20 Oct Reap These 5 Benefits When You Set Up an Offshore Company in RAK
Planning to establish an offshore company in RAK? Ras Al Khaimah is one of the most ideal destinations for an offshore company formation due to the suite of benefits it has in store.
They are as follows:
Offshore company formation in RAK offers complete anonymity and confidentiality for the business owner. Hence, if you are the type of entrepreneur who values this aspect when doing business, then you will never go wrong with offshore company formation in RAK.
One of the key benefits of RAK offshore company formation is that you will not be bound to a number of restrictions and rules compared to other region or jurisdiction in the country. The good news is that RAK offshore is an independent overseas location for foreign investors with its very own set of rules and authority known as RAK Investment Authority (RAKIA).
Offshore company formation in RAK also provides full asset protection with a solid and dependable platform for entrepreneurs and investors as compared to domestic business structures. Through this protection, international trustees are able to create a lawful barrier between the assets and creditors secured within the offshore company.
Taxation and Double Taxation Avoidance Agreement
Boasting a tax-free nature, Ras Al Khaimah provides lucidity for investors to engage in business activity and obtain complete returns. What’s more, in order to further benefit international investors, a tax treaty called Double Taxation Avoidance Agreement was signed among countries including Finland, Germany, India, Singapore, Italy, France, Malta, Malaysia, China, New Zealand, and more. This enables foreign entrepreneurs to avert tax payment in the two countries they transit with.
Another key benefit of opting for a RAK offshore company formation is that you will get lawsuit protection. This is designed to save your possessions in case of legal judgments or allegations. RAK Investment Authority (RAKIA) plays a significant role in assuring that your business is incorporated ethically and that an in-depth check is performed prior to setting up a company.
Documents Required in RAK Offshore Company Formation
- Bank reference letter
- Address confirmation of the directors and shareholders as well as latest utility bills that are not older than 3 months
- Colored passport copies for both shareholders and directors
- The CV of the shareholders and directors
Process in Starting Up a RAK Offshore Company
To get started with the offshore company formation in RAK, contact an officially registered agent of the RAK ICC registry who will handle and submit all the incorporation requirements to the registrar.
The good news is that it is not necessary for the applicant to be physically present in the country for the incorporation as all the legwork will be handled by the agent. Moreover, it will just take 2-3 business days to set up a company and the rates are completive compared to other offshore jurisdictions. Thus, Ras Al Khaimah is indeed the most cost-effective location to set up a business in the UAE.
Want to experience all the good things that an offshore company formation has to offer? Set your sights on Ras Al Khaimah today!