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Incorporate in the RAK ICC (UAE, Offshore Company)
$3,950.00
Establishing a company in the RAK International Corporate Centre (RAK ICC)
The Ras Al Khaimah International Corporate Centre (RAK ICC) is an offshore corporate registry based in the Emirate of Ras Al Khaimah, United Arab Emirates. Established in 2016 through the consolidation of two earlier offshore regimes (RAK Free Trade Zone and RAK Investment Authority), RAK ICC serves as a central authority for the incorporation and regulation of international business companies. Governed by the RAK ICC Business Companies Regulations, it offers legal clarity and structural flexibility to global entrepreneurs and businesses.
RAK ICC entities are commonly used for international activities such as holding investments, intellectual property, estate planning, and asset protection. While these companies are permitted to operate globally, they are restricted from engaging in commercial activities within the UAE mainland and from offering regulated financial services unless duly licensed.
RAK ICC companies are limited by shares and allow for flexible structuring, with no minimum capital requirement. Incorporation requires at least one shareholder and one director, and shares can be issued in any value. Shareholders and directors may be of any nationality and are not required to reside in the UAE. Each company must appoint a company secretary and maintain a registered agent and office within the UAE.
The UAE introduced a federal corporate income tax in June 2023, applicable to RAK ICC companies. The tax regime imposes a 0% rate on income up to AED 375,000 and 9% on income above that threshold. Dividends and capital gains may be exempt under certain conditions, such as holding a minimum 5% stake in a taxed subsidiary for at least 12 months.
Certain business activities conducted by RAK ICC companies—such as fund management, IP-based business, shipping, and headquarters operations—trigger economic substance requirements. Companies performing these activities must prove adequate local presence, including management, staff, and operations within the UAE. Pure equity holding companies face a simplified compliance test.
Financial recordkeeping is mandatory for all RAK ICC entities. Records must be maintained for five years, and although there is no mandatory audit requirement, companies must prepare annual tax filings supported by financial statements. Entities falling under economic substance rules must also submit annual Economic Substance Reports.
RAK ICC does not maintain a public register of shareholders or directors, ensuring a high level of confidentiality. The combination of regulatory flexibility, tax treaty access, and privacy protections makes RAK ICC a favored choice for international structuring, investment holding, and wealth management purposes.
The foundational document package confirming the entity’s establishment and outlining its operational structure, includes:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Consent of Directors
- Subscriber Application for Shares
- Designation of Registered Agent and Registered Office
- First Resolutions of the Directors
- Register of Directors and Officers
- Register of Members
- Share Certificates
- Certificate of Incumbency
Learn more about companies in the RAK ICC:
RAK ICC International Business Company (IBC) Formation and First-Year Corporate Services – USD 3,950.00 (All Included)
Note that our incorporation and annual fees are all “all-included fees”, and cover all the required services, duties, disbursements, and procedures to incorporate a RAK International Company, and keep it in good standing.
- All Applicable Registration and Government Fees (RAKIC Authority)
- Preparing and filing the Memorandum & Articles of Association
- Preparing the Director’s acceptance letter
- Preparing and executing appointment of director by the Registered Agent
- Providing Certificate of Incorporation and Filed Memorandum & Articles of Association
- Preparing First Board Meeting Minutes resolving the Allotment of Shares, Appointment of Directors, Registered Office and other Corporate Matters
- preparing the Register of Directors and Register of Shareholders
- Preparing Share Certificates
- Providing Registered Office Service, including business address, for the calendar year
- Providing Registered Agent Service for the calendar year
Time to form the company
Preparation of the Memorandum and Articles of Association (M&AA), along with the necessary corporate documents, typically requires one business day. These documents must be signed by the company’s directors and shareholders. Once scan copies of the signed originals are received, the filing process can be initiated. The RAK ICC Authority usually issues the Certificate of Incorporation, returns the stamped M&AA and provides the stamped Register of Directors and Register of Shareholders within 1 to 2 business days following submission.
