Ras Al Khaimah International Corporate Centre RAK Offshore
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Ras Al Khaimah International Corporate Centre
(RAK ICC)
RAK ICC (Ras Al Khaimah International Corporate Centre) has introduced a set of distinctive regulations for the incorporation of international companies. Operating under a framework similar to offshore entities, RAK ICC requires that all company incorporations be carried out through registered agents. Typically, licensed firms of accountants and lawyers are authorized to offer these services, including company registration, provision of a registered office, and acting as official agents for the companies. Partnering with an experienced business setup consultant can simplify and expedite the process of RAK Offshore company formation.
Salient features of the International Company include:
- Company Status: A company formed in the UAE will have limited liability status, with permissible name suffixes such as “Limited” or “Incorporated.”
- Shareholders: A minimum of one shareholder is required, with no upper limit on the number of shareholders.
- Directors: At least one director is mandatory, and a single individual can hold multiple roles or capacities within the company.
- Corporate Ownership: Both corporate directors and shareholders are permitted.
- Capital Requirements: There is no minimum capital requirement for company formation in the UAE.
- Share Structure: Companies may issue different classes of shares as needed.
Shareholders and directors are not required to appear personally before authorities for company incorporation. However, they must meet with registered agents to sign the necessary documents.
Shareholders or members have the flexibility to apply the law of their choice to govern the company’s operations.
It is mandatory to appoint an approved registered agent, either within the Free Zone or outside it, but still within the UAE.
International trading activities are fully permitted.
Business regulations allow companies to reserve their company name during the pre-incorporation phase for up to 90 days upon payment of the prescribed fee.
There is no personal or corporate income tax applicable.
Foreign names and characters can be included in the company name, subject to approval from the relevant authority.
Companies are not required to submit audited accounts annually, though maintaining financial records each year is mandatory.
Offshore or international companies are not eligible for UAE residence visas.
International company formation allows you to:
- Maintain strong connections with legal consultants, lawyers, accountants, and auditors across the UAE.
- Open and operate a bank account within the UAE.
- Act as a shareholder in a newly formed or existing UAE-based company.
- Conduct shareholder and director meetings within the UAE.
International companies are not allowed to:
- Engage in business activities with individuals or entities operating within the Free Zone.
- Conduct banking operations in compliance with UAE regulations.
- Establish or operate an insurance or reinsurance company, or function as an insurance broker or agent.
- Avoid engaging in any business activities that are restricted or prohibited by the governing authorities.
Incorporate international companies, which can be effectively utilized for the following purposes:
- Engage in international trading
- Operate as a holding company to manage investments in the UAE or abroad
- Own properties in foreign countries and select locations within the UAE