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About RAKICC and RAK Offshore
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Know about RAKICC and Its Role in RAK Offshore Company Formation
RAK International Corporate Centre (RAKICC) is a premium corporate registry operating in the Emirate of Ras Al Khaimah, United Arab Emirates. It plays a central and official role in the incorporation, registration, and administration of offshore companies—also known as International Business Companies (IBCs)—in Ras Al Khaimah.
RAKICC was established in 2016 through the consolidation of two corporate registries: RAK International Companies (formerly under RAK Free Trade Zone) and RAK Offshore (formerly under RAK Investment Authority). This merger created a unified and more powerful authority to oversee offshore company formations in RAK.
Benefits of RAKICC Offshore Company Formation
Company Incorporation and Registration
RAKICC is the official authority responsible for incorporating and registering offshore companies in Ras Al Khaimah. The process is streamlined, efficient, and typically completed within a few working days. It includes name approval, preparation of legal documents, and issuance of the Certificate of Incorporation. Offshore companies under RAKICC are legally recognized international business entities, ideal for asset holding, wealth management, and global trading. The setup process is conducted entirely through licensed registered agents, ensuring compliance and confidentiality throughout.
RAKICC handles the complete offshore company registration process, including:
Offshore companies registered with RAKICC are allowed to conduct business outside the UAE and are not permitted to trade within the UAE mainland.
Legal Framework and Regulation
RAKICC operates under a modern, internationally aligned legal framework that supports secure and compliant offshore operations. It adheres to global standards such as Anti-Money Laundering (AML), Know Your Customer (KYC), Ultimate Beneficial Ownership (UBO) transparency, and Economic Substance Regulations (ESR). This robust legal foundation ensures investor confidence and minimizes regulatory risk. The regulations are designed to balance confidentiality with international compliance, making RAKICC a trusted jurisdiction for global investors. Companies enjoy legal clarity and stability while operating from a tax-friendly environment.
RAKICC operates under internationally accepted standards and provides a robust legal framework that supports:
Its framework is aligned with global compliance initiatives including:
Corporate Structuring Options
RAKICC offers flexible corporate structures to meet diverse business and investment needs. Investors can form holding companies, investment entities, family offices, or intellectual property holding companies. The jurisdiction also allows for more advanced structures like Special Purpose Vehicles (SPVs), Segregated Portfolio Companies (SPCs), and even private foundations. This flexibility enables business owners to manage assets, investments, or intellectual property efficiently under a protected and tax-optimized structure. Additionally, RAKICC allows for re-domiciliation, letting foreign companies relocate to the UAE without losing their corporate identity.
RAKICC allows various types of company structures such as:
It also supports segregated portfolio companies (SPCs), re-domiciliation of foreign companies, and private foundations, making it flexible for global investors.
No Office or Local Employee Requirement
One of the key benefits of a RAKICC offshore company is the no requirement for physical office space or local employees. This significantly reduces overhead costs and administrative burdens, making it an ideal choice for investors seeking a lean and efficient corporate setup. The company can operate internationally without the need to maintain a presence in the UAE. It is especially attractive for holding assets, international trade, or managing global investments. This model offers high operational flexibility while still benefiting from a stable and credible UAE jurisdiction.
One of the most attractive features of a RAKICC offshore company is that it does not require a physical office or local employees in the UAE. This makes it a cost-effective and easy-to-maintain option for international business owners.
Registered Agent System
All RAKICC offshore companies must be formed and managed through approved Registered Agents. These are licensed professionals authorized by RAKICC to handle the incorporation process, prepare legal documentation, and ensure compliance with local and international regulations. The agent acts as the liaison between the investor and RAKICC, providing expert guidance throughout the lifecycle of the company. This system ensures that companies are established legally and maintain proper governance and regulatory standing. It also adds a layer of security and professionalism to the offshore formation process.
RAKICC companies must be incorporated through licensed Registered Agents, who are approved by the authority. These agents handle:
RAKICC plays a vital role in positioning Ras Al Khaimah as one of the most attractive offshore jurisdictions in the region. It offers a transparent, internationally compliant, and investor-friendly environment for individuals and businesses looking to set up an offshore company for global operations, asset protection, and wealth management.
Whether you’re an entrepreneur, investor, or advisor, RAKICC provides the legal foundation and administrative infrastructure required for successful offshore company formation in the UAE.
