International Business Company

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International Business Company

RAK International Corporate Centre (RAKICC) is the sole entity in Ras Al Khaimah for the incorporation and formation of International Business Companies. RAKICC was formed from the consolidation of the registries of RAK International Companies (formerly a part of the RAK Free Trade Zone) and RAK Offshore (formerly a part of the RAK Investment Authority). During this process, Ras Al Khaimah’s existing company law was updated to keep pace with developing international standards and the new Ras Al Khaimah International Corporate Centre Business Companies Regulations 2018.

Significant Features

  • Minimum of one Shareholder, Director and Secretary.
  • The minimum capital requirement of a RAKICC Business Company is one of any denomination.
  • Only registered shares may be issued.
  • Different classes of shares with different rights, such as profit sharing, redeemable preference shares and voting rights may be issued.
  • A company may be incorporated as a segregated portfolio company.
  • preservation of confidentiality of the beneficial owner of the company.
  • Company may own shares in other UAE companies or elsewhere.
  • Board meetings can be held anywhere in the world.
  • Accounting books, records and minutes may be kept wherever determined by the Directors.
  • Can maintain bank accounts in the UAE.
  • Purchase and ownership by the company of its own shares is permitted.
  • Barear shares not permitted.
  • Wide corporate powers to engage in different businesses and activities.
  • Ability to trade in or own an interest in real property except in Dubai (only JAFZA companies can own Dubai property).
  • Incorporation procedures can be completed in five working days; corporate documents are produced in English
  • A corporation can continue as a RAKICC Business Company provided the laws of the jurisdiction of original incorporation expressly permit it to continue to another jurisdiction.
  • The corporate domicile can be changed to another jurisdiction.

Highlighted Advantages

  • No UAE restriction on ownership and repatriation of capital and profits.
  • Access to Common Law Courts.
  • Own real properties and assets.
  • Open bank accounts in the UAE and internationally.
  • Ability to benefit from UAE double taxation treaties by establishing a subsidiary.

General Advantages

  • Zero taxes and duties
  • No Tax Information Exchange Agreement with any country.
  • No public disclosure of information.
  • Simple accounting requirements.
  • Facility for company name reservation.
  • No limitations on the business that the company may carry on.
  • Legalization of company documents not required when used within UAE.
  • No public disclosure of information. Shareholder, Directors, Secretary and Beneficial Owner data.

Registration Steps

  • Contact a registered agent.
  • Submit required documents.
  • Submit your application and obtain your certificate of incorporation.

Required Documents

For Individual Shareholders and Ultimate Beneficial Owners:

  • Certified copy of in force passport
  • Certified copy of current utility bill or local authority tax bill or tenancy agreement or residency certificate showing address of current permanent residence or bank statement.

For Corporate Shareholders:

  • Certified copy of Certificate of Incorporation or Registration and any trade license or equivalent
  • Certified copy of Memorandum & Articles of Association
  • Current Certificate of Incumbency or Register Extracts
  • Current Certificate of Good Standing
  • Certified copy of passport of the authorized signatory of the corporate shareholder
  • Name of shareholders and ultimate beneficial owners (as defined in regulation 26 of the RAK ICC Registered Agent
    Regulations 2018)
  • Certified copy of corporate resolution approving the incorporation of the RAK ICC company

For Trusts as Shareholders

  • Trust deed
  • Current certified Register Extract for the Trust
  • Details of all additions to the trust (if any)
  • Certified copies of passports of settlor, protector & beneficiaries
  • Corporate Trustee – as for Corporate Shareholders above
  • Individual Trustee – as fo+A12r Individual Shareholders above

For Foundations as Shareholders

  • Certified copy of Certificate of Incorporation or Registration and any Trade license or equivalent
  • Foundation regulations and charter
  • Foundation minutes approving the incorporation of the RAK ICC company
  • Current Certificate of Good Standing
  • For foundation council members and protectors who are natural persons – see For Individual Shareholders above

For Individual Directors

  • As for Individual Shareholder above
  • Consent letter from the director & secretary

For Corporate Directors

  • Resolution of corporate directors/secretaries accepting the appointment as directors/secretaries of the company

Additional Requirements for Companies Limited by Guarantee

  • Guarantee members and their ultimate beneficial owners should be treated in the same way as shareholders above

Additional Requirements for Segregated portfolio Companies (SPCs)

  • Application form
  • Business plan of the SPC
  • Evidence of knowledge and expertise

Expected Duration of Service Delivery

  • Registration: 5 working days
  • Renewal: 3 working days
  • Urgent procedure: 24h

IBC Agent in UAE

A RAKICC Business 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. The Registered Agent must maintain the particulars of the beneficial owners of the company.

BACT is licensed by the RAKICC authorities to offer a full range of company formation and Registered agent services.

Types of International Business Companies (IBC)

International Business Company formation offering state of the art products. The IBCs incorporated with the Jurisdiction are mostly used for wealth management and assets protection, holding shares in local companies and companies established internationally, holding assets, real properties, open bank accounts at local and international banks.

Companies’ formalities are accurately chosen by one of our advisors to meet the needs and protection of our client such as:

Company Limited by Shares(CLS)

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Company Limited by Guarantee

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Unlimited Company

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Segregated Portfolio Company

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Restricted Purpose Company

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Intellectual Property Holding Company

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Other Service?

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Structuring Solution Services

We provide various structuring solutions to fit market requirements:

  • Domiciliation/Continuation from one jurisdiction to another
  • Corporate Structuring HoldCo and Opco
  • Private Client Solution
  • Premium product
  • Global product

RAKICC Offshore Company Formation at Lowest Cost and Quickest Time. Register your RAK offshore company today with the lowest cost with necessary legal help. No Auditing Required. Modern Legislation. No Taxes Applicable.

Need Help?

Contact us at the consulting office or feel free to submit a business inquiry online.

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