Rak Offshore Company

RAK offshore companies are companies registered and incorporated in RAK but conduct their business activities outside RAK. The regime for the RAK offshore company was set up by the RAK Investment Authority.

This Authority was specifically set up as a government agency to take responsibility of RAK organization founding, identical to Panama company formation, and the regulation of RAK companies offshore in promoting RAK’s offshore sector. RAK offshore company incorporation had accounted for about 2,000 RAK offshore companies within the fourteen months of the Authority beginning RAK offshore company incorporation.

The RAK offshore company takes the form of the International Business Company (IBC), which is a company with limited liability and which has its own legal personality. The RAK offshore company is thus separate from its members and is fully capable of operating in its own name as a RAK offshore company. RAK companies offshore are engaged in a wide range of business activities, to include shipping, real estate, consultancy, asset protection, electronics and holding.

RAK offshore company incorporation is carried out in the International Offshore Center which is one of the free zones found in RAK. The RAK offshore center is administered according to the regulations of the Authority. This center for RAK offshore companies was set up in 2006 and has in place a regime which is very similar to that found in other offshore locations for offshore companies. RAK business establishement, comparable to Panama companies formation, procedures are efficient due to fast track processing and simple requirements for formatting RAK companies offshore.

Privacy and confidentiality are enshrined in legislation for RAK offshore companies. The details of members of RAK IBC’s / RAK international business companies are kept confidential. To register offshore company RAK, the documents required a passport copy, proof of residential address and a bank reference letter for natural persons.

Where the incorporator is a corporate entity, i.e, a legal person, the documents required for RAK IBC incorporation include a copy of the Memorandum of Association of the parent company, a copy of the certificate of incorporation or license, a copy of the passport of each director and shareholder and any other documents that may be requested by the Registrar to incorporate RAK offshore company.

RAK offshore company formation is dealt with by the Registrar. The main duties of the Registrar in the RAK company formation process involve processing and reviewing applications and doing due diligence on the members (directors and shareholders) of the RAK offshore company. It is also the Registrar who checks for the availability of company names and issues Certificates of Incorporation to RAK offshore companies provided that requirements for RAK offshore company incorporation are fully satisfied. All fees and fines with respect to RAK offshore companies are submitted to the Registrar.

A licensed agent for RAK offshore company formation must be used to incorporate companies offshore in RAK. Registered agents work closely with the relevant authorities and provide additional services to RAK offshore companies. Services which are usually made available to offshore companies RAK include company management, accounting service, legal and business consultancy. To register RAK companies, an applicant wishing to operate as a RAK offshore company agent must meet all requirements, pay the necessary license fees and submit all requested documents.

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