Services

RAK- ICC Business Companies

RAK International Corporate Centre (RAK ICC), found in the Emirate of Ras Al Khaimah in early 2015, is the sole entity in Ras Al Khaimah for the incorporation and formation of International Business Companies (offshore companies). The RAK ICC was created upon a consolidation of the registries of RAK International Companies (formerly a part of the RAK Free Trade Zone) and RAK Offshore (formerly a part of the RAK Investment Authority). Consequently, the existing company legislation was amended in order to meet the international standard in the offshore company formation industry and the new Ras Al Khaimah International Corporate Centre Business Companies Regulations 2016 were enacted on the 20th of January 2016.
FEATURES

  • Minimum of one Shareholder, Director and Secretary
  • Different classes of shares with different rights, such as profit sharing, redeemable preference shares and voting rights may be issued
  • Bearer shares are not permitted
  • A company may be incorporated as a segregated portfolio company
  • Company may own shares in other UAE companies or elsewhere
  • Board meetings can be held anywhere in the world
  • Accounting books, records and minutes may be kept wherever determined by the Directors
  • Can maintain bank accounts in the UAE
  • Purchase and ownership by the company of its own shares is permitted
  • Statutory power to engage in any lawful activity
  • Ability to trade in or own an interest in real property except in Dubai
  • Incorporation procedures can be completed in 4-5 working days; corporate documents are produced in English
  • A corporation can continue as a RAK ICC Business Company provided the laws of the jurisdiction of original incorporation expressly permit it to continue to another jurisdiction
  • A corporate domicile can be changed to another jurisdiction

Factor Description
Company Legislation Ras Al Khaimah Decree dated 7 June 2005 Ras Al Khaimah International Corporate Centre Business Companies Regulations 2016
Name End with “Limited” or “Incorporated”
Possibility of Migration Yes
Tax Rate Nil
Shareholders

  • Minimum
  • Residency Requirements
 Shareholders

  • One
  • No
Share Capital

  • Minimum Authorised
  • Minimum Issued
  • Denomination
 Share Capital

  • One
  • One Share
  • AED, US$, EUR, GBP (other currencies with approval)
Bearer Shares Not permitted
Redeemable Shares Yes
Beneficial Ownership Disclosure No public disclosure of information. Shareholder, Directors, Secretary and Beneficial Owner details provided to RAK ICC.
Directors

  • Minimum Number
  • Corporate Directors
 Directors

  • One
  • Yes (Names of Directors disclosed to Registry)
Secretary

  • Minimum Number
  • Residency Requirements
 Secretary

  • One (Director may act as the Secretary)
  • No
Local Presence Requirements

  • Directors
  • Company Officers
 Local Presence Requirements

  • No
  • No
Availability of Shelf Companies No
Meetings Yes (Can be held anywhere in the world)
Annual General Meetings Yes
Annual Accounts Yes (Accounts must be approved by the Directors and preserved for seven years)
Are Accounts Filed No
Audit Requirement No
Share Transfer Duty Nil
Registered Office Required Yes
Exchange Controls No
Main Characteristics
  • Zero taxes and duties
  • No Tax Information Exchange Agreement with any country
  • No public disclosure of information
  • Simple accounting requirements
  • Facility for company name reservation (up to 90 days)
  • No limitations on the business that the company may carry on
  • Legalisation of company documents not required when used within UAE

Uses of RAK ICC company

discuss your requirement with us?

Submit