RAK Offshore Company Formation: Cost, Registration, Renewal

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RAK means Ras Al Khaimah. So, an offshore account dedicated to Ras Al Khaimah will be called RAK offshore account. If you are new to Ras Al Khaimah offshore account, then this article is for you.

In this article, we will tell you about how to:

– Open a Ras Al Khaimah Offshore account
– Registration process for Ras Al Khaimah offshore company formation
– Renewal process of Ras Al Khaimah offshore company formation
– Renewal price of Ras Al Khaimah offshore company formation
– RAK Offshore Company Bank Account

Let’s get started and learn about RAK Offshore Business Setup.

Open Ras Al Khaimah Offshore Company Formation

Offshore bank accounts are commonly created in the name of an offshore corporation. The rationale for this is that all financial transactions, if tracked, would be in the name of the offshore business, not the client. Establishing an offshore bank account in this manner may cost between $550 and $750, plus the cost of forming the offshore business. An offshore corporation generally costs between $1585 and $3,495. As a result, the total offshore account expenses for both should be around $2135 to $4,245.

It is critical for each potential owner of an offshore bank account to conduct the required research in order to make an educated decision when setting up an offshore bank account and creating an offshore company. With over 30 years of expertise in the offshore services industry, we highly advise you to contact an offshore adviser for assistance in determining the best offshore jurisdiction (OFC), offshore financial institution, and company kinds for your needs.

Offshore Bank Accounts must be created with an initial deposit in order to be activated. Although the bank account types, fees, interest rates, and so on of various offshore providers vary, most offshore financial institutions (OFCs) offer competitive pricing and a good degree of bank account security. Furthermore, interest rates are often greater than in the UK and EU, offering an additional benefit to individuals saving overseas. During the process of opening an offshore bank account, you will pay procedure fees, courier charges, and numerous modest expenditures (for notary, etc.). The Offshore Company UK has assisted hundreds of individuals and businesses in establishing private banking accounts and offshore corporations.

Registration Process RAK Offshore Company

Learn all about registration of RAK offshore accounts.

Documents Required for RAK Offshore Company Formation

Below is a list of the documents and paperwork you will need to register your offshore business in RAK:

Documents for an Individual Shareholder in RAK Offshore Company

  • Copies of your passport (notarized)
  • A letter of recommendation from a bank addressed to RAK Offshore Authority (original)
  • Proof of residency, such as a utility bill or a municipality certificate (original)
  • Resume of the offshore company’s shareholder
  • The company’s bank statement for the previous six months

Documents for a Multi-Shareholder RAK Offshore Company Formation

  • Photocopy of the applicant company’s business license or incorporation certificate (attested)
  • Association Memorandum (attested)
  • Resolution of Shareholders (attested)
  • Copies of all directors’ and shareholders’ passports
  • Certificate of Good Standing, commonly known as the company’s Certificate of Existence
  • The company’s certificate of occupancy (mentioning the names of the shareholders and directors)
  • During the registration procedure, the authorities may require further papers.

RAK Company Formation & Registration Process

If all of the documentation criteria are completed, registering your RAK offshore business generally takes one day. Here is a step-by-step guide to registering:

To begin, you must obtain clearance for the firm name and commercial operations.

Sign all incorporation paperwork and submit them to the Registrar at RAKIA, RAK offshore’s regulatory agency.

Pay registration fees and other expenses. You can make the payment online or by money transfer. Your company is now ready. You’d need to open a business bank account before you can begin operations.

Renewal process of RAK Offshore Company Account

Only the registered agent can renew your legal entity. If you have picked a competent agent, that agency will notify you in advance when your RAK ICC company’s renewal is due.

In such scenario, all you need to do is confirm the renewal and pay the applicable renewal fees. Your registered agent will handle the rest of the renewal process for you.

In addition to the renewal, you may need to get an extra certificate of “Good Standing.” Almost all banks demand such a certificate on a yearly basis in order to obtain legal evidence that the business is timely renewed and has a completely genuine legal standing. This certificate may be acquired through your registered agent at the same time you renew your legal organization.

If you are dissatisfied with your existing registered agent, you can change it.

Average Cost of RAK Offshore Account

The average cost of opening an RAK offshore account in Dubai and UAE is around $1200 to $1800 for the first year. After that the renewal fees decreases.

Document Required

  • Passport Copy
  • Address Proof
  • Bank Reference Letter
  • Deliverables Incorporation Certificate
  • MOA
  • Share Certificate
  • Company Stamp

Bank Accounts

  • Emirates NBD
  • Mashreq Bank
  • National Bank of Fujairah

The cost of renewal of RAK offshore account is around $1350. It usually depends on your agent because the agent can charges more depending on their experience. The fees by RAK is fixed for offshore account opening of any company.

So, the total cost of RAK offshore account:
Year 1: $2550
Year 2: $2400

As we said earlier, the RAK offshore account fees varies for each agent in Dubai and the government fees is already fixed.

Who Should Start RAK Offshore Company Account?

RAK offshore corporation would be ideal for startups or major enterprises that operate outside of the UAE.

It is an excellent option for those who wish to own property in the UAE under the corporate name.

Opening a bank account takes a little longer for a RAK international business than it does for a free zone entity, for example. However, the success of the firm is determined by the client’s transparency, not by the country in which it is registered.

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