RAKEZ Offshore Company
The government of Ras Al Khaimah established rules for the creation of offshore corporations within RAKIA in 2006.RAK FTZ and RAKIA consolidated to become RAKEZ in 2017.Its current name is RAKEZ authority. The repute of RAKEZ offshore among international financial regulators is strong. Foreign ownership is permitted at 100%. An offshore firm that has registered with RAKEZ can create a bank account in many currencies. Only a registered agent may register a RAKEZ offshore corporation.
An annual account audit is not required. Renting an office space in the UAE is not permitted for RAKEZ offshore corporation. Bank and insurance business cannot be conducted by RAKEZ offshore firm. Real estate ownership is permitted for the RAKEZ offshore business. Shares in onshore LLCs may be owned by RAKEZ offshore corporations. The names of directors and shareholders are not visible on the public registry. According to the Ministry of Economy, all offshore enterprises must now file ESR notifications. Governmentimposed VAT does not apply to offshore business creation.