Bank Account Opening Services (Optional)
We can assist you in open bank accounts for companies in the following offshore jurisdictions:
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Andorra Bank Account - USD $ 1,200.00
Andorra Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsMORABANCUSD 500,000YesUSD, EUR, CHF, CAD, AUD, SEK, NOK, NZDYesPrivate Bank with focus on wealth management. If they open a corporate account for an active company, they would need that either the account has a substantial amount on the account, or that the UBO himself opens an account for wealth management.Credit Andorra (Creand)EUR 300,000NoEURYesMinimum Initial Deposit requirements for countries outside of the European Union is EUR 1,000,000 or equivalent. -
Antigua Bank Account - USD $ 300.00
Antigua Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsDBankUSD 10,000YesUSD, EURYesIn Euros they processes only via SEPA. In dollars at the moment only with correspondents in the US, through FEDWIRE (not ACH at the moment). Cash Secured Visa Credit Card available.Global Bank of CommerceUSD 25,000YesUSD, EUR, GBPYesCash Secured Visa Credit CardNorth International BankUSD 5,000YesUSD, EURYesUnionPay Cards work without inconvenience in the USA.
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Armenia Bank Account - USD $ 1,200.00
Armenia Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsOJSC UnibankUSD 50,000YesEUR, USD, RUB, AMDYesBusiness connection to Armenia is required. The annual outgoing turnover of the client should be at least 10 mln USD per year. The annual number of outgoing transfers should be at least 60 per year. Note that the banks considers smaller companies is well on case-by-case basis, but they could charges additional fees.
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Bahamas Bank Account - USD $ 500.00
Bahamas Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCapital Union BankUSD 1,000,000NoUSDYesFamily Offices, Fund Managers and Asset Managers only.CitibankUSD 10,000,000NoMulticurrencyYesPrimary focus with physical presence in Bahamas. Business interest in the Bahamas. The company needs to have been in existence for a minimum of 3 years.DeltecUSD 1,000,000YesMulticurrencyYesCredit Card available on a case by case basis.EFG BankUSD 1,000,000YesMulticurrencyYesRemote account opening is possible, but the bank will visit the client within first year after opening.Equity BankUSD 500,000YesUSD, EURYesPrepaid debit card available.
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Belize Bank Account - USD $ 300.00
Belize Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBelize Bank InternationalUSD 4,000NoEUR, GBP, USDYesCaye BankUSD 1,000YesUSD, EUR, GBP, CAD, CHF, AUD, AED, CNY, SEK, NOKYesPrepaid Visa cards available.Heritage BankUSD 3,000YesMulticurrencyYes
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BVI Bank Account - USD $ 900.00
BVI Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBVI Bank AccountUSD 20,000NoUSD, GBP, HKDYesBank of Asia does not onboard corporations who have a connection in US and Russia.VP BankUSD 500,000NoMulticurrencyYesVP Bank offers services to local BVI residents as well as international clients who have BVI companies, trusts or fund structures. It is primarily focused on financing, investment management, custodial and securities trading accounts. No Commercial Activity, only for asset management business.
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Cayman Islands Bank Account - USD $ 900.00
Cayman Islands Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCayman National BankUSD 250,000YesUSD, EUR, GBP, CAD, AUD, JPY, SEK, CHFYesNCB Cayman LimitedUSD 100,000YesUSD, EUR, CAD, GBP, AUD, MulticurrencyYesNCB Cayman Bank offers trading, private and investment bank accounts
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Cook Islands Bank Account - USD $ 600.00
Cook Islands Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsCapital Security BankUSD 250,000YesUSD, EUR, GBP, CAD, NZD, AUD, SGD, HKDYesClients can have a corporate account for operational purposes only if they open an investment account as well.
