RAK ICC Premium Products
What if you could have a company in a Free Zone and have a way to operate onshore in Dubai and the rest of the UAE? Fortunately, the Ras Al Khaimah International Corporate Centre (RAK ICC) Free Zone offers Premium Products that give you this flexibility. We’ll give you a closer look at what the Premium Product entails, and what else is involved for RAK ICC registered companies.
But first, a quick review of RAK ICC Regulations
The Ras Al Khaimah International Corporate Centre (RAK ICC) is a Free Zone in the emirate of Ras Al Khaimah. Of the 30,000 registered firms at RAK ICC, nine per cent of them hail from the United Kingdom, making it an ideal Free Zone with a significant share of British members. There are five corporate formats you can choose from for the structure of your RAK ICC International Business Company or IBC. You may also choose from five licence classes.
In contrast to other Free Zones in the UAE, all company formation in the RAK ICC must go through Registered Agents on an authorised list from the Free Zone. As Registered Agents for RAK ICC ourselves, we will comfortably see you through the entire process. You can also transfer your already-existing entity to the RAK ICC as it offers redomiciliation.
While we recently went over the Intellectual Property Holding Company (IPHC) in a previous article, we’re going to focus this article on the RAK ICC’s Premium Product, the other premier offering you can access through this Free Zone.
What is the RAK ICC Premium Product?
The Premium Product is a joint offering from the RAK ICC and the RAKEZ Economic Zone. What is the primary benefit of opting for this format? It allows offshore companies registered at the RAK ICC the ability to operate on the mainland through a subsidiary in RAKEZ Business Zone.
What makes this benefit so pivotal? Free Zone companies in the UAE, by design, are for enterprises operating outside Emirati territory and generally are ideal for trading in the region or within the Free Zone where you register. If you wanted the capability to have operations onshore, then you would have to undergo a different process that is more demanding than the Free Zones. You can enjoy the best of Free Zones and on the mainland by opting for the Premium Product.
What are the other benefits of a RAK ICC Premium Product?
Your Premium Product entity has recognition as a business enterprise of substance. Recall that there are Economic Substance Regulations that all UAE firms operating in a set of industries, regardless of whether they are in a Free Zone or not, must fulfil these regulations.
You can also enjoy many of the other perks stemming from a Free Zone company with a wealth of opportunities for trade and investment around the world. You can also open a bank account either for use in the RAKICC, RAKEZ or globally that grants you the flexibility to move your capital and other funds around with ease. You’ll also exercise the benefits that come with Double Taxation Avoidance treaties to optimise your tax burden.
Premium Product entities also have a chance to let office space at RAKEZ with tailor-made facilities that allow you to have a one-stop-shop for all your needs on the local side of your operations. Finally, the partnership with RAKEZ also will enable you to apply for a Residence Visa in the UAE for you as an investor or your employees that you may have to bring over in a relocation.
What are the requirements for a RAK ICC Premium Product?
The process for company formation as a Premium Product is relatively straightforward, but you must go in the order they require. You start with forming your RAK ICC entity. Of the options on offer in the Free Zone, you may choose to structure your IBC as a Company Limited by Shares, Company Limited by Guarantee, Unlimited Company or a Restricted Purposes Company. After that, you register a subsidiary of your company in the RAK ICC and then go about the process of company formation for your company in RAKEZ.
Are you ready to begin your journey as a RAK ICC Premium Product?
If you would like to begin your RAK ICC company formation journey with a Premium Product, our team of Free Zone specialist Registered Agents are the best guides to walking you through the process successfully. We’re ready to answer any questions you may have, so feel free to schedule your initial consultation today.
Written by
Mei Wang
Business Advisor, Europe Emirates Group