Ras al Khaimah (RAK) Offshore Company Formation

RAS AL KHAIMAH (RAK) INTERNATIONAL COMPANY (RAKICC)

RAK International Corporate Centre (RAKICC) is the consolidation of two company registries in Ras Al Khaimah; namely RAK International Companies (formerly a part of RAK Free Trade Zone) and RAK Offshore (formerly a part of RAK Investment Authority). RAK International Corporate Centre (RAKICC) was formed as per the Decree No.12 of 2015 and as amended by Decree No.4 of 2016.

Salient Features

• 100% foreign ownership
• Although all UAE companies follow UAE law, RAKFTZ have allowed the International Company to decide which favoured jurisdiction it wants to be applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum & Articles of Association.
• The International Company can own real estate properties approved by the RAKICC Authorities.
• 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 the offices of Jitendra Chartered Accountants without having to visit RAKICC.
• The Company will not be allowed to carry on business with people who are resident in the UAE or carry out any trade in the free zone or in the UAE, unless they have first obtained the appropriate license from the relevant competent authority.

Characteristics of an offshore company registered in the RAK are as follows:

SHAREHOLDERS	A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide the capital structure of the Company. Whilst there are no minimum share capital requirements please note that the par value of each share must be AED 1,000. Bearer shares are not 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 commits an offence.
DIRECTORS	A minimum of one director is required and corporate directors are permitted. Details of directors are not available for public inspection.
SECRETARY	Every company must have a secretary.
ANNUAL ACCOUNTS AND AUDIT	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 RAKFTZ Authorities
TIMESCALE	Registration of the company in the Free Zone will take 3 working days.
RESTRICTIONS ON NAME AND 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. A registered agent’s office in the UAE or in the Free Zone can also be used as the registered office.

Documents/Information required for offshore Company foramtion in RAK:

For Individual Applicant:

1. Document showing the appointment of agent. (Will be provided by us)
2. Application form. (Will be provided by us)
3. Applicant personal profile (Short/brief resume/CV)
4. Certified Passport copy with UAE entry stamped page.
5. Original Bank reference letter (Certified by the Banker)
6. Proof of residence by the shareholder (Not later than 3 months-These can be in the form of different
   utility bills (gas/electricity/water/mobile phone bills), different bank statements or a combination of
   the two.
7. Power of Attorney (Notarized and Attested) if the POA holder represents the applicant.
8. Few trade names.
9. Details of Directors/Share holders with individual addresses and percentage of share holding of each
   shareholder.

 For Corporate Applicant:

1. Business Plan
2. Application form for offshore company formation (we will provide to you)*
3. Document Showing appointment of Registered Agent.
4. Original Bank reference letter of the company.
5. Copy of Certificate of Incorporation of the parent company, notarized and attested by UAE Embassy in the
   country of Origin.
6. Copy of Memorandum & Article of Association of the parent company, notarized and attested by UAE
   Embassy in the country of Origin.
7. Power of Attorney in favour of Manager notarized and attested by the UAE Embassy in the country of Origin.
8. Board resolution to form a subsidiary in Dubai, UAE, notarized & attested by UAE Embassy in the
   country of Origin.
9. Certificate of good standing of the company notarized & attested by UAE Embassy in the country of
   Origin.
10. Passport copies, original bank reference letter, Residence proof, CV/profile/resume of the
    shareholders/directors of the parent Company.
11. Original Bank reference letter of the Authorized representative of the parent company.
12. Proof of residence of the Authorized representative of the parent company (Not later than 3 months-
    These can be in the form of different utility bills (gas/electricity/water /mobile phone bills).

Note: All the shareholders/POA holders/Legal representative needs to sign the documents in the office of the registered agent of the company.

If you need additional assistance or have any questions, please contact the following:
Email: info@freezonesuae.com
Tel: +971 4 343 8022