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.
Characteristics of an RAK IC registered in the RAKFTZ are as follows:
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.
A minimum of one director is required for RAK IC and corporate directors are permitted.Details of directors are not available for public inspection.
RAK IC names must end with Limited or Incorporated.
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.
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).
Registration of the RAK IC in RAKFTZ will take 2 days.
Every RAK IC must keep accounting records, which must be kept for 7 years from the date on which they were prepared
RAKFTZ-IC pays no taxes in UAE.
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.
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.