RAK - Procedure of Incorporation
The incorporation of an offshore company in RAK is relatively straight-forward with comparatively minimal compliance procedures and only one director and shareholder required (which may be the same person). The director and shareholder may be individuals or corporate entities and may be a non-resident in the UAE.
Outlined below are the requirements for registering a Offshore Company in Ras-Al-Khaimah and the processes and procedures, administration issues and reporting requirements.
Procedure for RAK Offshore Company Formation:
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An application form is completed with details regarding the preferred name and details of directors and shareholders.
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For Individual Applicants the following documents are required: A completed application form, passport copy, original bank reference letter, and proof of residence in the form of a utility bill / phone bill etc.
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For Non-Individual Applicants the following documents are required: Copy of Incorporation Certificate, Board of Meeting of Directors or Resolution, MOA of the parent company, Passport copy of the directors and shareholders, Good Standing Certificate and any other documents requested by the Registrar during the process
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Prior to offshore company formation the objectives and activities of the proposed company after incorporation must be disclosed to the Registrar
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The completed application form, personal documents and Articles of Incorporation are sent to the authorities.
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Once accepted and approved a Certificate of Existence is issued. This Certificate of Existence is proof of an Offshore Company's formation, registration and existence. The Certificate of Existence is sometimes referred to as the Certificate of Incorporation.
Company Administration Guidelines:
Share Capital:
- There is no minimum share capital requirement.
- Bearer shares are permitted. Par value of each share must be AED 1,000. Different classes of shares are permitted and shares have to be fully paid when allotted.
- A minimum of one shareholder is required and Corporate Shareholders are permitted. Shareholders decide the capital structure of the company.
Directors:
- 100% foreign ownership is permitted
- A minimum of one director is required and corporate directors are permitted.
- Details of directors are not available for public inspection.
Restrictions on Name & Activity:
- RAK Offshore Company names must end with Limited or Incorporated
- The following names and their associations cannot be used; Assurance, Bank, Building Society, Chartered, Imperial, Insurance, Trust
Local Requirements:
- Every Offshore Company in RAK has to have a registered office in RAK which is used as the business address of the company
- It is obligatory to have a secretary for a RAK Offshore Company.
Confidentiality:
- RAK Offshore Companies offer complete privacy and confidentiality, owners of IBC’s are kept confidential under law