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Ultimate Beneficial Owner (UBO) Declaration for RAK Offshore Companies
In line with the UAE’s commitment to international transparency and anti-money laundering standards, the RAK International Corporate Centre (RAKICC) requires all offshore companies to submit a UBO Declaration. This regulation ensures that the true owners of a company are disclosed to regulatory authorities, helping maintain trust, legality, and international compliance. Whether you're forming a new offshore company or managing an existing one, understanding the UBO requirement is essential for legal operation in the UAE.
1. Who is a UBO?
A Ultimate Beneficial Owner (UBO) is the natural person who ultimately owns or controls a company, directly or indirectly. Typically, a UBO is someone who owns 25% or more of the shares or voting rights in the company, or has significant control through other means, such as decision-making authority. If no one meets these criteria, a senior manager or director may be listed as the UBO. Identifying the UBO ensures transparency in corporate ownership.
2. Who Should Declare UBOs?
All RAKICC offshore companies, regardless of their size or industry, are mandated to declare their UBOs. It is the responsibility of the company’s directors, shareholders, or authorized representatives to ensure timely and accurate submission. Newly formed entities must declare the UBO at the time of incorporation, while existing companies must keep their records updated and compliant at all times.
3. Where to File UBO Details?
The UBO declaration is submitted to RAKICC through the company's licensed registered agent. The registered agent collects, verifies, and files the UBO information securely with the registrar. The data is maintained in a confidential register and is not made public, but may be shared with regulatory bodies or law enforcement upon official request as part of compliance checks
4. Where to File UBO Details?
The UBO declaration is submitted to RAKICC through the company’s licensed registered agent. The agent is responsible for collecting, verifying, and securely filing the UBO information with the registrar. All submitted data is stored in a confidential register and is not made public, though it may be disclosed to regulatory authorities or law enforcement upon official request as part of compliance procedures.
5. What to Include in the UBO Declaration?
The UBO declaration must contain the following information:
- Full legal name of the beneficial owner
- Nationality and country of residence
- Passport or Emirates ID copy
- Date and place of birth
- Nature and extent of ownership or control
- Residential address
- Details of shareholding or decision-making authority
This ensures the regulatory authority has a clear understanding of who ultimately controls or benefits from the corporate entity.
6. How Vital is UBO Disclosure?
UBO disclosure is a critical component for complying with UAE federal laws and international standards concerning anti-money laundering (AML), counter-terrorism financing (CTF), and economic substance regulations. Failure to disclose UBOs properly can lead to audits, monetary penalties, or blacklisting. Transparency in UBO reporting enhances corporate credibility and helps build trust with financial institutions, regulators, and international business partners.
7. What are the Penalties for Non-Compliance?
Non-compliance with UBO regulations can result in severe consequences, including:
- Fines ranging from AED 50,000 to AED 500,000
- Suspension of the company’s license
- Inability to open or maintain corporate bank accounts
- Reputational damage or legal ramifications
RAKICC conducts routine compliance audits, and failure to submit or update UBO data may lead to enforcement actions.
8. How Can Ashton & Well Help?
At Ashton & Well, we provide comprehensive support for RAK offshore companies to ensure full compliance with UBO regulations. Our dedicated team of experts will:
- Identify and verify the actual Ultimate Beneficial Owners
- Prepare and file accurate UBO declarations with the authorities
- Maintain and update UBO records on your behalf
- Manage all communication with regulatory bodies
- Provide continuous compliance advice to help you avoid fines or disruptions
With our professional guidance, your offshore structure remains secure, transparent, and penalty-free, fully aligned with the latest UAE requirements.
What Are the Benefits of UAE Economic Substance Regulations for RAK Offshore Companies?
The UAE Economic Substance Regulations (ESR), introduced in 2019, reflect the UAE’s commitment to OECD and EU standards for tax transparency and fair economic practices. These regulations are particularly important for jurisdictions like Ras Al Khaimah (RAK), where offshore structures benefit from tax advantages and privacy.
For RAK offshore companies, ESR adds credibility, supports international banking and regulatory acceptance, and ensures long-term stability through compliance. Although they may appear restrictive initially, ESR brings considerable long-term advantages for compliant businesses.
What Are the Relevant Activities That Come Under ESR?
ESR applies only to companies engaged in the following Relevant Activities:
- Banking
- Insurance
- Investment Fund Management
- Lease-Finance
- Headquarters Business
- Shipping
- Holding Company Business
- Intellectual Property (IP) Business
- Distribution and Service Center Business
If a RAK offshore company conducts any of these activities and earns income from them, it must meet ESR criteria like adequate staff, office presence, and spending in the UAE. Otherwise, it only needs to file a declaration stating non-applicability.
