What documents does a British national need to start a insurance brokerage business in the UAE?

You will need a valid United Kingdom passport (minimum 6 months validity), passport-sized photos, proof of address in United Kingdom, attested documents via Foreign, Commonwealth & Development Office (FCDO), and a business plan for your insurance brokerage venture.

How long does it take for a British citizen to set up a insurance brokerage company in RAK ICC?

The complete process — from initial application to trade licence issuance — typically takes 3–6 business days. Adding visa processing and bank account opening, the total timeline is approximately 13–23 business days.

Can a foreigner own 100% of a Insurance Brokerage company in RAK International Corporate Centre?

Yes, RAK ICC allows 100% foreign ownership with no requirement for a local partner or sponsor. This is one of the key advantages of establishing your business in this jurisdiction.

Can I open a corporate bank account with my RAK ICC Insurance Brokerage licence?

Yes, with a valid trade licence from RAK ICC, you can open a corporate bank account at any UAE bank. Offshore companies can open corporate accounts, though the choice of banks may be more limited. IBA assists with introductions and documentation for smooth bank account opening.

What business activities can I include on my RAK ICC licence?

Your RAK ICC licence can include insurance brokerage as the primary activity, along with related activities that fall under the same category. Mainland licences can include multiple activities, provided they fall within the same licence category (professional, commercial, or industrial). IBA advises on the optimal activity selection for your business needs.

How long does it take to get a Insurance Brokerage licence in RAK ICC?

The typical processing time for a insurance brokerage licence at RAK ICC is 3 business days, subject to document completeness and any regulatory approvals. As a regulated activity requiring Insurance Authority approval, additional time of 1-3 weeks may be required.

What are the tax implications for an Insurance Brokerage business in RAK International Corporate Centre?

The UAE introduced a 9% corporate tax on profits exceeding AED 375,000 (effective June 2023). Offshore entities are generally exempt from UAE corporate tax on income earned outside the UAE. There is no personal income tax in the UAE. VAT at 5% applies to most goods and services.

Insurance Brokerage in RAK International Corporate Centre for British nationals

OffshoreFinancialRegulated Activity

Insurance Brokerage in RAK ICC

Starting From

AED 12,500

Setup Time

3 Business Days

Visa Quota

0 Visas

Location

Ras Al Khaimah

About Insurance Brokerage

Setting up an Insurance Brokerage business in RAK International Corporate Centre as a British citizen is a straightforward process when you understand the specific requirements that apply to United Kingdom-based entrepreneurs. IBA International has helped hundreds of British business owners navigate the licensing, visa, and banking procedures unique to their nationality.

The licensing process at RAK ICC has been streamlined significantly, with most financial licences processed within 3 business days. As an offshore entity, you benefit from maximum privacy and asset protection. The base licence fee is approximately AED 12,500, making it competitively priced for the services included.

At IBA International, we simplify the process of establishing your insurance brokerage business in RAK International Corporate Centre. From selecting the right licence type to securing your visa and opening a corporate bank account, our experienced team ensures every detail is handled professionally and efficiently.

Why RAK ICC for Insurance Brokerage?

RAK International Corporate Centre is widely regarded as one of the UAE's premier destinations for financial businesses, and for good reason.

The jurisdiction offers cost-effective offshore structure, which is particularly valuable for insurance brokerage operations. Additionally, full foreign ownership ensures that your business remains competitive in the regional market. The offshore structure provides maximum confidentiality and is ideal for holding assets, intellectual property, and international trade operations. Many international businesses choose the offshore route for its streamlined compliance requirements and ability to open multi-currency bank accounts with leading UAE banks. No tax obligation further enhances the appeal of RAK ICC for insurance brokerage professionals. Furthermore, confidentiality protection positions your insurance brokerage business for long-term success in the region. With Ras Al Khaimah continuing to invest in infrastructure and business-friendly regulation, RAK ICC remains an excellent choice for both start-ups and established financial enterprises looking to expand into the Middle East and North Africa region.

For British nationals specifically, the Ras Al Khaimah government has fostered a business-friendly environment with streamlined processes that cater to the large British business community.

Cost-effective offshore structure

Full foreign ownership

No tax obligation

Confidentiality protection

International business flexibility

Visa Requirements for British Nationals

For British entrepreneurs, the visa process works as follows: British nationals can enter the UAE visa-free for 30 days. For business setup, a residence visa is processed after company incorporation. IBA handles the complete immigration procedure — from entry permit to residence visa stamping — so you can focus on launching your insurance brokerage business in RAK ICC.

Banking for British Business Owners

Opening a corporate bank account for your insurance brokerage company in RAK ICC: British nationals generally experience smooth corporate bank account opening. UK-regulated banking history is viewed favourably by UAE banks. IBA has established relationships with major UAE banks and will personally introduce you to relationship managers who understand British business structures.

Document Attestation for British Nationals

Document attestation for British nationals involves: (1) Notarisation in United Kingdom, (2) Attestation by Foreign, Commonwealth & Development Office (FCDO), (3) UAE Embassy attestation in Dubai. IBA provides a complete attestation checklist specific to insurance brokerage businesses to ensure nothing is missed.

Requirements & Documents

1Valid United Kingdom passport (minimum 6 months validity)

2Documents attested by Foreign, Commonwealth & Development Office (FCDO)

3UAE Embassy attestation from Abu Dhabi

4Completed application form for trade licence

5Professional qualification certificates or approvals from Insurance Authority

6Notarised power of attorney (if applicable)

7Passport-sized photographs with white background

8Entry stamp or valid UAE visa copy (if applying from within the UAE)

Regulatory Note: Insurance Brokerage is a regulated activity in the UAE. Additional approval from Insurance Authority is required. IBA can guide you through the full regulatory process.

Cost Breakdown

Item	Cost (AED)
License Fee	12,500
Estimated Total (Year 1)	From AED 12,500

* Costs are indicative and subject to change. Contact IBA for a personalised quote.

Setup Timeline

Consultation

Free consultation with IBA to discuss your insurance brokerage business plan and the best RAK ICC licence options for British nationals.

Document Preparation

Prepare and attest all required documents from United Kingdom through Foreign, Commonwealth & Development Office (FCDO) and the UAE Embassy.

Licence Application

Submit the insurance brokerage licence application to RAK ICC. IBA handles all paperwork and government interactions.

Trade Licence Issued

Receive your official RAK ICC trade licence within 3–6 business days.

Visa Processing

Process your UAE residence visa, Emirates ID, and medical fitness. British nationals can enter the UAE visa-free for 30 days.

Bank Account

Open a corporate bank account. British nationals generally experience smooth corporate bank account opening.

Start Operations

Your insurance brokerage business is ready to operate in the UAE. IBA provides ongoing PRO, accounting, and compliance support.

Total estimated time: 3 business days. IBA handles the entire process end-to-end so you can focus on your business.

Frequently Asked Questions

Yes. RAK ICC allows 100% foreign ownership for all nationalities, including British nationals. No local sponsor or partner is required.

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