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Ras Al Khaimah(RAK) Free Trade Zone - International Offshore Company(RAK IC) , Ras Al Khaimah (U.A.E.)

RAKFTZ IC

Ras Al Khaimah Free Trade Zone Internatioanl Company Setup Ras Al Khaimah (RAK) is a fast developing city and emirate, situated against the backdrop of the Al Hajar Mountain Range, in the north of the UAE.

In September 2006, Ras Al Khaimah(RAK) Government launched an offshore facility, the second in the UAE, which is regulated by the Ras Al Khaimah (RAK) Free Trade Zone Authority International Companies (RAK IC) Regulations 2006.

Features:

  • Unlike the legislation governing companies incorporated in the UAE, the RAKFTZ International Company Regulations require no local shareholding in a company, enabling 100% foreign ownership.
  • Although all UAE companies follow UAE law RAKFTZ have allowed the RAK IC to decide which favored jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum & Articles of Association.
  • RAKFTZ have imposed very few restrictions on the activities of RAK IC allowing for a wide range of business activities to be carried out.
  • The RAK IC can own real estate properties in UAE but same is subject to approval of each Emirates Real Estate Authorities or Land Departments.
  • Despite a general prohibition on RAK IC to conduct business with persons resident in UAE, the authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).
  • The International Company can hold a bank account in the UAE for the purpose of conducting routine operational transactions and can also maintain professional relations with legal consultants, accountants and management companies or other similar persons carrying out business within UAE.
  • Incorporation documents can be signed at the offices of our agent/associate in UAE without having to visit RAKFTZ.

Characteristics of an RAK IC registered in the RAKFTZ are as follows:

  • Shareholders:

    Minimum of one shareholder is required for RAK IC. Corporate shareholders are permitted. Shareholders will decide capital structure of the company. Whilst there are no minimum share capital requirements please note that par value of each share must be AED 1,000. Bearer shares are permitted. Different classes of shares are permitted and shares have to be fully paid when allotted. Every company shall maintain minutes of all proceedings at general meetings. The Register of Members shall be open for inspection by any member of the offshore company and any other person. It is an offence to refuse inspection.

  • Directors:

    A minimum of one director is required for RAK IC and corporate directors are permitted.Details of directors are not available for public inspection.

  • Secretary:

    RAK IC names must end with Limited or Incorporated.

  • Restrictions on Name & Activity:

    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.

  • Local Requirements:

    As a matter of local company law the company must maintain a registered office address within the Free Zone and appoint an approved registered agent (we can provide this service as an approved registered agent for RAKFTZ - IC).

  • Timescale:

    Registration of the RAK IC in RAKFTZ will take 2 days.

  • Annual Reporting:

    Every RAK IC must keep accounting records, which must be kept for 7 years from the date on which they were prepared

  • Taxation:

    RAKFTZ-IC pays no taxes in UAE.


  • Company Renewal:

    Renewals for RAKFTZ-IC 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.

  • Documents Required:
    Individual's KYC Docs:
    • Passport Copy (clear copy with clear photo)

    • UAE Visa Copy, if applicable

    • UAE Entry Stamp, if applicable

    • N.O.C. from UAE Sponsor, if applicable

    • Address Proof (original recent utility bill for residence)

    • Bank Reference Letter (original)

    • Professional Reference Letter (original)

    • CV / Profile

    Corporate Shareholder's KYC:
    • Certificate of Incorporation

    • Memorandum / Articles of Association

    • Board Resolution

    • Power of Attorney

    • 6 months bank statements (original)

    • Company Profile

    • Audited Accounts

Note: Item 1- 4 are to be attested upto UAE/Consulate Ministry.

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.