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Curaçao Bank Account - USD $ 500.00
Curaçao Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsExprinter International Bank N.V.USD 100,000NoMulticurrencyYesInternet Banking only for viewing the account, not for operatingUnited International BankN/AYesMulticurrencyYes
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Cyprus Bank Account - USD $ 1,200.00
Cyprus Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBank of CyprusN/AYesMulticurrencyYesSupports large Cypriot and international groups, preferably operating from Cyprus and international companies in their expansion and operations in Cyprus.
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Dominica Bank Account - USD $ 300.00
Dominica Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsDominica Bank AccountUSD 15,000YesUSD, EUR, GBP, CHFYesEqiBankUSD 15,000YesUSD, EUR, GBPYesJetonbankN/ANoMulticurrencyYesSWIFT transactions are carried out only through a pool account in the name of the bank.Dominica Bank AccountN/ANoMulticurrencyYesThe Kingdom BankN/ANoEUR, USDYesSWIFT transactions are carried out only through a pool account in the name of the bank.
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Gibraltar Bank Account - USD $ 1,200.00
Gibraltar Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsGibraltar Bank AccountN/ANoMulticurrencyYesGibraltar Bank AccountUSD 20,000YesUSD, EUR, GBPYesFor wealth management and brokerage accounts minimum relationships start from USD 250,000. Cards are dependent on jurisdictions.
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Hong Kong Bank Account - USD $ 1,400.00
Hong Kong Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBank of ChinaHKD 100,000YesMulticurrencyNoA business nexus in Hong Kong is strictly required, in the form of clients, suppliers, employees or other counterparties.DBS BankHKD 200,000YesHKD, USD, MulticurrencyNoA business nexus in Hong Kong is strictly required, in the form of clients, suppliers, employees or other counterparties.
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Isle of Man Bank Account - USD $ 1,200.00
Isle of Man Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsIsle of Man Bank AccountN/ANoUSD, AUD, EUR, CZK, DKK, HUF, SGD, JPY, NOK, GBP, ZAR, ILS, NZD, PLN, CHF, SEK, CAD, BGNYes
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Labuan Bank Account - USD $ 500.00
Labuan Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsLabuan Bank AccountUSD 10,000NoUSD, JPY, SGD, EUR, GBPYesFor businesses operating offshore or non-resident companies seeking to establish corporate banking relationships in Labuan, we collaborate with a mid-size financial institution renowned for its expertise in serving international clientele. With decades of industry experience, this bank has positioned itself as a key player in supporting global businesses across a variety of sectors. This bank welcomes companies incorporated in numerous offshore jurisdictions without the stricter requirements, such as business nexus in the South Asia - East Asia regions, unlike larger institutions within Labuan. Catering to a diverse range of industries, the bank is well-versed in supporting investment and asset holding companies, as well as businesses engaged in sectors such as trade, professional services, e-commerce, among others. Whether you operate in consultancy, marketing or international trade, this bank offers tailored services to meet your corporate banking needs. Their corporate accounts are available in various major currencies, such as USD, JPY, SGD, EUR and GBP and the bank supports SWIFT transactions. Transactions will be carried out with the assistance of a dedicated personal relationship manager. In addition to traditional banking services, the bank also offers Islamic banking options, including Shariah-compliant investment products and Islamic trade financing solutions. Minimum relationships start from USD 10,000. The account opening process can be handled entirely remotely, eliminating the need for travel to Labuan. We will guide you through the preparation of the necessary KYC documentation and provide comprehensive support to ensure a seamless and efficient bank account application process. If you are interested in opening a corporate bank account in Labuan, contact us today to assess your eligibility and initiate the account opening process!CitibankUSD 250,000NoMulticurrencyYesMayBank International Labuan BranchUSD 25,000NoUSD, EUR, CAD, CHF, GBP, HKD, SGD, JPY, THB, AEDYesThey focus more on Labuan incorporated entities.
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Liechtenstein Bank Account - USD $ 1,200.00
Liechtenstein Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBendura BankUSD 500,000NoMulticurrencyYesEvery active NFE needs to have a substance.
