Ras Al Khaimah Investment Authority – International Business Company
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. and LSM is a authorized registered agent for RAK Offshore.
Characteristics of an offshore company registered in the RAKIA are as follows:
RAKIA Offshore pays no taxes in UAE.
Minimum of one shareholder is required. Corporate shareholders are permitted.
Shareholders will decide capital structure of the company, can also have different classes of shares. 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.
- 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 Offshore Authority.
Registration of the RAKIA Offshore will take 2-3 days.
- 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.
- Local Requirements:
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.
The following documents are required for formation of the offshore company:
- C.V. (personal profile) of shareholders and directors
- Passport copy of shareholders and directors
- Bank Reference (format enclosed) statement of the shareholder
- NOC from the employers if the shareholder is employed in the UAE.
If the shareholder is a non-individual, following documents of that company are required which are to be notarised and attested as below.
- Certificate of incorporation
- Memorandum & Articles of Association
- Board Resolution for investment in the offshore co. and appointing a legal representative to act and sign on behalf of the company.