RAK ICC International Company Set Up

Characteristics of a RAKICC international business company limited by shares are as follows:

1. Shareholders:
   Minimum of one shareholder is required for a RAK ICC International Company registration. 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.
2. Directors:
   A minimum of one director is required a RAK ICC International Company registration. Corporate directors are permitted, however the company must have at least one director who is a natural person.
3. Secretary:
   A company secretary is not a requirement under the Regulations, but a secretary is normally appointed to facilitate signing obligations.
4. Beneficial Owners:
   All companies registered in RAK ICC are required to maintain a register of Ultimate Beneficial Owners and the same are required to be filed to RAKICC Authority.
5. Restrictions on Name & Activity of a RAK ICC IBC:
   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.
6. Local Requirements:
   RAK ICC International Business Companies 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).
7. Timescale:
   Registration of the International Business Company in RAK ICC will take 4-5 days after submission to the authority.
8. Annual Reporting for a RAK ICC International Business Company:
   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.
9. Economic Substance Reporting:
   Companies and establishments that are involved in ‘relevant activities’ in the UAE are required to submit economic substance notifications six (6) months after the financial period and economic substance reports twelve (12) months after the financial period to the regulatory authority, in accordance with the provisions of the Cabinet Resolution, which stipulates the submission of these notifications.
10. Taxation:
    RAK ICC International Business Companies pays no corporate taxes in UAE. However if it has taxable supply in UAE, VAT may be applicable. RAK ICC IBC’s are non-resident companies and hence not entitled to tax residency certificate and also can not avail benefits under any Double Tax Avoidance Agreements.
11. Limitations of an International Business Company registered in RAK ICC:
    RAK ICC International Business Company cannot:
    1. carry out business (or provide services) with a UAE based customer / supplier
    2. have a physical office in UAE
    3. sponsor UAE residence visas for employees / directors / shareholder
    4. not entitled to tax residency certificate