Offshore Company Formation in Dubai and RAK ICC: Cost, Timeline and Requirements

What is a RAK offshore company?

RAK ICC (RAK International Corporate Centre) is the offshore registry of Ras Al Khaimah. Its legal framework is based on common law, and companies can agree to have disputes heard by the DIFC Courts or ADGM Courts. More than 40,000 companies from 160 nationalities are registered there.

The UAE has one other offshore registry, JAFZA Offshore. Most of the structures we set up are RAK ICC because of its foundation regime and wider choice of company types. We handle JAFZA Offshore on request.

Our clients typically use a RAK ICC company to:

• own their UAE free zone and mainland companies, and any overseas subsidiaries, through a single parent;
• hold an investment portfolio, intellectual property, a yacht or aircraft, or property in permitted jurisdictions;
• invoice and contract with clients outside the UAE;
• separate business risk from family wealth, often with the shares owned by a RAK ICC Foundation.

How much does an offshore company cost in the UAE?

Year-one cost is made up of RAK ICC government fees, our Registered Agent and registered office fee, and the corporate documents. We quote one fixed figure in writing before you pay anything.

Fixed-fee quotation issued within two working days of your enquiry, based on the RAK ICC fee schedule in force on the date of quotation. Bank account support, nominee services and foundations are quoted separately.

How long does offshore company setup take?

RAK ICC can issue the certificate in one working day once a complete application is approved. From the day you instruct us, we plan for 5 to 10 working days. Almost all of that time goes into checking documents.

What documents do I need for a RAK ICC company?

Each shareholder, director and beneficial owner

• Passport copy, certified if we are not meeting you in person
• Proof of home address less than three months old, such as a utility bill or bank statement
• A short CV or professional profile
• Bank reference letter
• Source-of-funds and source-of-wealth declaration
• UAE visa and Emirates ID, if you hold them

Each corporate shareholder

• Certificate of incorporation and constitution
• Registers of directors, members and beneficial owners
• Board resolution approving the investment and naming a signatory
• Certificate of good standing, notarised and legalised or apostilled

The company itself

• Three proposed names, in order of preference
• What the company will do, who it will deal with, and in which countries
• Share capital, share classes and who owns what percentage

What can an offshore company not do in the UAE?

Any nationality can own a RAK ICC company. One shareholder and one director are enough, either can be a company, nobody needs to live in the UAE, and there is no minimum paid-up capital. The limits are what make it an offshore company:

Tax and reporting after incorporation

• Corporate Tax: The Federal Tax Authority treats UAE-registered offshore companies as resident. Registration is compulsory. The rate is 9 percent on taxable income above AED 375,000. Whether a RAK ICC company can use the 0 percent Qualifying Free Zone Person regime is still unsettled, so we assess it for each structure rather than assume it.
• Economic Substance: No longer applies for financial years ending after 31 December 2022, following Cabinet Decision No. 98 of 2024. No ESR filings are due.
• Beneficial ownership: We keep the register and update it when ownership changes.
• Accounts: Must be kept and retained, but are not filed publicly.
• Annual renewal: Annual return, renewal fees and fresh KYC when a document expires.

Can an offshore company open a bank account in the UAE?

Yes, though banks treat offshore companies as higher risk and decide case by case. Approval depends far more on the file than on the bank. Expect to be asked for a business plan explaining where money will come from and where it will go; contracts, invoices or letters of intent from the main counterparties; source-of-wealth evidence for every beneficial owner; and a clear UAE connection, usually UAE residence or a related operating company here.

RAK ICC Foundation: an ownerless structure for family wealth

A RAK ICC Foundation has no shareholders. It owns assets in its own name for the beneficiaries set out in private By-Laws, and it continues after the founder death, which is why families use it to pass on company shares and property without probate. It is governed by the RAK ICC Foundations Regulations 2019, amended in 2025.

BVI, Seychelles and Panama structures

When the assets, the bank or the family sit outside the UAE, a foreign vehicle may fit better. Each jurisdiction requires a locally licensed agent, and we work with licensed correspondents in all three.

The UAE, BVI, Seychelles and Panama all exchange financial account information under the OECD Common Reporting Standard. How a structure is taxed depends on where its owners and beneficiaries live, not only where it is registered.

Offshore vs free zone vs mainland: which do you need?

If you need to sell in the UAE or sponsor visas, an offshore company alone will not work. It is a holding and wealth vehicle, often sitting above an operating company.

How we set up your RAK ICC company, step by step

1. Structure call. We agree the purpose, the owners, where the bank account will be, and where each owner is tax resident. This decides company or foundation.
2. Name check and reservation. We pre-check your three names and reserve the first one available.
3. Due diligence. You send the documents; we check every certification before anything reaches the registry.
4. Constitution. We draft the Memorandum and Articles, or the Charter and By-Laws for a foundation, for your review.
5. Filing. We file with RAK ICC, pay the government fees and receive the Certificate of Incorporation.
6. Corporate kit. Share certificates, statutory registers and attested sets are couriered to you.
7. Bank and tax. The bank application goes in with the file we prepared, and we complete Corporate Tax registration with the FTA.

Frequently asked questions