Ras Al Khaimah (R.A.K.) OFFSHORE COMPANY
In September 2006, Ras Al Khaimah Government launched an offshore facility, the second in the UAE, which is regulated by the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006.
Features:
- 100% foreign ownership.
- Although all UAE companies follow UAE law RAKFTZ have allowed the International Company to decide which favored jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum & Articles of Association.
- The International Company can own real estate properties on Palm Islands, or any properties owned by Nakheel Company LLC, EMAAR, or any other real estate properties approved by the RAKFTZ Authorities.
- Despite a general prohibition on International Companies to conduct business with persons resident in UAE, the Authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).
- The International Company can hold a bank account in the UAE for the purpose of conducting routine operational transactions and can also maintain professional relations with legal consultants, accountants and management companies or other similar persons carrying out business within UAE.
- Incorporation documents can be signed at the offices of Jitendra Chartered Accountants without having to visit RAKFTZ.
- The Company will not be allowed to carry on business with people who are resident in the UAE or carry out any trade in the free zone or in the UAE, unless they have first obtained the appropriate license from the relevant competent authority.
| 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 US$ 273. 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 |
| Time frames |
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. |
SCHEDULE OF FEES
First Year: Government fees (Freezone) US$ 545/-
Second and Subsequent Years: Free Zone Fees US $ 408
Contact Us
|
