RAK Offshore Company Formation
Ras al Khaimah International Corporate Centre (RAK ICC) is a free zone that provides foreign businessmen and investors with one of the best offshore company formation options in the United Arab Emirates. It offers confidentiality, tax benefits, and an easy setup process.
RAK offshore company formation is perfect for you if:
- You want to run an international business from the UAE.
- You need full foreign ownership with no local partner.
- You’re looking for a tax-free company setup.
- You want fast and low-cost business registration.
- You don’t need a physical office in the UAE.
The process for company registration is simple. It requires hiring a registered agent, processing the documents, and submitting the application with the required fee. Upon approval of the application, your company is good to start its operations.
This guide walks you through the details of the offshore setup formation in RAK International Corporate Centre for people looking forward to starting a RAK ICC company with no challenges and complications in the way.
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Business Activities in RAK Offshore Jurisdiction
- Activities Allowed
- Activities Not Allowed
The following activities are allowed after offshore business formation in RAK ICC:
- General trading
- Consulting and advisory services
- Holding company operations (buy/hold/sell stakes)
- Investment and joint investment activities
- Property ownership (subject to local laws)
- Professional services (e.g., legal, accounting)
- Commission agency and intermediary brokerage
- Intellectual property rights holding
- Registration of ships and ship management
- Trading in stock markets
The following set of commercial activities is not allowed for offshore Free Zone enterprises in RAK ICC:
- Conducting business within the UAE
- Holding office space in the UAE
- Issuing UAE residency visas
- Engaging in banking or insurance services
- Operating in the media or aviation sectors
- Establishing a branch within the UAE
Steps for RAK Offshore Company Formation
Plan out your business activities and company name. People start an offshore company for different reasons, including establishing a parent company for tax exceptions, asset protection, merging with other companies, etc.
Appoint a registered agent to act as the intermediary between you and the free trade zone authorities. Contact IBG Consultancy for detailed personalized guidelines and services.
Secure the set of papers and information required by the authority. Ensure the documents are valid and correct, or you may face needless delays.
Submit the application to the authority through the registered agents and pay the required fee. They will review your business plans, information, and documents.
Upon acceptance, you’ll get a certificate of incorporation, allowing you to start your business operations. Before that, you have to open a corporate account in the name of your business to streamline the financial activities.
Understanding General Trading License in Dubai
Buying and selling goods
Importing and exporting products
Wholesale and retail trading
Selling items online (e-commerce)
Trading tools, equipment, and materials
Storing and delivering goods (logistics)
In simple terms, if your business involves handling different products, this license is required. It is one of the most useful and flexible licenses in Dubai.
Difference Between Mainland & Free Zone Online Business
- Mainland
- Free Zone
The mainland licenses are regulated by the Department of Economic Development (DED). It provides several benefits to online businesses. Here are some of the highlights:
- You can trade freely within the UAE market
- UAE residents and foreign investors can get government support
- Mainland partnerships may be better for the long term
Free zones are regulated by their own authority, offering many benefits to new e-commerce businesses in Dubai. Some of the highlights about free zone setup include:
- Free zones in Dubai offers 100% foreign ownership and tax benefits
- Limited to operating within the Free Zone
- License issued by Free Zone authority with simplified setup
Your Best Banking Options in the UAE
Emirates NBD
This bank started in 1963. Its one of Dubai’s oldest and largest banks. It leading in digital banking. Its strong local trust and wide service network give it a solid edge in both personal and business services.
RAKBANK
RAKBANK was founded in 1976 and focuses on helping individuals and small businesses. It offers both regular and system compliant to Islam. The bank’s strength is in simple services, e.g. fast opening, and easy loan access for startups and freelancers.
First Abu Dhabi Bank
FAB was founded in 2017 from a merger and is now the largest bank in the UAE. It offers strong financial support and global reach. FAB’s edge is in high-value services and safe, large-scale banking for professionals and growing businesses.
ADCB
Abu Dhabi Commercial Bank began in 1985. It is known for smart digital services. It focuses on saving time for users through applications and online tools. It has strong customer service and tech-based growth. Among the best for personal and corporate banking.
Emirates Islamic Bank
This bank started in 2004. It is known for blending laws of Islam with modern tools. It was the first shariah bank to launch WhatsApp banking. Its main strength is offering Shariah-compliant products with easy access and user-friendly digital support.
