RAKICC
What is RAKICC?
RAK International Corporate Centre is one of the fastest-growing international corporate registries with an excellent reputation for compliance and professional services. The United Arab Emirates (UAE) is considered a leading modern jurisdiction providing on-shore, off-shore, and free zone company solutions. A modern vibrant economy with a deep pool of human capital and professional service providers capable of meeting every aspect of Economic Substance Requirements.
Benefits
- 100% foreign ownership.
- One day incorporating the process.
- No restrictions on the number of shareholders.
- Corporate Director is permitted.
- No office requirement.
- No attestation required for corporate documents.
- Cost efficient registration and renewal fees.
- No requirement to file financial accounts.
- No requirement for minimum capital.
- Constitutional documents can be issued in dual languages.
Legal Features
- Common law regulations with access to DIFC and ADGM courts.
- Variety of legal structures and different products available for different usages.
- No restriction on capital repatriation.
- Migration or Continuance of Existing Corporate Entities from various jurisdictions.
- Different classes of shares and the ability to register the share pledge.
- Access to a broad range of UAE Double Tax Treaty networks.
- Ability to open bank accounts locally and internationally.
- USD freely available. Local currency pegged to USD.
Types of Companies in RAKICC
Company Limited by Shares
Company Limited by Shares (CLS) means that the liability of the shareholders to creditors of the company is limited to the capital originally invested i.e. the nominal value of the shares and any premium paid in return for the issue of the shares by the company.
Company Limited by Guarantee
A Company Limited by Guarantee (CLG) could be set up with RAK ICC as a company authorised to issue shares or as a company not authorised to issue shares. The name of a limited company shall end with the word “Limited” or “Incorporated” or the abbreviation “Ltd” or “Inc”.
Restricted Purposes Company
A Restricted Purposes Company (RPS) is a corporate entity that is designed to act as a special purpose vehicle. An RPS is a company limited by shares whose memorandum states – (a) that the company is a restricted purpose company, and (b) the purpose or purposes for which the company is incorporated.
Segregated Portfolio Company
A Segregated Portfolio Company (SPC) is a company limited by shares. The SPC may create up to ten segregated portfolios for the purpose of segregating the assets and liabilities of the company, held within or on behalf of a segregated portfolio from other assets and liabilities of the company.
Unlimited Company
An Unlimited Company (UC) is a company incorporated with or without a share capital where the liability of the members is not limited: that is, its members have a joint, several and unlimited obligation to meet any insufficiency in the assets of the company to enable the settlement of any outstanding liability in the event of the company’s formal liquidation.
Private Client Solutions
RAK International Corporate Centre (RAK ICC) Foundations are a corporate body created with a legal personality separate from that of its founder(s). The Foundation acts through its council to administer its assets and carry out its objects.
A holding company (Holdco) is a business entity, usually a corporation or LTD, that doesn’t manufacture anything, sell any products or services, or conduct any other business operations.
The purpose of creating an entity known as a Single Family Office (SFO) is to serve the interest of a single family. Its main focus is on managing the affairs of only one ‘wealthy family’.
Steps for License Processing
License Processing Timeline
7-8 working days (Depending upon the legal structure, documents & approvals). Terms & Conditions Apply.
Frequently Asked Questions
In RAKICC a company can be incorporated only through registered agents. Upon submission of documents an IBC is incorporated within 2 working days.
- Company Limited by Shares
- Company Limited by Guarantee
- Restricted Purposes Company
- Segregated Portfolio Company
- Unlimited Company
RAK ICC adheres to Federal Laws of United Arab Emirates and local laws of the emirate of Ras Al Khaimah. RAK ICC in the exercise of its powers, does not allow any illegal activities, including but not limited to gambling activities.
The liquidated name or changed name will be permitted to be used only after the expiry of 3 years from the date of liquidation or from the date of name change.
Bearer share structure is not permitted under RAKICC.
- Application form for re-registration
- Members resolution for re-registration
- Addendum to Memorandum & Articles of Association OR
- New Memorandum & Articles of Association for re-registration