No Impact on Businesses Not Carrying Out Relevant Activities
One of the major advantages of ESR is that it does not affect companies not engaged in Relevant Activities. Most RAK offshore companies—especially those for passive asset holding, IP ownership, or overseas trade without UAE operations—fall outside ESR's scope.
Such businesses only need to submit a basic ESR notification confirming their non-applicability, thus avoiding extensive compliance. This makes RAK offshore companies an attractive, low-maintenance, and compliant vehicle for international investors.
Why RAK Offshore Companies Are Gaining More Popularity
RAK offshore companies are increasingly preferred for their combination of confidentiality, operational flexibility, and compliance. ESR, UBO, and AML regulations have made them more trustworthy in the eyes of global banks and financial institutions.
They are particularly ideal for:
- Holding international assets
- Estate planning and wealth management
- Owning shares in UAE Free Zone companies
- Managing intellectual property or licensing rights
RAKICC’s regulatory improvements and digital services also make setup and maintenance more convenient, with reduced costs and simplified compliance.
Which Jurisdictions Are on the EU Blacklist?
The European Union publishes a list of non-cooperative tax jurisdictions, known as the EU Blacklist. These are countries that do not meet global tax transparency and anti–base erosion profit shifting (BEPS) standards.
As of the latest update, jurisdictions on or under monitoring include:
- British Virgin Islands (BVI)
- Cayman Islands
- Seychelles
- Guam
- Vanuatu
- Palau
- Trinidad and Tobago
- Samoa
The UAE, including RAKICC, has taken proactive steps to meet global standards, and has been removed from the EU Blacklist. This makes RAK a more stable and compliant jurisdiction for structuring international operations.
Ownership of Real Estate in Dubai with an RAK Offshore Company
Investing in real estate in Dubai has long been attractive to global investors due to its strategic location, high rental yields, tax-free environment, and world-class infrastructure. One efficient and tax-friendly method of holding real estate assets in Dubai is through a RAK Offshore Company registered with the RAK International Corporate Centre (RAKICC).
While offshore companies traditionally have restrictions on owning property within the UAE, RAKICC is one of the only offshore jurisdictions permitted to own property in designated areas of Dubai, subject to conditions and approval by the Dubai Land Department (DLD).
Let’s explore how RAK offshore ownership of Dubai real estate works, its legal framework, benefits, and considerations.
Is Property Ownership in Dubai Allowed for RAK Offshore Companies?
Yes, RAKICC offshore companies are legally allowed to own freehold property in designated areas of Dubai, provided the ownership is registered with the Dubai Land Department (DLD) and the offshore company is structured correctly.
This is possible due to a special agreement between RAKICC and the DLD, allowing for certain offshore entities to invest in Dubai real estate under clear regulatory conditions. However, not all offshore jurisdictions enjoy this privilege—jurisdictions like BVI or Cayman Islands are generally not permitted to own Dubai property directly.
Key Requirements and Conditions
To own property in Dubai through a RAK Offshore Company, the following conditions must typically be met:
- The offshore company must be registered with RAKICC (RAK International Corporate Centre)
- The company must appoint a UAE-based registered agent
- The property must be located in DLD-approved freehold zones, such as:
- Business Bay
- Downtown Dubai
- Palm Jumeirah
- Dubai Marina
- Jumeirah Lakes Towers (JLT)
- The offshore company must be 100% owned by individuals (not other companies or trusts)
- Proper UBO (Ultimate Beneficial Owner) disclosure and compliance with AML/KYC norms are required
- A No Objection Certificate (NOC) may be required for certain property types or areas
Benefits of Buying Real Estate via RAK Offshore Company
- ✅ 100% Foreign Ownership
RAKICC offshore companies allow full foreign ownership, giving investors complete control over their Dubai property without needing a local partner or sponsor. - ✅ Asset Protection
Holding real estate through a corporate structure adds a layer of legal separation, protecting the asset from personal liabilities, disputes, or claims. - ✅ Estate & Succession Planning
RAK Offshore ownership enables structured succession planning, allowing multiple shareholders or family members to hold the property jointly, with easy transfer of ownership upon death or exit. - ✅ Tax Efficiency
There is no corporate or income tax on offshore companies in the UAE. Rental income and capital gains derived from the property are not taxed at the corporate level under current UAE laws. - ✅ Confidentiality & Privacy
RAKICC provides a high level of ownership privacy. While UBO disclosures are required to the authority, they are not made public. - ✅ Simplified Sale or Transfer
Transferring property ownership by selling company shares (rather than the property itself) can simplify the sale process and may reduce transfer fees, subject to DLD approval.
