 3, 6, 9, or 12 months.
Steps in Setting Up Your Offshore Company in RAK ICC
At Vip Zone, we provide comprehensive support to simplify the intricate process of establishing an offshore company in Ras Al-Khaimah International Corporate Centre (RAK ICC). Here are the steps to guide you through the setup:
Steps:
1. Select your company name & activities
Begin by defining your business activities and selecting a distinctive name for your company. Ensure the chosen name is free from offensive or sensitive connotations.
2. Consult a registered agent
Reach out to a registered agent experienced with RAK ICC, such as Creative Zone. Our team will act as your intermediary with the government and RAK ICC, guiding you through the registration process.
3. Submit the required application documents
Compile the necessary documentation based on your chosen company type and submit these documents to the authorities at RAK ICC.
4. Make the required payments
Complete the registration fees and other associated expenses online, via cash, or through money transfers. Once all requirements are submitted and payments are processed, your offshore company’s incorporation process will be underway.
5. Open Your Corporate Bank Account
Following the incorporation process, you can proceed to open a dedicated corporate bank account. This business account will enable you to efficiently manage your finances and conduct operations seamlessly.
