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 Ras Al Khaimah International Corporate Centre:
- Company limited by shares
- Company limited by guarantee that is not authorized to issue shares
- Company Limited by guarantee that is authorized to issue shares
- Unlimited company that is not authorized to issue shares
- Unlimited company that is authorized to issue shares
Features of a RAK ICC Company Set up:
- RAK ICC Companies may issue classes of shares in one or more series
- A company limited by shares may, with the written approval of RAK ICC, either be incorporated as a segregated portfolio company (“SPC”) or, if it is already incorporated be registered by the Registrar as a segregated portfolio company.
- One or more companies may merge or consolidate with one or more companies incorporated under the laws of jurisdictions inside or outside RAK ICC.
- A company limited by shares may also be registered as a “Restricted Purposes Company”
- Redomiciliation in RAK ICC – you can relocate your existing foreign company and may continue as a company incorporated under RAK ICC Regulations and vice versa.
- Unlike the legislation governing companies incorporated in the UAE, the RAKICC Company Regulations require no local shareholding in a company, enabling 100% foreign ownership.
- RAK ICC have imposed very few restrictions on the activities of International Companies allowing for a wide range of business activities to be carried out.
- The International Company 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 International Companies 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 our office in UAE without having to visit RAK ICC office.
- Highly effective in terms of costs for the company registration and further administration