- Company Limited by Shares (CLS)
Company Limited by Shares (CLS) known by the appoints that the stakeholders’ liability to the company’s creditors is limited to the capital initially invested, or the nominal value of the shares plus any premium paid in exchange for the company issuing the shares. The business name must contain these words like, “Incorporated”, or the initials “Ltd” or “Limited” or “Inc.”
There must always be at least one stakeholder and one director in this form of company. The CLS has the option of issuing bonus, partially paid, or unpaid shares. More than one person may hold shares as joint owners. Each of these joint owners’ names must be recorded as holders of the appropriate shares in the register of members. The conditions under which share certificates will be issued must be specified in a company’s articles of incorporation. These share certificates must be signed by at least one corporate director.
- Company Limited by Guarantee (CLG) set-up with RAK ICC
Depending on whether it is licensed to issue shares or not, a Company Limited by Guarantee (CLG) may be set up with RAK ICC. A limited company’s name must include the words “Limited” or “Incorporated” or the initials “Ltd” or “Inc.”
When a corporation is limited by guarantee, at least one of the members must be a guaranteed member, and in cases where the business is permitted to issue shares, a guarantee member may also be a shareholder. The guarantors promise to provide a small contribution in the event that the company is dissolved.
- Restricted Purposes Company (RPS)
A corporation created specifically to serve as a special purpose vehicle is known as a Restricted Purposes Company (RPS).
A business limited by shares is considered to be an RPS if its memorandum specifies both its incorporation objective(s) and that it is a limited purpose company.
RPS serves a particular function primarily. People doing business with an RPS Company might feel even more secure knowing that it is prohibited from engaging in any activities that are inconsistent with its declared objectives. The firm, its shareholders, and its directors are all bound by the restrictions on the company’s operations that are outlined in its memorandum.
A business cannot afterwards register as an RPS if it was not an RPS at the time of reregistration, formation, or continuation,
- RAK ICC Separated Portfolio Company (SPC)
RAK ICC is a corporation limited by shares is known as a Separated Portfolio Company (SPC). To separate the assets and the company’s liabilities held inside or on behalf of a separated portfolio from other assets & liabilities of the company, the SPC may create up to 10 separated portfolios. If the Registrar is certain that the company’s directors have the skills and experience required for managing separated portfolios properly, separated portfolios may be incorporated.
Protected cell company is another name of a Separated Portfolio Company (SPC). Segregated Portfolio include share premium made up by assets, retained profits, retained earnings, capital reserves, and any assets can be correlated or held through Separated Portfolio.
- Unlimited Company (UC)
The Unlimited Company (UC) is a business entity that can be created with or without a share capital but whose members are each jointly and severally liable for any shortfall in the company’s assets that prevents the payment of any outstanding debt in the case of the entity’s official dissolution. The members of a UC are equally liable, much like in a general partnership, but unlike a general partnership, the UC is a distinct legal entity with the authority to possess assets in its own right.
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Why to Appoint RAK ICC agent in UAE
The size and credibility of RAK ICC, a register that complies with international standards, are expanding. More and more global firms are turning to RAK ICC for their worldwide expansion and growth for a variety of reasons, among them the advantages listed above. Be a part of the many worldwide businesses moving to RAK ICC from other jurisdictions!
Our licence as RAK ICC agent
BACT is the top-class Dubai-based RAK ICC Agent and Business Setup Consultant in UAE with strong business networks in all GCC countries and Europe. BACT provides all business services and consultations for the business set-up or your business. Such as (Consultations and Advices, Business recommendations, Business planning, Brand Protection, Infringement protection, UAE representative, Bank account assistant, Business support…).