What is the RAKIA and RAK IC offshore company in UAE difference
We can say that in core terms both company types –RAK Offshore and RAK IBC company – are fairly similar from the taxation perspective, ownership and core applicable legislation as well as incorporation procedure.
These companies taxation is at 0% rate for both types, all business shall be outside of UAE, 100% foreign ownership is permitted. Our fees for RAK offshore company registration are also the same. Audit is not required for both types.
The main differences of these two types of offshore company in UAE are:
RAK Offshore – has the word “Offshore” in the incorporation documents of the company.
RAK IBC company – does not have such word as it is called International Business Company (IBC).
RAK IBC company, due to slightly stricter regulations of the companies registry, is more welcomed by banks in UAE when opening offshore bank accounts for such companies.
Under the facts above, the prevailing majority of our customers choose the option of RAK IBC company whereby we can incorporate both types since we are the registered agents for both types of these companies.
Why do you write about RAK IBC company or RAK Offshore company when referring to Dubai offshore company ?
To omit further confusions we clarify this question as follows:
There are also offshore companies in one of the free trade zones of Dubai. Costs of incorporation of such companies are nearly double of the costs of the offshore companies in Ras Al Khaimah, required are minimum 2 directors as well as audit. These Dubai companies are permit to purchase properties in Dubai and are utilized mostly in the cases of a purchase of larger packages of real estate in Dubai.
For all other cases the highly prevailing majority of the customers choose the option of offshore company in UAE incorporated in RAK whereby the registered address of such company would be in Dubai – in our office – as the company registered agent, thus this company is often called Dubai offshore company due to the registered address which, as we have already mentioned , can be in Dubai.
What is the Guarantee that your company would register UAE offshore company for me?
When ordering company with us you would sign the company order form with all the details of your order which we would also co-sign as well as issue the invoice with detailed info on your order. These two documents provide the clear legal basis for you as the customer on our obligations to incorporate your company within the parameters chosen by you.
Procedure on how to register an offshore company in UAE – so I have to come to UAE ?
You have two options. Option one – the UAE offshore company registration can be done over post. This would require your signature verification on the company documents by a lawyer, auditor, notary or banker. As an alternative, if you decide to open Dubai bank account in UAE, you would need to come to UAE for one day anyway. Same day you can sign all the company documents and no verification for your signature would be required.
Do I have to come to Dubai to open bank account in UAE
If you wish to open offshore bank account Dubai – yes. This is the regulation of UAE central bank – banker must see you in person at the time of account opening. If opening bank account abroad – some banks permit the account opening without personal visit.
If I come to Dubai to open offshore bank account Dubai – how many days do I need to stay in UAE
You need to stay in UAE one day only. We can handle the complete procedure for signing of all company documents and documents for bank account opening within one day – provided you send us the copies of your required documents at least 2-3 business days prior to your trip to Dubai.
How to open an offshore company in UAE – What to do next ?
You shall contact us over telephone or e-mail sending us your short request that you wish to know on how to open an offshore company in UAE and specify if you wish to open offshore bank account Dubai or abroad and we would send you the complete procedure to follow.
If you started reading our Frequently asked questions from Part 2 only – you can also see Dubai Offshore company – Frequently asked questions – FAQ – Part 1