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

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.