Ras Al Khaimah is a fast developing city and emirate, situated against the backdrop of the Al Hajar Mountain Range, in the north of the UAE. It is one of the greatly developed Emirates of UAE offering very attractive and secure tax and legal environment for international business.
In 2016, Ras Al Khaimah launched an offshore facility, by passing of Ras Al Khaimah International Corporate Centre Business Companies Regulations 2016 – also called RAK ICC.
Types of Companies that can be incorporated under RAK ICC:
Characteristics of an RAK IC registered in the RAKFTZ are as follows:
Minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company and can be issued with or without par value. Bearer shares are prohibited; shares may only be issued in registered form.
The Register of Members shall be maintained by the Registrar but will not be available for public inspection.
A minimum of one director is required and corporate directors are permitted. Details of directors are not available for public inspection.
Every company must have a secretary. Director can be a secretary as well.
Names must end with Limited or Incorporated. The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.
Names in foreign language and foreign characters may be permitted by the Registrar.
As a matter of local company law the company MUST maintain a registered office address located in the Zone and appoint an approved registered agent (we can provide this service as an approved registered agent for RAK ICC).
Registration of the International Company in RAK ICC will take 4-5 days.
Every company must keep accounting records, which must be kept for 7 years from the date on which they were prepared. Accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAKICC Authorities.
RAK ICC is exempt from paying any taxes in UAE.
RAK ICC cos are non-resident companies and hence not entitled to tax residency certificate and also can not avail benefits under any Double Tax Avoidance Agreements.
Renewals for RAK ICC falls every anniversary date of incorporation. Failure to do so result in penalties.
In the event the company is not renewed within 6 months of the renewal due date, the company will be struck off from the registrar of the companies.
Latest valid passport copy and recent utility bill for address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If shareholder is a corporate entity, then latest certificate of incumbency and above stated docs of directors would be required.
All shareholders (or authorized attorney in case shareholder is a corporate entity) are required to sign in our presence before incorporation of the company. Alternatively they can provide a notarized passport copy and notarized Memorandum & Articles of Association certifying their signatures.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.