Ras Al Khaimah2019-07-18T21:42:52+04:00

Ras Al Khaimah

The recent establishment of the Ras Al Khaimah International Corporate Centre (RAKICC) will be the sole authority responsible for the incorporation of international business companies in the U.A.E

RAKICC Business Companies

RAK International Corporate Centre (RAK ICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates. RAK ICC was established pursuant to Emiri Decree No.12 of 2015.

RAK International Corporate Centre (RAKICC) is the sole entity in Ras Al Khaimah for the incorporation and formation of International Business Companies (offshore companies).

These are governed by the RAK ICC Business Companies Regulations 2018.

CHL Middle East FZ – LLC, a sister company of Capital Horizons Ltd,
is licensed by the Ras Al Khaimah authorities to offer a full range
of company formation and Registered Agent services.

Key Benefits of RAK Offshore Company Formation

  • 100% foreign ownership
  • No restriction on repatriation of capital and profits
  • A minimum of one shareholder is required for a RAK Offshore Company formation
  • A minimum of one director is required for a RAK Offshore Company formation
  • Zero taxes and duties
  • Company can hold an account in a bank in the UAE and internationally
  • Simple accounting requirements
  • No public disclosure of information
  • No Tax Information Exchange Agreement with any country

Key Features

Share Capital

The minimum requirement for share capital is AED1,000, Which must be fully paid up.

Classes of Share Available

Ordinary shares, preferred shares, deferred and shares with or without voting rights.

Bearer Shares

Not permitted.

Restrictions on Trading

This type of Company is not allowed to do business within the UAE, have an office or get visas. Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.

Directors

A minimum of one director is required for a RAK Offshore Company formation. Director can be of any nationality and need not be resident in the UAE. Corporate directors are permitted.

Shareholders

A minimum of one shareholder is required for a RAK Offshore Company formation.

Own shares

Company may own shares in other UAE companies or elsewhere

Meetings

Board meetings can be held anywhere in the world

Accounting & Audit

Accounts must be approved by the Directors and preserved for seven years
No audit requirement.
Accounts are not filed.

Trading possibility

Ability to trade in or own an interest in real property except in Dubai (only JAFZA companies can own Dubai property)

Time to incorporate

Incorporation procedures can be completed in five working days; corporate documents are produced in English

Transfer of domicile

A corporation can continue as a RAKICC Business Company provided the laws of the jurisdiction of original incorporation expressly permit it to continue to another jurisdiction
The corporate domicile can be changed to another jurisdiction

Administration

A RAKICC Business Company must have a Registered Agent in the UAE, and a Registered Office which must be maintained by the Registered Agent in the UAE to which all official communications and notices to the company must be addressed. The Registered Agent must maintain the particulars of the beneficial owners of the company.

RAK Economic Zone Companies

The Ras Al Khaimah Economic Zone (RAKEZ) was established in 2017 through the consolidation of the Ras Al Khaimah Free Trade Zone (RAK FTZ) and Ras Al Khaimah Investment Authority (RAKIA). RAKEZ is now one of the largest economic zones in the region, covering approximately 33 million square metres of land and housing over 13,000 companies serving a global range of markets.

CHL Middle East FZ -LLC is able to provide services to assist with the incorporation of a RAKEZ company and obtaining residency visas for its shareholders and employees.

Advantages

  • 100% foreign ownership
  • 100% repatriation of capital and profits
  • 0% corporate and personal tax
  • Hi-tech facilities including office, warehouse and land availability
  • Competitive government prices on incorporation and visa
  • Low labour cost
  • Cheap energy

Eligible Entities

  • Free Zone Establishment (limited liability company with one shareholder)
  • Free Zone Company (limited liability company with two to five shareholders)
  • Branch of a local or foreign company

Prohibited activities

  • Banking business
  • Financial/investment activities

Residency Visa

A RAKEZ company may apply for shareholder and/or employee residence visas after receiving its licence. The residence permit is valid for three years for the shareholders and for two years for employees. The number of visas that may be applied for by the company depends on the size of the office (one visa per 9 sq. m.). A Flexi Office package offers up to two residence visas.

The minimum age at which a UAE residence visa can be obtained is 21 years old. The retirement age for expatriates in the UAE is 60 years old; employment residence visas are not issued for those 60 and above.

However, the shareholders of the company can still obtain a UAE residence visa regardless of age. Holders of a residence visa must not remain outside of the UAE for more than 180 consecutive days.