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:

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”
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.

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.