RAK Offshore
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RAK Offshore
The RAK Investment Authority launched the offshore concept in 2007 allowing offshore company formation in Ras-Al-Khaimah. With the highest level of industrialization, RAK contributes to around 26% of GDP. RAK International Corporate Centre (RAK ICC) is a government entity that deals with the corporate registry in the Emirate of Ras Al Khaimah. This government authority is responsible for the registration and formation of International Business Companies (IBC) / offshore companies.
Through Decree No. 12 of 2015, RAK ICC was first brought into existence. It consolidated two companies under its purview:
- RAK International Companies (previously part of RAK Free Trade Zone)
- RAK Offshore (previously part of RAK Investment Authority)
RAK International Corporate Centre (RAK ICC) is one of the fastest-growing international corporate registries with an excellent reputation for compliance and professional services.
Key Features
1. Share Holders
A minimum of one shareholder is required for registering a RAK International Company registration. Corporate shareholders are permitted.
2. Directors
A minimum of one director is required. Corporate directors are permitted. However, a minimum of one director should be a natural person.
3. Secretary
Each RAKEZ Offshore Company should mandatorily appoint a secretary. It is possible for a shareholder to be appointed as a director or a secretary.
4. Accounts
Every company must keep accounting reports for a minimum period of 7 years. Accounts must be approved by the directors and signed by at least one of them.
5. Audit
Audit is not mandatory.
6. Registered Agents
A registered agent (legal firms, auditors, consultants) is required to be appointed by the Company from the approved list of registered agents who is approved by the relevant offshore licensing authority.
7. Share Capital
There is no minimum share capital requirement. The capital of the company can be any amount divided into any denomination.
8. Real Estate and Investments
Investing in the shares of other companies by becoming a holding company is allowed. Purchasing real estate is permitted in the designated freehold areas with approval of the authority.
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