RAK International Corporate Centre (RAKICC)

About RAK International Corporate Centre (RAKICC)

Ras al Khaimah, situated approximately 45 minutes away from Dubai, is one of the fastest growing of the seven Emirates that comprise the UAE. It has built its reputation on a business-friendly investment environment and competitive costs. The cost of doing business in Ras Al Khaimah is substantially lower than Dubai, thereby attracting investors from all over the world.

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The Basics

The emirate of Ras Al Khaimah enacted the Ras Al Khaimah International Company Law in 2006, which is based on the international company regime of the British Virgin Islands (BVI). The laws were updated in 2016 to keep pace with developments in the sector. RAKICC has since established itself as one of the most popular jurisdictions for offshore company incorporation in the GCC.

TYPES OF LICENSES:

A RAKICC company can operate under these types of licenses:

Commercial License

Encompassing trading activities;

Professional License

Encompassing professional services;

Rules on Company Names

The word "Limited" or "Incorporated" must be part of the name. Restricted names are ones that the Registrar may consider to be misleading, and include, for example, “Dubai”, “Emirati”, "Assurance", "Bank", "Building Society", "Chartered", "Cooperative", "Imperial", "Municipal", "Royal", "Trust" etc.

Registration Through a Local Agent

A RAKICC company must have a Registered Agent in the UAE, and a Registered Office which must be maintained by the Registered Agent in the UAE to which all official communications and notices to the company must be addressed. If you incorporate with us, you registered address will be in Dubai.

Shareholders, Directors and Officers

You will need a minimum of one shareholder. Residents of any country, individuals and legal entities, can become shareholders. A minimum of one director is required. Any persons including individuals and legal entities (local and international), may be appointed as directors and officers of a company. One person may hold all positions - director, shareholder, secretary, etc.

Company Authorized Capital

The minimum authorized share is 1, it can be denominated in UAE Dirhams, Euros, US Dollars or British Pounds. You are not required to deposit it in a bank account.

Public Registry

No public disclosure of information. Shareholder, Directors, Secretary and Beneficial Owner details are provided to RAKICC, however current UAE laws do not authorize sharing of this data with external sources.

Taxes and Annual Fees

RAK ICC businesses cannot engage in business in the UAE and therefore are not subject to local taxes. Please speak to a tax specialist in your country of residency if your company is subject to taxes. Each RAKICC company must pay an annual renewal fee starting from the second year. Speak to us for the fees applicable upon your business license renewal.

Documents Required to Setup a RAKICC Company

The following are required for every directors, officers and shareholder:

  • Copy of the passport of the company directors, officers, and shareholders.
  • An original proof of residence showing the name and address of the company directors, officers, and shareholders. A utility bill or bank statement which includes a name and address is the most common type of document provided by clients. This document must be current and have been issued in the last 90 days.
  • An original letter of introduction is required. This letter must be issued by a bank on official letterhead.
  • If the shareholder is another company, then notarised / attested versions of those documents will be required.

Timeframe for RAKICC License

Incorporation of a RAKICC company can take as little as 24 hours. The renewal of your company license can take 3-5 business days.

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