Ras Al Khaimah International Corporate Centre (RAK ICC) Offshore

RAK International Corporate Centre (RAK ICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates. It has been established due to the consolidation of two International Business Company (IBC) registries namely: (1) RAK International Companies under RAK Free Trade Zone Authority and (2) RAK Offshore under Ras Al Khaimah Investment Authority pursuant to Decree No. 12 dated 11 May 2015 and Decree No. 4 dated 20 January 2016.

RAK ICC is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of registry services related to International Business company activity. RAK ICC is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business company formation industry.

RAKICC is governed by the:

  • RAKICC Business Companies Regulations 2016
  • RAKICC Registered Agent Regulations 2016

The salient features of a RAK ICC offshore company are as follows:

  1. 100% foreign ownership
  2. 100% free to any taxes or duties in the UAE
  3. Allowed to hold a bank account in the UAE
  4. No capital deposit required
  5. Low incorporation and operational cost
  6. The following are the requirements of a RAK ICC offshore company.

    Shareholders (members)
    A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders meetings should be held periodically (at least once a year). Every company has to maintain minutes of all proceedings at general meetings.

    Share Capital
    No minimum capital is required. All shares rank equally and must be fully paid when allotted. Share certificates must be issued within two months from the date of allotment of any of the company’s shares. Bearer shares are not allowed. Provided that it is mentioned in its memorandum, an offshore company may issue different classes of shares, in one or more series.

    Directors
    A minimum of one director is required and appointing a corporate director is permitted. The number of directors can be fixed in the memorandum and articles of association. Details of the director(s) are not available for public inspection.

    Secretary
    Every company is required to have a secretary, which is appointed by the shareholders for such period as the shareholders may determine. A shareholder may be appointed as a secretary and/or a director.

    Account and Audits
    The company has to keep records that are sufficient to show and explain the company’s transactions and that will, at any time, enable the financial position of the company to be determined with reasonable accuracy.

    Company Registers
    All offshore companies are required to maintain the following registers:

    1. Register of shareholders;
    2. Register of directors and secretary; and
    3. Register of meetings (shareholders, directors, and committees, if any). Registers shall be open for inspection by any shareholder or director of the offshore company and/or the Registrar. Refusing an inspection is deemed to be an offence.

    Inspection of Records
    A person appearing to the company to be a director or the registered agent (or authorized representative of the registered agent) of a company is entitled, on giving reasonable notice, to inspect the documents and records of the company.

    Inspection of registers and documents filed
    Except as otherwise provided by the Regulations, the company, and any person appearing to the Registrar to be the directors, members or registered agent of a company (or authorised representative of the members or registered agent of the company) may—
    (a) inspect the registers maintained by the Registrar under Regulation 261(1);
    (b) inspect any document retained by the Registrar in accordance with Regulation 261(4); and
    (c) require a certified or uncertified copy or extract certificate of incorporation, restoration, merger, consolidation, arrangement, continuation, discontinuance, dissolution or good standing of a company, or a copy or an extract of any document or any part of a document of which he has custody, to be certified by the Registrar; and a certificate of incorporation, restoration, merger, consolidation, arrangement, continuation, discontinuance, dissolution or good standing or a certified copy or extract is prima facie evidence of the matters contained therein, in each case on payment of a fee specified by the Registrar.

    Incorporation timeframe
    Approximately 5 to 7 business days from the time all the required documents are submitted to the RAK ICC Registrar.

    Restrictions on name
    No more than one hundred characters are permitted. Also, the name of a limited company has to end with the word “Limited” or “Incorporated” or the abbreviation “Ltd” or “Inc”. As regards to unlimited companies, their name has to end with the word “Unlimited” or the abbreviation “Unltd”.

    Activities
    RAK ICC offshore companies may engage in any lawful activity for which offshore companies may be organized under RAK ICC Business Companies Regulations.

    RAK ICC offshore companies are prohibited from:
    – carrying on business with person(s) in the geographic area of RAK ICC;
    – carrying on any other business which may be prohibited by RAK ICC;
    – carrying on banking business in the UAE or the geographic area of RAK ICC;
    – carrying on business as an insurance or reinsurance company, insurance agent or insurance broker in the UAE or the geographic area of RAK ICC.

    In the event that a RAK ICC offshore company desires to carry on business either within the geographic area of RAK ICC or elsewhere in the UAE, the proper license should be obtained from the competent authority.

    Registered Agent
    A RAK ICC offshore company is required to appoint an approved registered agent from the list of approved RAK ICC Registered Agent List (Motei & Associates is an approved RAK ICC Registered Agent).

    Required documents for individual applicant(s):

    1. Clear and legible passport copies of the shareholder(s), director(s) and secretary;
    2. Passport copy with UAE entry stamp.
    3. CV or personal profile of the shareholder(s), director(s) and secretary;
    4. Original proof of residential address (i.e. utility bills not more than 3 months old) of the shareholder(s), director(s) and secretary;
    5. Original Appointment letter;
    6. Original Bank reference letter (draft to be provided); and
    7. Power of Attorney (“POA”) in favor of Registered Agent (sample to be provided). POAs issued outside the UAE must be legalized up to the UAE Consulate in the place of issue.

    Required documents for corporate applicant(s):

    1. Certified true copy of the Incorporation Certificate;
    2. Certified true copy Memorandum and Articles of Association;
    3. Certificate of Good Standing;
    4. Certificate of Incumbency or Register Extract;
    5. Original Board Resolution calling for the establishment of an offshore company in RAK ICC and appointing authorized signatory, directors and secretary for said purpose (sample to be provided).
      NOTE: All the above documents must be legalized up to the UAE Consulate in the jurisdiction where the company has been incorporated.
      NOTE: Documents in foreign languages must be accompanied by duly certified English or Arabic translations.
    6. Documents identifying the Ultimate Beneficial Owner of the company;
    7. Passport copy of the representative of the corporate.

Location Map

Location Map

Reach Us

For Initial Consultation Meeting,
Telephone: +971 4 435 5959
Fax: +971 4 435 5858
Skype: motei.office

Damac Executive Heights (TECOM)
Office No. 801, 8th Floor
P.O. Box: 112888
Dubai, UAE

Quick Inquiry




captcha

Affiliated Sites

  • The Legal 500
  • ABL Firm
  • Judicare
  • Egyptian Junior Business Association
  • HG.org
  • Chartered Institute of Arbitrators (CIArb)
  • International Chamber of Commerce (ICC)
  • London Court of International Arbitration (LCIA)