RAK ICC Offshore Company Formation in UAE

Key points

• Single shareholder and director are enough to incorporate — the same person can hold both roles. 
• No minimum share capital required. 
• Incorporation can be done remotely - no UAE visit required for company formation itself.
• An offshore company can open a corporate bank account in a UAE or international bank.
• RAK ICC companies must keep financial records for at least five years. 
• No UAE residency visa and no physical office — RAK ICC is a holding and international trade vehicle, not a UAE operating company.
• A RAK ICC company can hold Dubai freehold property under a DLD–RAK ICC MoU, but only if its shareholders are natural persons. 

What is a RAK ICC offshore company?

A RAK ICC offshore company is the most widely incorporated offshore structure in the UAE in 2026. It is registered in the emirate of Ras Al Khaimah under the RAK International Corporate Centre Business Companies Regulations through a licensed registered agent. The structure suits international holding, intellectual property ownership and cross-border trade. It does not permit UAE market activity, residency or employment.

How much does a RAK ICC offshore company cost?

A RAK ICC offshore company has two government fees: one for initial registration and one for annual renewal. These are the only fees set directly by RAK ICC — the registered agent's service fee is charged separately and varies by provider. The below price is stated for the Year 1, however, it is possible to purchase 2- or 3-year packages. Renewal costs more than incorporation for the same term.

Government fees only. Emirabiz registered agent fee is not included and is quoted separately.

What can a RAK ICC offshore company do?

A RAK ICC offshore company can hold assets, own shares in other companies, hold intellectual property and conduct international trade outside the UAE. It can also open bank accounts with UAE and international banks through an offshore banking route.

A RAK ICC company can hold freehold property in Dubai under a Memorandum of Understanding between DLD and RAK ICC. DLD accepts registration of properties owned by RAK ICC companies, provided the shareholders are natural persons. Registration requires standard DLD documents, applicable registration fees, and a No Objection Letter from the parties to the transaction. Where shareholders are juristic persons or a combination of natural and juristic persons, DLD may approve registration at its discretion — approval is not automatic.

The company cannot trade within the UAE domestic market, hire employees under UAE residence visas, or maintain a physical office.

RAK ICC offshore is eligible for most business activities. The company cannot provide financial services — including banking, insurance, and investment-related services — anywhere in the world. RAK ICC also applies enhanced due diligence to certain higher-risk activities under its AML and sanctions policy. Confirm eligibility with your registered agent before incorporation if unsure.

How do you set up a RAK ICC offshore company?

A RAK ICC offshore company is incorporated exclusively through a licensed registered agent — direct applications to the authority are not accepted. The process runs in three steps. The standard timeline is 7-10 working days.

Step 1. Choose a registered agent and submit KYC documents

The agent handles all communication with RAK ICC. Required information for incorporation:

• Three proposed company name options
• Passport copy
• Proof of address
• Email address and mobile number
• Home address
• Share details (capital, share value, number of shares)
• Business activity
• Identity details for the General Manager, Director, and Secretary

Step 2. Get your incorporation documents

The agent submits the application to RAK ICC. Upon approval you receive a certificate of incorporation, Memorandum and Articles of Association, share register and register of members.

Step 3. Proceed to banking

Additional documents such as a certificate of incumbency are available on request at extra cost. Once incorporated, you can proceed to bank account opening in the UAE or internationally.

Can a RAK ICC company open a bank account?

A RAK ICC offshore company does not qualify for a standard resident corporate account — it has no UAE substance, no office and no employees. It can still open a corporate account with a UAE or international bank, but on offshore-entity terms. That means stricter due diligence and, in most cases, a minimum average balance. Market sources put that balance at AED 200,000 and up, with account opening itself taking 4 to 10 weeks against 7-10 working days for incorporation. By our experience, the transparency of the UBO's source of funds — not the jurisdiction — is what decides whether an application succeeds.

For a full breakdown of the bank account opening process, see our offshore bank account in the UAE guide.

Incorporation takes about a week. The bank account behind it can take ten times longer — plan for 4 to 10 weeks, not days.

What tax and compliance obligations does a RAK ICC company have?

A RAK ICC offshore company carries three compliance obligations: UBO disclosure, Corporate Tax registration where applicable, and basic financial recordkeeping.

Corporate Tax. RAK ICC offshore companies are subject to Federal Decree-Law No. 47 of 2022. The 9% rate applies to taxable income exceeding AED 375,000. The Qualifying Free Zone Person (QFZP) 0% regime does not apply — RAK ICC is not a Free Zone under the CT law. Every RAK ICC offshore company must register for corporate tax and file an annual return, even if no tax is due.

UBO disclosure. All RAK ICC companies must maintain a Register of Beneficial Owners and a separate Register of Partners or Shareholders. Both must be submitted to RAK ICC within 60 days of incorporation. Any changes to UBO data must be reported to the authority within 15 days of the change. Banks independently require UBO documentation as part of their KYC process. Inconsistencies between the RAK ICC register and bank records are among the most common causes of account issues.

Financial reporting. RAK ICC does not require audited financial statements or regulatory filing. The company must still keep records and underlying documentation sufficient and retain them for at least 5 years from the date the relevant transaction or business relationship ends. Internal bookkeeping — a P&L account and balance sheet — also supports bank KYC.

When is RAK ICC the right choice vs JAFZA or Ajman?

RAK ICC is the default UAE offshore jurisdiction for most holding and international trade structures. It costs less than JAFZA, needs only a single shareholder and director rather than two officers, and uses the same banking routes. 

JAFZA offshore is the right choice when there is a specific operational reason tied to Jebel Ali, or a counterparty that requires a JAFZA entity by name. Outside those cases, the higher cost and two-officer requirement are not offset by any general banking or tax advantage.

Ajman offshore is the lower-cost option. The trade-off is a thinner agent network and, by our experience, more variable banking outcomes compared to RAK ICC.

For asset protection or inheritance planning rather than trading or holding for operations, RAK ICC also registers Foundations — a structure with no shareholders. A Foundation cannot run a trading or commercial business. It holds capital, real estate, or stakes in other companies. The founder sets the rules for how its assets are used and passed on, instead of issuing shares.

UAE Offshore Company Guide — Full comparison of UAE offshore jurisdictions, including cost breakdown, activity scope and banking considerations.

Bottom line

RAK ICC is the most practical UAE offshore structure for most holding, IP and international trade setups. It costs less than JAFZA, needs only a single shareholder and director, has no minimum capital, and gives access to both UAE and international banking. It is not a UAE operating company — no residency, no office, no domestic trade. For founders who need UAE residency or the right to operate locally, a free zone or mainland entity is the correct structure. For those who need offshore, RAK ICC is the default starting point.