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Mauritius Bank Account - USD $ 600.00
Mauritius Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBank OneUSD 50,000NoMulticurrencyYesInvestecUSD 50,000YesMulticurrencyYes
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Nevis Bank Account - USD $ 300.00
Nevis Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBONIUSD 20,000NoUSD, EUR, GBPYesHamilton Reserve BankUSD 100,000NoUSD, EUR, GBP, CHF, AUD, CAD, AED, JPY, SGD, HKDYesNevis Bank AccountUSD 25,000NoMulticurrencyYesNevis Bank AccountUSD 10,000NoUSDYes
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Panama Bank Account - USD $ 1,200.00
Panama Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsPanama Bank AccountUSD 50,000YesUSD, EUR, CADYesPanama Bank AccountUSD 10,000YesUSD, EUR, CHF, GBP, CADYesPanama Bank AccountUSD 1,000NoUSDYesAccounts can be opened remotely on case-by-case basis.
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Puerto Rico Bank Account - USD $ 300.00
Puerto Rico Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsPuerto Rico Bank AccountN/ANoMulticurrencyYesCB International Bank LLCN/AYesUSD, HKD, AUD, CAD, CHF, CNY, DKK, EUR, GBP, JPY, NOK, NZD, SEK, SGD, TRL, XAF, ZARYesUnionpay Merchant service for clients.Elite International BankUSD 25,000NoUSDYesTheir main focus is on commercial type, trade finance.Medici BankUSD 10,000NoMulticurrencyYesStrategic BankUSD 150,000NoUSDYes
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Saint Lucia Bank Account - USD $ 300.00
Saint Lucia Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsPROVEN BANK (Former BOSLIL)USD 5,000YesUSD, EUR, GBP, HKD, Multicurrency, CAD, CHF, AED, AUD, NZD, NOK, SEK, THB, JPY, ZARYes
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Seychelles Bank Account - USD $ 500.00
Seychelles Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsAl SalamUSD 25,000NoUSDYesInternet banking is in view mode only, all transactions are carried out via email or by phone.
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Singapore Bank Account - USD $ 900.00
Singapore Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsBank of ChinaSGD 100,000NoUSD, SGD, EUR, GBP, NZD, RMB, AUD, JPY, HKD, CHF, CADYesNexus in the form of client/supplier/partner/contractor in Singapore required.Credit SuisseUSD 3,000,000NoUSD, SGDYesDBS BankSGD 250,000NoMulticurrencyNoNexus in the form of client/supplier/partner/contractor in Singapore required.HSBCSGD/USD 30,000NoSGD, AUD, CAD, RMB, EUR, HKD, JPY, NZD, GBP, USDYesNexus in the form of client/supplier/partner/contractor in Singapore required.RHBSGD/USD 30,000NoMulticurrencyYesNexus in the form of client/supplier/partner/contractor in Singapore required.OCBC BankUSD 30,000NoUSD, SGD, AUD, CAD, HKD, NZD, GBP, EUR, JPY, CHFYesNexus in the form of client/supplier/partner/contractor in Singapore required.UOB BankSGD 250,000NoMulticurrencyYesNexus in the form of client/supplier/partner/contractor in Singapore required.
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Switzerland Bank Account - USD $ 1,200.00
Switzerland Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsAmina BankCHF 500,000YesEUR, GBP, CHF, CAD, AUD, JPY, SGD, PLN, HKD, NOK, SEK, ILS, MXN, DKK, TRL, NZD, AEDYesAmina Bank does not open accounts with a pure transactional business nexus.Credit SuisseCHF 1,000,000YesMulticurrencyYesMaerki BaumannCHF 500,000YesMulticurrencyYesmBaer BankCHF 5,000YesMulticurrencyYesCompanies must have an expected turnover of at least CHF 3,000,000.SygnumCHF 3,000,000YesMulticurrencyYesDeposit must be maintained in crypto assets held through the bank's custody services. Minimum Average Balance for high risk jurisdictions should be 1-2Mio CHF.
