Question 1

Q-1. Do I have to visit the UAE to set up my company?

Accepted Answer

No, you do not need to be physically present in the UAE. The entire Ras Al Khaimah Offshore Company Formation process can be completed remotely. You only need to send the signed documents to your registered agent, who will handle the registration and liaise with RAK ICC on your behalf.

Question 2

Q-2. Is an annual audit mandatory for a RAK Offshore company?

Accepted Answer

No, RAK ICC companies are not required to conduct annual audits, which reduces compliance costs and paperwork. However, it is important to maintain proper financial records and accounting documents in case of any internal or regulatory checks.

Question 3

Q-3. Can I open a bank account in Dubai with my RAK Offshore company?

Accepted Answer

Yes, you can open a corporate bank account in Dubai for your RAK Offshore company. Most banks require you to visit in person to verify documents and sign forms. Your registered agent can advise on the banks that accommodate offshore companies and the documentation needed.

Question 4

Q-4. What is the difference between an offshore company and a free zone company?

Accepted Answer

A free zone company allows you to operate within the UAE, lease a physical office, and sponsor visas for employees. In contrast, an offshore company is primarily for international business, has no physical presence in the UAE, and cannot sponsor visas. Offshore companies are often simpler and cheaper to maintain.

Question 5

Q-5. How long is the company license valid for?

Accepted Answer

The RAK Offshore company license is valid for one year from the date of issuance. It must be renewed annually by paying the required renewal fees to RAK ICC and your registered agent to continue operations and maintain compliance.

Question 6

Q-6. Can I own property in Dubai with a RAK Offshore company?

Accepted Answer

Yes, a RAK Offshore company is legally allowed to purchase freehold property in certain designated areas of Dubai. It is a popular option for international investors who wish to hold property without establishing a local UAE company.

Question 7

Q-7. Is my information kept private?

Accepted Answer

Yes, privacy is a key advantage of a RAK Offshore company. The RAK ICC company registry is not publicly accessible, and details of shareholders and directors are kept confidential. This ensures that sensitive ownership information remains secure.

Question 8

Q-8. Can I change the company structure later?

Accepted Answer

Yes, the company structure is flexible. You can update shareholders, directors, or even change the company name by passing a board resolution and submitting the required forms through your registered agent. These changes are recorded with RAK ICC.

Question 9

Q-9. How many shareholders can a RAK Offshore company have?

Accepted Answer

A RAK Offshore company can have up to 50 shareholders. These can be individuals or corporate entities, providing flexibility for joint ventures, partnerships, or investment holding structures.

Question 10

Q-10. Why is RAK Offshore cheaper than other jurisdictions like JAFZA?

Accepted Answer

RAK Offshore is cost-effective due to lower government fees, simplified compliance requirements, and minimal administrative procedures. This streamlined approach makes it an attractive choice for entrepreneurs and investors looking for affordable offshore company formation.

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