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.
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 is required. Corporate shareholders are permitted. 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 capital is required. All shares rank equally 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 and appointing a corporate director is permitted. 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 may be appointed as a secretary and/or a director.
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.
All offshore companies are required to maintain the following registers:
Approximately 5 to 7 business days from the time all the required documents are submitted to the RAK ICC Registrar.
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”.
NOTE: All the above documents must be legalized up to the UAE Consulate in the jurisdiction where the company has been incorporated.
NOTE: Documents in foreign languages must be accompanied by duly certified English or Arabic translations.
Documents identifying the Ultimate Beneficial Owner of the company;
Passport copy of the representative of the corporate.
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