Common Use Cases
- High-net-worth individuals looking to diversify assets
- Expats and foreign investors seeking real estate income in the UAE
- Family offices managing Dubai-based properties
- Property holding for rental income or long-term investment
How to Proceed with Property Purchase via RAK Offshore
- Set up a RAKICC offshore company through a registered agent
- Comply with UBO and ESR regulations (if applicable)
- Obtain a property sale agreement in the company’s name
- Register the property with Dubai Land Department
- Pay all associated fees (e.g., DLD registration fee, NOC, trustee fees)
The process is straightforward when handled through experienced professionals who ensure compliance with all legal and administrative steps.
Owning real estate in Dubai through a RAK Offshore Company is a smart, strategic move for investors seeking asset protection, tax benefits, and simplified estate planning. With regulatory approval from the Dubai Land Department and the business-friendly environment provided by RAKICC, this structure offers a powerful combination of privacy, flexibility, and international legitimacy.
If you are considering purchasing property in Dubai through a corporate vehicle, working with a trusted advisory firm or registered agent can ensure a smooth, legally compliant transaction.
Why is RAK ICC the Best Offshore Jurisdiction in the World?
The RAK International Corporate Centre (RAK ICC), located in the Emirate of Ras Al Khaimah, UAE, has rapidly emerged as one of the most trusted and strategically positioned offshore jurisdictions in the world. Offering a forward-thinking legal framework, robust regulatory oversight, and global credibility, RAK ICC is the preferred choice for international investors, entrepreneurs, and corporate groups seeking efficient and secure offshore company formation.
RAK ICC’s competitive advantages make it ideal for asset protection, international business operations, estate planning, and intellectual property ownership—all while aligning with international compliance standards such as UBO, ESR, and AML regulations.
Key Features That Make RAK ICC the Global Leader in Offshore Jurisdictions
-
100% Foreign Ownership with Full Repatriation of Profits
RAK ICC companies allow full foreign ownership, meaning you don’t need a local partner. Additionally, companies enjoy zero restrictions on capital repatriation, enabling easy international transfers of dividends or profits with no withholding tax. -
No Corporate or Personal Income Taxes
One of the strongest benefits of RAK ICC is its tax-neutral environment. There is:- No corporate tax
- No personal income tax
- No withholding tax
- No VAT on offshore company services
-
Confidentiality and Asset Protection
RAK ICC offers strong confidentiality laws, ensuring the privacy of shareholders and directors. While UBO disclosure is required for compliance purposes, the information is not made public. This makes RAK ICC a top choice for wealth management, estate planning, and safeguarding intellectual property or global assets. -
Legal Framework Based on English Common Law
RAK ICC operates under a modern legal framework aligned with English Common Law principles, providing international investors with a familiar, transparent, and globally respected structure. It allows for various corporate entities including:- Segregated Portfolio Companies
- Unlimited Companies
- Company Limited by Shares or Guarantee
- Foundations and Holding Companies
-
Ownership of Dubai Real Estate
Unlike most offshore jurisdictions, RAK ICC entities are permitted to own property in Dubai’s freehold areas (with Dubai Land Department approval), making it an attractive vehicle for real estate investment and property holding structures in the UAE. -
No Minimum Capital Requirement
RAK ICC does not impose any minimum capital requirements for offshore company formation. This lowers the entry barrier for small and mid-sized businesses, startups, and private investors. -
Efficient Company Formation and Cost-Effective Maintenance
RAK ICC companies can be incorporated within 1–2 working days through a licensed registered agent. There are:- No complex office requirements
- No audit mandates for holding companies
- Cost-effective renewal and maintenance fees
-
Compliance with International Standards
RAK ICC is fully aligned with the latest global compliance regulations, including:- Economic Substance Regulations (ESR)
- Ultimate Beneficial Owner (UBO) Disclosure
- Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws
-
Global Recognition and Banking Access
Due to its reputable standing, RAK ICC companies are widely accepted by international banks and financial institutions. Opening multi-currency bank accounts and engaging in cross-border transactions is easier and more reliable compared to less-regulated offshore jurisdictions. -
Access to the UAE’s Strategic Location
RAK ICC companies benefit from the UAE’s strategic location at the crossroads of Europe, Asia, and Africa—ideal for trade, logistics, and regional headquarters. Being in one of the most stable and progressive economies in the Middle East further adds to its appeal.
