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Uses of RAK ICC company

05 September, 2018 By Dhruti Thakkar

RAK ICC companies are the IBC (International Business Company) of UAE which has distinct advantages in terms of permitted activities and business conducting jurisdiction. The offshore is designed in a way that this company can conduct its business worldwide except UAE. However, such companies can have their bank account in UAE.

RAK ICC is a company structure can be used in practice for diverse business purpose. Some of the examples are listed below:

Holding shares in other companies

This type of company can be utilized as a holding company business structure by being the share holding company in diverse companies in UAE and abroad. Though, we need to mention that RAK ICC is not entitled avail the advantages of double taxation treaties signed by UAE. This means if you are in requirement to use such advantage, you need to register an onshore company.

Project development

At the time of various international projects development, incorporating an offshore company as a special purpose vehicle for project internal financing and other project related tasks like development, coordination and others.

International trade

If the business activity is only to trade worldwide except UAE, such company is a highly effective and advantageous combination.

International logistics and services sector

As there is no limit for conducting business activities, this type of structure is much useful for international logistics and service sector.

Holding patents and other intellectual property

Another highly practiced feature of this company is holding patents and other intellectual property on its name.

To open a bank account

There are many scenarios where an investor would like to keep its transactions private and assets confidential. For such purpose, this type of company can be incorporated as this company is allowed to open bank account worldwide.

To have operative bank account for various business purposes

RAK ICC company step up is very good answer for international projects having diverse business areas.

Advantages
  • Highly cost effective
  • This company gives 100% foreign company
  • Income tax applicability is 0%
  • Minimum one director requirement
  • Allow nonresident director
  • Company can be registered by one shareholder
  • Shareholder and director can be the same person
  • No accountancy mandatory
  • No audit requirement
  • Whitelisted offshore jurisdiction
  • All documents issued in English
  • Absolute confidentiality and protection of assets
  • Ability to open bank account on its name in UAE and worldwide
  • Re-domiciliation into or out of RAK jurisdiction
  • Restricted bearer shares
Disadvantages
  • This company cannot trade inside UAE
  • Cannot avail visa under company name
  • The office address is registered agent address as this company cannot have its own office
  • Cannot obtain tax residency certificate
How we can help you-

1. Initially, we obtain name approval of your proposed company.
2. Company registration documents will be prepared by us.
3. Once the documents are signed and all personal details are provided. All documents will be submitted to the Registrar in RAK ICC Authority followed by necessary actions.
4. Within few days, your company is registered.

At N. R. Doshi and Partners, we are here to provide you the best advise and complete assistance for the process of incorporating your company in RAK ICC.

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