Ras Al Khaimah is home to the RAK International Corporate Centre (RAKICC), a corporate registry. Ras Al Khaimah is one of the United Arab Emirates’ most developed emirates and an ideal location for doing business internationally.
A large number of multinational corporations register with the offshore every year at Ras Al Khaimah International Corporate Centre (RAKICC), one of the top offshore business jurisdictions in the United Arab Emirates. For international investors looking to establish offshore companies in the UAE easily, RAKICC provides the most secure and transparent offshore company establishment option.
PROCESS OF REGISTERING A RAK ICC OFFSHORE COMPANY
Choosing a company structure
The applicant should choose the offshore business model they want to register. RAK ICC provides a variety of international business companies (IBCs) and international holding companies (IHCs).
Choosing a registered agent
To act as an intermediary between the company and the RAK ICC, the applicant must choose a registered agent. A local address is provided by the registered agent, which facilitates communication and ensures that the law is followed.
Submitting required documents
The following paperwork must be submitted to RAK ICC in order to register an offshore business:
- Articles of Association and Memorandum (signed by all shareholders)
- Letter of Appointment for Agent
- certified copy of a shareholder’s passport
- a certified copy of a recent utility bill, a tax bill from the local government, a rental agreement, a residency certificate that includes the address of the applicant’s current permanent residence, or a bank statement
Submitting the application
The applicant can submit an application through the registered agent.
The registered agent will assist the applicant in submitting their application and supporting paperwork.
The application form must include details about the firm’s shareholders, directors, and operations. The applicant might need to supply a few alternative firm names if their first choice is not available.
The application form will also include a declaration of compliance with RAK ICC regulations.
Review and approval
Review and approval: Following the submission of the application, the supporting documentation and data will be examined by RAK ICC. It can take a few business days to complete this. RAK ICC will issue the Certificate of Incorporation and the Memorandum of Association if everything is in order.
Offshore companies that have registered with RAK ICC must renew their registration every year. This includes paying the renewal fees and providing any updated business information that may be needed.
Refer to RAK offshore incorporation for more information.
REQUIREMENTS FOR RAS AL KHAIMAH ICC OFFSHORE COMPANY REGISTRATION
- Shareholders – To get the certificate of incorporation, a company must have at least one shareholder who is registered with RAK ICC. Corporate shareholders are also allowed by the RAK ICC authority. The shareholders will decide the capital structure of the offshore firm.
- Name of the company – The suffix ‘Limited’ or ‘Incorporated’ must be present at the end of the company name in accordance with RAK Company offshore business creation laws. However, phrases like assurance, bank, building society, chamber of commerce, Chartered, co-operative, fund, imperial, insurance, municipal, mutual fund, royal, and trust are forbidden words and cannot be used.
- Directors – An RAK ICC offshore firm must appoint at least one director. Additionally, corporate directors may be chosen. A RAK ICC corporate director’s personal information won’t be made accessible to the general public.
- Annual compliance – Accounting records for offshore businesses that have registered with the RAK ICC must be kept for seven years from the date of compilation. The directors must approve the documents, and at least one of them must sign it. The RAK ICC does not, however, require the submission of accounting records.
- Secretary – A secretary is required for all offshore businesses that have registered with the RAK ICC registry.
- Regulatory compliance requirements – The RAK ICC Authority requests information from RAK offshore businesses on Ultimate Beneficial Owners (UBO). They should also evaluate their responsibility to comply with the Economic Substance Regulations (ESR) and meet standards including filing ESR Notifications, submitting ESR Reports, and passing ESR tests.
Reach out to us at Relin Consultants – Leading Global Business Set Up Partners for further assistance with our RAK ICC offshore company registration.