Ras Al Khaimah is a fast developing city and emirate, situated against the backdrop of the Al Hajar Mountain Range, in the north of the UAE.
In 2006, Ras Al Khaimah Investment Authority launched an offshore facility, by passing of Ras Al Khaimah Investment Authority’s International Business Companies Regulations 2006 – also called RAK Offshore.
Characteristics of an offshore company registered in the RAKIA are as follows:
Minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. Bearer shares are not permitted.
A minimum of one director is required and corporate directors are permitted.
Every company must have a secretary. Director can be a secretary as well.
Restrictions on Name & 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.
Company must appoint an approved registered agent. A registered agent’s office in the UAE or in the RAKIA Free Zone can also be used as the registered office.
Registration of the RAKIA Offshore will take 2-3 days.
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 Offshore Authority.
RAKIA IBC pays no taxes in UAE.
RAKIA IBC cannot:
a. Carry out business (or provide services) with a UAE based customer / supplier
b. Have a physical office in UAE
c. Sponsor UAE residence visas for employees / directors / shareholder
d. Not entitled to tax residency certificate
Renewals for RAKIA Offshore companies falls every anniversary date of incorporation. Failure to do so result in penalties. In the event the company is not renewed within 6 months of the renewal due date, the company will be struck off from the registrar of the companies.
Latest valid passport copy and recent utility bill for address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If shareholder is a corporate entity, then latest certificate of incumbency and above stated docs of directors would be required.
Individual's KYC Docs:
1. Passport Copy (clear copy with clear photo)
2. UAE Visa Copy, if applicable
3. UAE Entry Stamp, if applicable
4. N.O.C. from UAE Sponsor, if applicable
5. Address Proof (original recent utility bill for residence)
6. Bank Reference letter (original)
7. CV / Profile
Corporate Shareholder's KYC Attested upto UAE Ministry:
1. Certificate of Incorporation
2. Memorandum / Articles of Association
3. Original Board Resolution
4. Original Power of Attorney
5. Certificate of Incumbency
All shareholders (or authorized attorney in case shareholder is a corporate entity) are required to sign in our presence before incorporation of the company. Alternatively they can provide a notarized passport copy and notarized Agent Appointment letter.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.