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USA Bank Account - USD $ 1,400.00
USA Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsUSA Bank AccountUSD 100,000NoUSDYesmin deposit USD 100k and more AND/OR with revenues of USD 1MUSA Bank Accountfrom 10,000 but preferred 250K-300KYesUSD, MulticurrencyYesThey tend to focus more on technology/startup companies that are focused on growing and scaling through future equity raises and subsequent debt facilities.USA Bank AccountUSD 5,000YesUSDYesDebit cards can be delivered to overseas address, however, credit card could ONLY be delivered to a USA physical address (non-PO box).Metropolitan Commercial BankTypically USD 25,000 - USD 50,000, for high risk USD 500,000YesUSDYesAt least one US based signatory is required. Purpose to open an account in US is required.USA Bank AccountN/A (USD 250,000 preferred)NoUSDYes
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Vanuatu Bank Account - USD $ 500.00
Vanuatu Bank AccountBankMin DepositCardsCurrenciesRemoteCommentsPacific Private Bank1,500 EURNoEUR, GBP, USDYesOutgoing USD transactions cannot be facilitated.
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EMI Account - USD $ 300.00
EMI AccountsEMIMin DepositCardsCurrenciesRemoteDNBC (CA) (former DSBC)N/ANoEUR, CAD, GBP, CHF, HKDYesSepagaN/AYesMulticurrencyYesAirwallexN/AYesMulticurrencyYesCurrenxieN/AYesMulticurrencyYesStatrysN/AYesMulticurrencyYesCollect & PayDepending on category.NoMulticurrencyYesBankeraN/AYesEURYesConnect PayN/AYesMulticurrencyYesDNBC (former DSBC)N/ANoEUR, CAD, GBP, CHF, HKDYesGurupayN/ANoEURYesIBSettleN/ANoEURYesMistertangoN/AYesEURYesNEXPAYN/ANoMulticurrencyYesPayswixN/ANoMulticurrencyYesSettleDeskN/ANoEURYesValyuzN/ANoEUR, USD, GBP, SEK, JPY, HKDYesVerifoN/ANoEURYesVialetN/AYesEURYes3SMoneyN/ANoMulticurrencyYesAspireN/AYesSGD, USDYesWorldfirstN/ANoMulticurrencyYesBilderlingsN/AYesEUR, GBPYesBVNKN/ANoMulticurrencyYesEQUALS MoneyN/AYesMulticurrencyYesIFXN/ANoMulticurrencyYesInterpolitan MoneyDepending on category.NoEUR, GBPYesMontifyN/ANoMulticurrencyYesMultiPassN/ANoEUR, USD, GBPYesPaysetN/ANoMulticurrencyYesTRANSFERRAN/AYesMulticurrencyYesXaceN/AYesMulticurrencyYes
Our bank account opening service is not just a mere introduction to the bank. We assist you in filling out the business plan forms appropriately and help you understand and provide business details, commercial information, and purpose/use of the bank account that a given bank wants to know in order to approve your account application.
Banks want certainty and clarity on how the account will be used. Everything must be watertight. We will work with you to make sure there is minimal ‘back and forth’ and a smooth account opening process.
Nominee Services (Optional)
- Nominee Director Services – USD 2,500.00 p.a.
- Nominee Shareholder Services – USD 2,500.00 p.a.
RAK ICC IBC Annual Corporate Services and Government Fees – USD 3,550.00 (payable one year after incorporation, and annually thereafter)
- All Applicable Annual Government Fees
- Advising on completion of and filing the Economic Substance Declaration
- Maintaining the Minute Book, Registers and Statutory Records
- Providing Registered Agent Service for one year
- Providing Registered Office Service, including business address, for one year
Other Services (Optional)
- Formation and Maintenance of Freezone Companies (Dubai, Fujairah, RAK, Ajman, Abu Dhabi, Sharjah)
- Assistance with obtaining 3-year Business Visas for directors of Freezone companies
- Continuation of Foreign Companies
- Secretarial Services
- Accounting Services
Please, contact us for further information.