RAK Local LLC

Local RAK LLC Companies – these require a local sponsor /shareholder of 51% – these are used for local trading as well as GCC and international trading.

RAK Professional Firm

RAK Professional License Companies – these are suited to professionals: doctors, accountants, lawyers that wish to practice their profession in the UAE.

Why Set Up a Company in RAK?

Constructive use of RAK Company Formation in the UAE can yield the investor significant advantages. Tax, Security, Confidentiality and Lifestyle advantages. Read about the RAK Offshore Company Advantages and the RAK Free Zone Company Advantages.

Advantages of a RAK Offshore Company or a RAK ICC Company

• A RAK Offshore Company or a RAK ICC Company enjoys UAE Corporation Tax and Personal Tax exemption as well as Custom Duty exemption
• No barriers restrictions or taxes to funds transfers internationally or repatriation of funds in the UAE for a RAK Offshore Company or a RAK ICC Company
• 100% foreign ownership is allowed in the RAK Offshore Company or the RAK ICC Company
• A number of activities can be combined in one RAK Offshore Company or  RAK ICC Company
• It is not necessary for a RAK Offshore Company or a RAK ICC Company to have an office in the UAE but a registered office in RAK is mandatory – provided as part of the registered agent’s services
• Ownership of UAE Real estate property is allowed for a RAK Offshore Company or a RAK ICC Company
• Bank account in the UAE is allowed as well as overseas, in multiple currencies for a RAK Offshore Company or a RAK ICC Company
• Use of local professional services is allowed in t which are approved by the authorities of the UAE
• Faster incorporation times (a few days) compared to Free Zone or Local UAE companies
• Use of UK Common Law and the English Language in Company documents
• An offshore company is exempted from any income tax, corporate tax, personal tax or custom duty.
• It is not necessary for an investor to come to the UAE in order to form a RAK Offshore Company or a RAK ICC Company
• No audit is required
• A RAK Offshore Company or a RAK ICC Company in UAE provide a higher level of confidentiality than other legal forms

Advantages of a RAK Free Zone Company

• A RAK Free Zone Company enjoys UAE Corporation Tax and personal Tax exemption as well as custom duty exemption
• No barriers restrictions or taxes to funds transfers internationally or repatriation of funds in the UAE for the RAK Free Zone Company
• 100% foreign ownership permitted in the RAK Free Zone Company
• Residence visas are issued – No visa restrictions for investors, family and staff
• Goods out of the free zone and into mainland UAE must pay a low 5% customs duty
• The RAK Free Zone Company is able to open UAE bank accounts and bank accounts worldwide
• Membership of the Chamber of Commerce through the relevant office in the specific Free Zone via RAKEZ, the RAK Economic Zone
• Access to a large labour and executive pool
• Pre-built structures- offices, factories, warehouses are available in the RAK Free Zone
• Proximity and access to the MENA and Asia regions / markets
• Entitlement to a 3-year investor visa for each investor (and dependents)
• Onshore tax resident status with access to tax treaties and issue of certificate of tax residence for the RAK Free Zone Company
• A RAK Free Zone , by the very nature of its set up, possesses Commercial and economic substance which is VERY useful for tax planning: real presence (with premises, staff and equipment – ‘flexi office’ with virtual office permitted for a low annual cost – approximately 1.000 Euro per year) in an organised market / free zone with local presence among other active companies. Added commercial substance also if we opt for designated free zones in the specific field of our activity (e.g. a media company operating in “Media City” Free Zone where hundreds of companies in that sector are established and operating).

Advantages of a Local RAK Company or a RAK Professional Firm

Well first you enjoy ALL the advantages enjoyed by the RAK Offshore Companies and the RAK Free Zone Companies PLUS+ the added significant advantage of conducting any business activity (subject to approval) without ANY restrictions in any location in the UAE and the Gulf / GCC region. A huge market with exciting potential.

RAK Company Incorporation – Establishment Procedures

The 5 Stages of the RAK Company Formation Process

FBS EMIRATES are up-to date with ALL new laws and regulations and with our help you can cut through the whole process quite easily with minimum involvement on your side.

Below is a brief outline of the Main Company Formation Stages in RAK, UAE.

1. Initial Consulting

It is valuable that FBS EMIRATES provides free initial advice on UAE Business Set Up. This is so as you DO need Our Services since there are many different options for company formation and complex residency and labour and immigration regulations as well as complex processes, red tape and requirements.

2. Documents – Licensing – Formation

Once all the necessary documents have been obtained from you and certified, the incorporation process starts.  The Company, at the completion of this stage is Legally Formed and Licensed and Ready to Operate.

3. Bank Account

Bank Account Opening in RAK comes next. A very important stage as RAK Companies with no bank account are considered by Tax Authorities and market counter-parties as Companies without economic substance in most cases and therefore not useful or practical. In our capacity of Official Professional Introducer with many banks in RAK and internationally you can rest assured the account opening will be fast and quite smooth. We will handle the process and guide you through the documentation requirements.

4. UAE Visas

Immigration Residence Visas and Emirates ID is then obtained for you, your family and your staff. All details and actions required will be handled efficiently. Generally the medical examination takes a maximum of 5 working days, although this can faster with an urgent medical application.

5. Establishment and Set-Up

The next stage, with our support, involves setting up the corporate image (business – office address, telephone answering, logo, business cards, and website) as well as substance (premises, telephone, utilities, virtual office, staff, business plan). We can discuss what is appropriate for your case.

Summary of Our Simple 8-Step Approach to Your RAK Company Formation Process

Our Simple 8-Step Process aims at addressing all the actions and decisions necessary to successfully, smoothly and in a problem-free fashion Form, Set Up and Establish Your RAK Company and Business in RAK, UAE.

Our 8-Step process revolves around 8 central actions and related decisions for your RAK Company Formation:

Choosing a suitable RAK-based Company Formation Expert and Consultant and submitting to them the Required Documents and Forms and obtaining a proper consultation.

From then on with our guidance comes deciding on the Business and License Type and a specifically chosen RAK Location and Registration Authority to set up the company, Deciding on Ownership Type, Choice of Legal Form, Deciding on UAE, RAK Company Trade Name, Determining Share Capital – Shareholders – Managers, Deciding where and with which Bank to open a Bank Account with and finally setting out plans for Establishment Logistics – Premises, Marketing and other set up work.

How Our Services Help You in the RAK Company Incorporation Process

• We Collect all RAK Company Owner identity and passport personal documents, CV, bank reference letter, 6-months bank statements, proof of address and a draft business plan and activities list AND in the case of a corporate shareholder the relevant company documents of the shareholding company
• We prepare all incorporation documents for your RAK Company
• We complete, check and submit all RAK Company Formation, Bank Account and Visa applications to the relevant bodies, institutions and Authorities
• We process RAK Company Name approvals and other governmental approvals (after approval, MOA and application forms will be signed)
• We will be Monitoring and controlling the progress of the RAK Company formation process through the various steps ensuring smooth and problem free set up
• RAK Company Bank Account Opening – we introduce banks to clients to act as the RAK Company’s bankers
• We provide Full-Scope professional services to support your RAK Company operations from A to Z (VAT, Tax, Accounting, Bookkeeping, Audit)

Following the Formation Stage our role is to continuously support you in all related matters pertaining to your RAK Company needs for professional services, as required.