Incorporate in Ras Al Khaimah (RAK) (UAE)
Set up a Ras Al Khaimah (UAE) International Company
RAK IC is the most popular offshore company in UAE.
International companies are entitled to do business internationally and may not carry out trade or business within the UAE, or any free zone. Although they are allowed to have relationships with residents providing certain professional services such as legal or consulting, and they have access to the banking system and can open corporate bank accounts in the UAE.
RAK ICs are fully exempt from all taxes and only subject to a license fee, which must be renewed annually.
As they are considered non-residents for tax purposes, they cannot benefit from UAE tax treaties. However, they are usually authorized to own shares of FZ or local companies, or even establish a branch onshore.
One of the strengths of incorporating an offshore company in UAE is that, despite being a tax-free jurisdiction, it has prestigious internationally and good press, especially Dubai.
An international company in the UAE is a powerful instrument for international trade, asset protection, and wealth management.
Learn more about incorporating in the UAE:
Ras Al Khaimah International Company (RAK IC) Formation and First-Year Fees – USD 3,800.00 (All Included)
Note that our incorporation and annual fees are all “all-included fees”, and cover all the required services, duties, disbursements, and procedures to incorporate a RAK International Company, and keep it in good standing.
- All Applicable Registration and Government Fees (RAKIC Authority)
- Preparing and filing the Memorandum & Articles of Association
- Preparing the Director’s acceptance letter
- Preparing and executing appointment of director by the Registered Agent
- Providing Certificate of Incorporation and Filed Memorandum & Articles of Association
- Preparing First Board Meeting Minutes resolving the Allotment of Shares, Appointment of Directors, Registered Office and other Corporate Matters
- preparing the Register of Directors and Register of Shareholders
- Preparing Share Certificates
- Providing Registered Office Service, including business address, for the calendar year
- Providing Registered Agent Service for the calendar year
- Preparing and executing a Certificate of Incumbency
- Preparing and Delivering Certified Copies of the Corporate Documents via Courier, inclusive of Courier fees
Time to form the company
It generally takes us one day to prepare and file the M&AA and the related corporate documentation, and 1 to 3 business days for the Registrar to issue the Certificate of Incorporation, and the stamped M&AA.
Bank Account Opening Services (Optional)
We can open bank accounts for RAK IC companies in the following jurisdictions:
- Dubai (UAE) Bank Account (2 Banks, In-person; 1 Bank, Remotely) – USD 1,200.00 – Debit/Credit Cards and Brokerage Accounts Available
- Mauritius Bank Account (3 Banks, Remotely) – USD 600.00 – Debit/Credit Cards Available
- Labuan/Malaysia Bank Account (1 Bank Remotely, 1 Bank In-person) – USD 500.00 – Debit/Credit Cards Available
- Singapore Bank Account (5 Banks, Remotely) – USD 900.00 – Debit/Credit Cards Available – Remote account opening available due to COVID-19
- Hong Kong Bank Account (3 Banks, In-person) – USD 2,000.00 – Debit/Credit Cards Available
- New York (US) Bank Account (2 Banks, Remotely) – USD 2,000.00 – Debit/Credit Cards and Brokerage Accounts Available
- Cayman Islands Bank Account (5 Banks, Remotely) – USD 900.00 – Brokerage Accounts and Debit/Credit Cards Available
- British Virgin Islands Bank Account (1 Bank, Remotely) – USD 900.00 – Brokerage Accounts Available
- Bahamas Bank Account (4 Banks, Remotely) – USD 500.00 – Brokerage Accounts Available
- Curaçao Bank Account (2 Banks, Remotely) – USD 500.00 – Debit/Credit Cards Available
- Cook Islands Bank Account (1 Bank, Remotely) – USD 600.00 – Brokerage Accounts available
- Belize Bank Account (1 Bank, Remotely) – USD 300.00 – Prepaid Cards Available
- Puerto Rico Bank Account (2 Banks, Remotely) – USD 300.00 – Debit/Credit Cards Available and Brokerage Accounts available
- Antigua Bank Account (2 Banks, Remotely) – USD 300.00 – Debit/Credit Cards Available
- Nevis Bank Account (1 Bank, Remotely) – USD 300.00 – Debit/Credit Cards Available
- Saint Lucia Bank Account (1 Bank, Remotely) – USD 300.00
- Dominica Bank Account (2 Banks, Remotely) – USD 300.00 – Debit/Credit Cards Available
- UK, Latvia and Lithuania Electronic Money Institution Account (8 EMI’s, Remotely) – USD 300.00 – Debit/Credit Cards Available
In addition to the above jurisdictions, we can also open bank accounts in Cyprus, Gibraltar, Luxembourg, Liechtenstein, Lithuania, Latvia, Switzerland, and the Netherlands for RAK International Companies whose activity is exclusively holding and managing assets (no commercial activity), and RAK International Companies conducting commercial activities via a branch office in the EEA. Contact us for further information.
All our bank account options provide for accounts in major currencies (USD, EUR, GBP, CHF, etc) as well as internet banking facilities. Note that “Remotely/In-person” means whether the account can be opened remotely or a personal visit to the bank is required to finalize the application.
Our bank account opening service is not just a mere introduction to the bank. We assist you in filling out the business plan forms appropriately and help you understand and provide business details, commercial information, and purpose/use of the bank account that a given bank wants to know in order to approve your account application.
Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.
RAK Company Annual Fees (payable one year after incorporation, and annually thereafter) – USD 3,100.00
- All Applicable Annual Government Fees
- Advising on completion of and filing the Economic Substance Return
- Maintaining the Minute Book, Registers and Statutory Records
- Providing Registered Agent Service for one year
- Providing Registered Office Service, including business address, for one year
Other Services (Optional)
- Formation and Maintenance of Freezone Companies (Dubai, Fujairah, RAK, Ajman, Abu Dhabi, Sharjah)
- Assistance with obtaining 3-year Business Visas for directors of Freezone companies
- Continuation of Foreign Companies
- Secretarial Services
- Accounting Services
Please, contact us for further information.