As one of the fastest-growing economies in the region, RAK has an excellent location for setting up offshore companies. It has a highly coveted S&P credit rating, a sign of a strong financial system and the overall economy. Furthermore, the RAK-free zone has been carefully scrutinized and has many advantages, including low start-up costs and fast licensing solutions. The benefits of setting up an RAK offshore company are numerous.
It offers tax benefits:
Another important advantage of forming an offshore company in RAK is tax benefits. Only oil, gas, petrochemical, or branch office of a foreign bank are subject to taxes in the UAE. Apart from that, an offshore company can engage in any type of lawful activity – banking, investment for other people, or insurance. These benefits make RAK an attractive jurisdiction for businesses from around the world.
Allow full asset protection:
RAK offshore companies allow full asset protection and are a solid platform for foreign investors. The strong legal wall between the businessman’s assets and creditors is a major benefit of establishing an offshore company. The RAK investment authority regulates the process and oversees the offshore jurisdiction. However, if you’re planning to set up an offshore company in RAK, you must get the permission of the relevant authority. The RAK investment authority also requires a minimum number of shareholders. It is advisable to hire an experienced, qualified accountant, who can help you decide how much to charge.
It is the safest place for offshore companies:
The UAE has never been blacklisted, making it a safe place for offshore companies. In addition, the country has excellent banking relationships with many high-tax jurisdictions and has no restrictions on foreign ownership of a company. Having a company in RAK provides total financial security. A RAK offshore company is one of the most efficient ways to invest in an offshore business in the UAE. The government-owned RAK ICC Offshore also has strict guidelines for investing in RAK.
It has a business-friendly environment:
Unlike in other offshore jurisdictions, there are no taxes to worry about. Additionally, investors can save a large amount of money because there are no taxes in RAK. As part of the UAE, RAK has a friendly business environment that makes it a prime investment jurisdiction. Further, the government of RAK is committed to protecting its citizens.