RAK ICC is not just another offshore jurisdiction—it is a modern, compliant, and investor-friendly international business center. Combining confidentiality, tax advantages, legal strength, and strategic location, it meets the evolving needs of global entrepreneurs and high-net-worth individuals.
Whether you're looking to hold assets, optimize taxes, expand internationally, or protect wealth—RAK ICC stands out as the best offshore jurisdiction in the world.
How to Open Bank Accounts for UAE Offshore Companiesy
Opening a corporate bank account is a crucial step after setting up an offshore company in the UAE. While offshore companies—such as those registered with RAK ICC (Ras Al Khaimah International Corporate Centre) or JAFZA Offshore (Jebel Ali Free Zone)—enjoy numerous business benefits, including full foreign ownership and zero taxes, securing a bank account requires careful planning and compliance.
With the UAE’s banking sector being one of the most regulated and stable in the region, the process for offshore entities is structured but achievable—especially when guided by professionals.
Can UAE Offshore Companies Open Bank Accounts in the UAE?
Yes, UAE offshore companies can open bank accounts, but they are subject to due diligence, compliance checks, and each bank’s internal policy. While some local banks are selective, many UAE and international banks accept offshore company accounts, particularly when the business structure is transparent and backed by a strong profile.
Types of Bank Accounts Available for Offshore Companies
- Corporate (Business) Accounts-To manage payments, invoices, and business transactions.
- Multi-Currency Accounts - Useful for international business operations.
- Savings or Investment Accounts- For wealth and asset management.
Major banks for offshore company accounts in the UAE
The UAE offers a robust network of reputable local and international banks that cater to offshore business banking needs. Below is a list of some of the top banks, both domestic and global, that are well-suited for opening accounts for UAE offshore companies.
Local Banks
| Mashreq Bank |
| RAK Bank |
| ADCB |
| Abu Dhabi Islamic Bank |
| Banque Misr |
| Dubai Islamic Bank |
| Emirates Islamic |
| Emirates NBD |
| First Abu Dhabi Bank |
International Banks
| Bank One (Mauritius) |
| Nevis International (St. Kitts and Nevis) |
| Caye International (Belize) |
| Euro Pacific (Puerto Rico) |
| Interpolitan Money (United Kingdom) |
| DSBC Bank (Lithuania) |
| ABC Bank (Mauritius) |
Each bank in the UAE—whether local or international—operates with its own set of terms, timelines, documentation requirements, and fee structures. It's essential to carefully assess these factors before selecting a banking partner. Below, we’ve outlined the standard documentation and general account opening process followed by most banks in the UAE. However, depending on the specific bank, you may be required to provide additional documents or comply with further procedures.
Documents Required to Open an Offshore Company Bank Account
Although each bank may have specific requirements, typically required documents include:
Steps to Open a Bank Account for a UAE Offshore Company UAE Offshore Company
step
Choose a Suitable Bank
step
Prepare a Strong Business Case
- Nature of business
- Source of funds
- Beneficial ownership
- Countries you’ll transact with
- Expected volume and types of transactions
step
Appoint a Registered Agent (if not already done)
step
Submit Application and Attend Interview
step
Compliance and Review Period
Tips to Increase Your Approval Chances
- Be transparent with your business model and transactions Provide a well-drafted business plan and proof of activitys
- Avoid high-risk industries unless backed by strong compliance
- Work with a professional corporate service provider for proper documentation
- Maintain a good banking history if applying from an existing personal or company account
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Can Offshore Companies Open Accounts Outside the UAE?
Yes, RAK ICC offshore companies can also open international bank accounts in jurisdictions like:
- Singapore
- Hong Kong
- Switzerland
- Mauritius
- UK and EU-based banks
This can be helpful for investors dealing with global clients, receiving foreign payments, or wanting better fintech solutions.
Opening a bank account for a UAE offshore company is entirely possible with the right structure, strong documentation, and compliance. Whether your goal is to manage global transactions, hold investments, or conduct international trade, working with the right advisor can make the entire process seamless and bank-friendly.
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