How can a company be incorporated?
In RAKICC a company can be incorporated only through registered agents. Upon submission of documents an IBC is incorporated within 2 working days.
What are the types of companies can be incorporated?
- 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.
What are the documents need for re- registration?
- 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
Can re-registration of an existing company be applied only at the time of its annual renewal?
The company applying for re-registration must be active, hence the Regulations stipulates a company to be re-registered at the time of its annual renewal. In short, if the company is active it can apply for re-registration.
What is the duration within which company renewal can be applied for and when will the penalty be charged?
Renewal applications shall be submitted 30 days prior from the date of expiry, where 30 days from the date of expiry is the grace period for processing without penalty. If the renewal is applied in 180 days from the date of expiry, a penalty will be charged for each month after the grace period.
What is the procedure to be followed for registered agent status renewal?
The renewal invoice would be sent a month in advance of the renewal date. A fee of AED 12,500 is to be paid along with the following documents:
- Latest lease deed of the office premises
- Renewed Professional license copy
- Renewed / latest Passport copies of the promoters
Can a name of the company be approved without the inclusion of any suffix?
A name shall be approved as stipulated in the Regulations where the suffix of the name will be determined based on the type of company being incorporated.
What are the incorporation fees?
It is 2,500 aed
What is the incorporation renewal fees?
It is 3,000 aed
Renewals
What is the duration within which company renewal can be applied for and when will the penalty be charged?
Renewal applications shall be submitted 30 days prior from the date of expiry, where 30 days from the date of expiry is the grace period for processing without penalty. If the renewal is applied in 180 days from the date of expiry, a penalty will be charged for each month after the grace period.
What is the procedure to be followed for registered agent status renewal?
The renewal invoice would be sent a month in advance of the renewal date. A fee of AED 12,500 is to be paid along with the following documents:
- Latest lease deed of the office premises
- Renewed Professional license copy
- Renewed / latest Passport copies of the promoters
Shares
Is a RAKICC company permitted to hold bearer shares?
Bearer share structure is not permitted under RAKICC.
Can shares be held as treasury shares in a company?
A company is permitted to hold treasury shares. All rights and obligations attached to a treasury share will be suspended and shall not be exercised by or against the company while the company holds the shares as treasury shares.
Can a company issue bonus share?
The RAKICC Business Companies Regulations 2016 permits a company to issue bonus shares, partly paid shares, or nil paid shares.
Can a company issue share only with a par value?
A company may issue shares with and without par values. Issuance of fractional shares is also permitted.
What is the currency accepted for share capital?
A share with a par value may be issued in any currency
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