Benefits of Ras al Khaimah Offshore Business Setup
100% foreign ownership
No local office needed
Tax-free business setup
Fast company formation
Full Repatriation
Low setup cost
Full profit repatriation
Open global bank account
Easy renewal process
No Office Needed
Eligibility for Mashreq Bank Account in Dubai
- Must be 18 years or older
- Must have a valid passport
- Must have a valid UAE visa or Emirates ID
- Must show proof of income or job
- Must provide proof of address
- Must pass bank’s checks (KYC & AML)
- Business owners must show trade license
- Must meet bank’s minimum balance rules (if any)
- Must have a clean legal background
- Must agree to bank’s terms
Required Documents to Set Up a Company in RAK UAE
- Passport copy of shareholders
- Proof of residential address
- CV or personal profile
- Bank reference letter
- Utility bill (last 3 months)
- Memorandum & Articles (MOA)
- Application form
- Name approval document
- Director’s passport copy
- Shareholder’s declaration form
Required Documents for Businesses
- Valid trade license
- Commercial registration certificate
- Memorandum of Association (MOA)
- Emirates ID of all signatories
- Passports of all shareholders
- Proof of operating address
- Board resolution (if applicable)
Common Mistakes & Solutions When Opening a Mashreq Account
Wrong Account Choice
Mistake: Choosing an account that does not suit your needs can cause problems later.
Solution: Check account features and pick the right type (salary, savings, etc.).
Missing Documents
Mistake: Submitting incomplete or incorrect papers can delay your application.
Solution: Double-check all documents before applying. Ask the bank for a checklist.
Ignoring Online Option
Mistake: Not using Mashreq’s app may cause extra effort and time.
Solution: Try Mashreq NEO for fast and easy online account opening.
Low Balance Maintenance
Mistake: Not maintaining required balance can lead to fines (for some accounts).
Solution: Choose zero-balance salary account if you want to avoid this issue.
Delaying First Deposit
Mistake: Not making the first deposit on time may keep your account inactive.
Solution: Deposit the required amount soon after opening the account.
Common Mistakes & Solutions When Opening a &
Mashreq Account
Wrong Account Choice
Mistake: Choosing an account that does not suit your needs can cause problems later.
Solution: Check account features and pick the right type (salary, savings, etc.).
Missing Documents
Mistake: Submitting incomplete or incorrect papers can delay your application.
Solution: Double-check all documents before applying. Ask the bank for a checklist.
Ignoring Online Option
Mistake: Not using Mashreq’s app may cause extra effort and time.
Solution: Try Mashreq NEO for fast and easy online account opening.
Why Choose RAK Over Dubai & other UAE Zones?
Stronger Privacy
RAK gives more privacy than Dubai and other UAE zones. Your name and company details stay more protected and are not shared with the public.
Lower Costs
It costs less to start a business in RAK. The yearly fees are also cheaper than in Dubai or other places in the UAE.
Good for Global Business
RAK makes it easier to run an international company. You can trade and open bank accounts in other countries with fewer rules and limitations to follow.
Setup Timeline in RAK International Corporate Centre
Day 1 – 2
This period goes into choosing your company name, gathering all required documents, and submitting the full application to the RAK ICC Authority.
Day 3 – 5
During this period, RAK ICC reviews your application and documents. If everything is correct, they approve and issue your certificate.
Day 6 – 10
This final period goes into opening a bank account in your company’s name. This completes your company setup. Most setups take 7–10 working days.
Account Opened
Get your account activated and ready to use, without any delays or confusion.
Simplify UAE Offshore Company Registration With IBG Consulting
What they need is business agents with years of experience, legal knowledge, and useful networks to experience a smooth company formation process. IBG Consultancy provides that and more, including suitable visa packages for a wide range of priorities. Contact IBG Consultancy for a smooth business formation in the RAK ICC offshore jurisdiction.
Frequently Asked Questions
What is the cost to incorporate a company in RAK?
The cost of company incorporation in RAK depends on the type of company and services chosen. It is typically more affordable compared to other jurisdictions in the UAE.
Can I operate a business in the UAE without a physical office?
What types of business activities can be conducted through a RAK company?
How does the registration process for a company in RAK work?
Can I establish a holding company in RAK?
How does the offshore jurisdiction in RAK benefit foreign investors?
Can I register a branch of my business in RAK?
What type of company structure is best for a business in RAK?
Can I have a segregated portfolio company in RAK?
How do I maintain compliance with the authorities in RAK?
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