RAK International Corporate Centre (RAK ICC) is a Corporate Registry operating in Ras Al Khaimah, United Arab Emirates. It has been established due to the consolidation of two International Business Company (IBC) registries namely: (1) RAK International Companies under RAK Free Trade Zone Authority and (2) RAK Offshore under Ras Al Khaimah Investment Authority pursuant to Decree No. 12 dated 11 May 2015 and Decree No. 4 dated 20 January 2016.
RAK ICC is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of registry services related to International Business Company activity. RAK ICC is a modern, world class Company Registry operating in full compliance with international standards and best practices in the International Business Company formation industry.
RAKICC is governed by the:
The salient features of a RAK ICC offshore company are as follows:
The following are the requirements of a RAK ICC offshore company.
A minimum of one shareholder, whether individual or corporate in nature, is required. Shareholders meetings should be held periodically (at least once a year). Every company has to maintain minutes of all proceedings at general meetings.
No minimum share capital is required. All shares rank equally and carry equal voting rights and must be fully paid when allotted. Share certificates must be issued within two months from the date of allotment of any of the company’s shares. Bearer shares are not allowed. Provided that it is mentioned in its memorandum, an offshore company may issue different classes of shares, in one or more series.
A minimum of one director is required who shall be a natural person, as per the latest Regulations of 2018. The number of directors can be fixed in the memorandum and articles of association. Details of the director(s) are not available for public inspection.
Every company is required to have a secretary, which is appointed by the shareholders for such period as the shareholders may determine. A shareholder / director may be appointed as a secretary.
Account and Audits
The company has to keep records that are sufficient to show and explain the company’s transactions and that will, at any time, enable the financial position of the company to be determined with reasonable accuracy. Accounts and records shall be preserved for at least 5 years from their date of creation.
Company Registers and Minutes of the Meetings
All offshore companies are required to maintain the following registers:
Registers and minutes shall be open for inspection by any shareholder or director of the offshore company and/or the Registrar. Refusing an inspection is deemed to be an offence.
Inspection of Records
A person appearing to the company to be a director or the registered agent (or authorized representative of the registered agent) of a company is entitled, on giving reasonable notice, to inspect the documents and records of the company like the Memorandum and Articles of Association, Minutes of meetings, register of directors, etc.
Approximately 5 to 7 business days from the time all the required documents are submitted to the RAK ICC Registrar.
Restrictions on name
No more than one hundred characters are permitted. Also, the name of a limited company has to end with the word “Limited” or “Incorporated” or the abbreviation “Ltd” or “Inc”. As regards to unlimited companies, their name has to end with the word “Unlimited” or the abbreviation “Unltd”.
RAK ICC offshore companies may engage in any lawful activity for which offshore companies may be organized under RAK ICC Business Companies Regulations.
RAK ICC offshore companies are prohibited from:
– carrying on business with person(s) in the geographic area of RAK ICC;
– carrying on any other business which may be prohibited by RAK ICC;
– carrying on banking business in the UAE or the geographic area of RAK ICC;
– carrying on business as an insurance or reinsurance company, insurance agent or insurance broker in the UAE or the geographic area of RAK ICC.
In the event that a RAK ICC offshore company desires to carry on business either within the geographic area of RAK ICC or elsewhere in the UAE, the proper license should be obtained from the competent authority.
A RAK ICC offshore company is required to appoint an approved registered agent from the list of approved RAK ICC Registered Agent List (Motei & Associates is an approved RAK ICC Registered Agent).
Required documents for individual applicant(s):
Required documents for corporate applicant(s):
Required documents for director(s) and secretary:
From September 1, 2018, RAK ICC has made it mandatory for a natural person to be a director- as per RAK ICC Offshore Regulations 2018. Existing Companies remain unaffected.