RAK ICC Offshore Company Formation As a Solid Foundation
What makes offshore company formation in the RAK ICC Free Zone a solid backbone for your corporate structuring goals? We’ve long espoused the benefits of setting up an international business company (IBC) in this Free Zone. Still, we wanted to focus on the points that we believe make a RAK ICC offshore solution the right choice for your entity.
But first, a very short overview of the RAK ICC
The RAK ICC Free Zone runs its services for offshore company formation out of Ras Al-Khaimah, the northernmost of the seven emirates that make up the United Arab Emirates. The Free Zone is the result of a merger of the prior RAK IBC and RAK Offshore company registries under the same regulatory umbrella. There are over 30,000 entities at the RAK ICC with most shareholders hailing from India, the United Kingdom and of course, the UAE.
What makes RAK offshore incorporation a solid backbone of corporate structuring?
A wealth of entity types to choose for your RAK ICC offshore company
One of the significant advantages stemming from the RAK ICC’s company regulations is that there are five different entity structures you can choose for your IBC. The options grant you the ability to protect assets and offer a higher-quality format than what you can find in other offshore jurisdictions.
What are your five choices? They are:
Company Limited by Shares: An entity where the shareholders’ liability is limited to the amount of capital they put in.
Company Limited by Guarantee: This incorporated entity has members that act as guarantors who contribute if the company liquidates in place of share capital.
Restricted Purposes Company: This company type aims to serve as a special purpose vehicle.
Segregated Portfolio Company: This entity, also called a protected cell company, allows you to separate the different liability and assets from each other.
Unlimited Company: This company exposes its shareholders or members based on their obligations to the entity.
This ability to choose the entity that works best for you and your business goals, along with a range of licence classes that you can find in just about every other Free Zone, grants you the freedom you want for an offshore company in Ras Al-Khaimah (RAK).
Additional corporate structure options
The RAK ICC also has two unique offshore corporation options that you can choose to pursue:
The RAK ICC Premium Product
The RAK ICC Premium Product that the RAK ICC onshore authority offers in conjunction with the RAKEZ Economic Zone allows you to first pursue RAK offshore incorporation at the RAK ICC as your parent company and then establish a mainland subsidiary at RAKEZ. This solution lets you enjoy the benefits of an offshore structure while gaining the ability to trade and operate on the mainland in the UAE.
Plus, the RAK ICC Premium Product has the appropriate designation to satisfy the UAE’s Economic Substance Requirements, an aspect you must consider when doing business in the Emirates.
Intellectual Property Holding Company (IPHC)
Suppose you’re a global entity looking for a way to shore up your intellectual property assets while separating them from your other subsidiaries. In that case, the RAK ICC’s ability to set up a holding company for them is one of the different advantageous formats that we find compelling. An IPHC stands out for the protection it provides to those assets, as well as keeping them all in one place. You can also use it as collateral if you have your IP in an IPHC. Finally, using this type of structure for your IP allows you to optimise your taxation and have a more efficient tax burden that only offshore jurisdictions can provide.
Are you ready to pursue RAK ICC offshore company formation?
As a firm on the RAK ICC Offshore registered agents list, our team at Europe Emirates Group is ready to help you on your journey. As a Registered Agent, which the RAK ICC requires, we have the resources you need to guide you on options for an offshore bank account, whether you should change your proposed company structure and offer advice on directors and shareholders. Would you like to get to know our team? Contact us to schedule your initial consultation today.
CEO, Europe Emirates Group