Ras Al Khaimah FZE

RAKIA Offshore - Offshore centre in RAKIA

In 2006, Ras Al Khaimah Government launched an offshore facility, which is regulated by the RAK Investment Authority – International Business Companies Regulations 2006.

Main features of RAK OFFSHORE Company;

  • It may not carry on business in Ras Al Khaimah
  • It may own real estate in the UAE, with prior authorization from RAK Investment Authority.
  • It may not do banking and insurance business without special license.
  • It may maintain bank accounts and deposits in the UAE
  • It may have professional relationships with investment advisors, accountants, attorney or similar persons.
  • It may maintain its books and records
  • It may hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).
  • It may own yachts registered in the UAE
  • A person resident in the UAE may hold shares in a RAK Offshore.

Characteristics of an offshore company registered in the RAKIA are as follows at Offshore centre in RAKIA :

SHAREHOLDERS

A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Every company shall maintain minutes of all proceedings at general meetings. The Register of Members shall be open for inspection by any member of the offshore company and any other person. It is an offence to refuse inspection.

DIRECTORS

A minimum of one director is required and corporate directors are permitted. Details of directors are not available for public inspection.

SECRETARY

Every company must have a secretary.

ANNUAL REPORTING

Every company must keep accounting records. Accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAKIA Authorities.

TIMESCALE

Registration of the company in the Free Zone will take 2-3 working days.

RESTRICTIONS ON NAME AND ACTIVITY

Generally the nature of the company has to be indicated through the words The name of the company may end with the word “Limited”, “Incorporated”, “corporation”, “Gesellschaft mit beschränkter Haftung”, “Aktiengesellschaft”, “Société par Actions”, “Société Anonyme”, “Sociedad Anonima”, “Общество с Ограниченной Ответственностью”, “Открытое Акционерное Общество”, “Закрытое Акционерное Общество” or their abbreviations thereof “Ltd”, “Corp”, “Inc”, “GMBH”, “AG”, “SPA”, ”SA”, “OOO”, “OAO” or “ЗАО”.
Unless with the approval of the Registrar in writing the name shall not include the words “Bank”, “Trust Company” or “Trustee Company”, “Assurance” or ”Insurance”, “Chamber of Commerce”, ”Municipal” or “Municipality”, “Emirate” or “Emirates”
Unless with the approval of the Registrar in writing the name shall not include the words “Bank”, “Trust Company” or “Trustee Company”, “Assurance” or ”Insurance”, “Chamber of Commerce”, ”Municipal” or “Municipality”, “Emirate” or “Emirates”
No names are permissible if the name resembles to any other offshore company already registered or the name appears to be misleading with the names of any governmental organizations existing in UAE. Words resembling financial activities such as 'Assurance', 'Bank', 'Building Society', 'Royal', 'Trust Company', 'Trustee Company' etc. will require justification.

SHAREHOLDERS A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Whilst there are no minimum share capital requirements please note that par value of each share must be AED 1,000. Bearer shares are permitted. Different classes of shares are permitted and shares have to be fully paid when allotted. Every company shall maintain minutes of all proceedings at general meetings. The Register of Members shall be open for inspection by any member of the offshore company and any other person. It is an offence to refuse inspection.
DIRECTORS A minimum of one director is required and corporate directors are permitted. Details of directors are not available for public inspection.
SECRETARY Every company must have a secretary.
ANNUAL REPORTING Every company must keep accounting records, which must be kept for 7 years from the date on which they were prepared. Accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAKFTZ Authorities
TIMESCALE Registration of the company in the Free Zone will take 3 working days.
RESTRICTIONS ON NAME AND ACTIVITY Names must end with Limited or Incorporated. The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.
LOCAL REQUIREMENTS As a matter of local company law the company MUST maintain a registered office address within the Free Zone and appoint an approved registered agent . A registered agent’s office in the UAE or in the Free Zone can also be used as the registered office.

DOCUMENTS/INFORMATION REQUIRED FOR COMPANY INCORPORATION:

For Individual Applicant:

  1. Document showing the appointment of agent. (Will be provided by us)
  2. Application form. (Will be provided by us)
  3. Applicant personal profile (Short/brief resume/CV)
  4. Certified Passport copy with UAE entry stamped page.
  5. Original Bank reference letter (Certified by the Banker)
  6. Proof of residence by the shareholder (Not later than 3 months-These can be in the form of different utility bills (gas/electricity/water/mobile phone bills), different bank statements or a combination of the two.
  7. Power of Attorney (Notarized and Attested) if POA holder represents the applicant.
  8. Few trade names.
  9. Details of Directors/Share holders with individual addresses and percentage of share holding of each shareholder.

DOCUMENTS/INFORMATION REQUIRED FOR COMPANY INCORPORATION (CORPORATE):

  1. Business Plan
  2. Application form for offshore company formation (we will provide to you)*
  3. Document Showing appointment of Registered Agent.
  4. Original Bank reference letter of the company.
  5. Copy of Certificate of Incorporation of parent company, notarized and attested by UAE Embassy in the country of Origin.
  6. Copy of Memorandum & Article of Association of parent company, notarized and attested by UAE Embassy in the country of Origin.
  7. Power of Attorney in favor of Manager notarized and attested by UAE Embassy in the country of Origin.
  8. Board resolution to form a subsidiary in Dubai, UAE, notarized & attested by UAE Embassy in the country of Origin.
  9. Certificate of good standing of the company notarized & attested by UAE Embassy in the country of Origin.
  10. Passport copies, original bank reference letter, Residence proof, CV/profile/resume of the shareholders/directors of the parent Company.
  11. Original Bank reference letter of the Authorized representative of the parent company.
  12. Proof of residence of the Authorized representative of the parent company (Not later than 3 months-These can be in the form of different utility bills (gas/electricity/water /mobile phone bills).

DOCUMENTS/INFORMATION REQUIRED FOR BANK ACCOUNT OPENING:

  1. Latest 2 months personal Bank Statement.
  2. Latest proof of Resident (Utility Bill and Telephone bill with proper name of Shareholder.
  3. Personal profile of the shareholders
  4. Current Business activity of the share holders (Name of the company, Nature of
        a. Business, number of employees, location)
  5. Name and Locations (Countries) of Suppliers and Customers.
  6. Expected activity in the Bank Account (Number of transactions per month, approximate value of these transactions, countries from where funds are expected and where the funds will be remitted to.
  7. Will there be any cash transaction in the account
  8. Initial funding amount and source of funds, i.e. Name of the party from where the funds are expected and the approximate amount.

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