RAK Offshore – AL KANZA AL MUTHMER CONSULTS

Overview About RAKEZ Offshore Company

Ras Al Khaimah Government introduced regulations in 2006 for offshore company formation inside RAKIA.
In 2017, RAK FTZ and RAKIA merged to form a new entity RAKEZ.
Currently it is known as RAKEZ authority.
RAKEZ offshore maintains high reputation with international financial authorities.
100% foreign ownership is allowed.
Bank account of an offshore company registered with RAKEZ can be opened in multi currencies.
RAKEZ offshore company can only be registered through a registered agent.
Annual audit of an account is not mandatory.
RAKEZ offshore company is not allowed to rent an office location in UAE.
RAKEZ offshore company cannot conduct banking and insurance business.
RAKEZ offshore company is allowed to own real estate.
RAKEZ offshore companies are allowed to own shares in onshore LLC.
Names of share holders and directors are not displayed on public register.
Since 2019, it is mandatory to submit ESR notification for all offshore companies as per ministry of economy.
Offshore company does not fall under VAT levied by Government.

Minimum one share holder is required.
Corporate company can also be a share holder in an offshore company. However all attested documents are required for a foreign corporate company.
Having director is must in an offshore company. Director names are not available in public domain.
Appointment of secretary is must in JAFZA offshore.
Share holders names are not available on public domain.