Since incorporation in May 2000, Ras Al Khaimah Free Trade Zone (RAKFTZ) has been committed to sourcing and attracting environmentally friendly, quality investors in the service, manufacturing and industrial sectors. In September 2006, Ras Al Khaimah Government launched an offshore facility, the second in the UAE, which is regulated by the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations 2006.

 

Features:

 

•  100% Foreign Ownership - RAKFTZ International Company Regulations require no “local” shareholding.

• Choice of Law - Although all UAE companies follow UAE law, RAKFTZ have allowed the International Company to decide which favored jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be cited in the Memorandum & Articles of Association.

• Business Activity - RAKFTZ have imposed very few restrictions on the activities of International Companies allowing for a wide range of business activities to be carried out upon approval from RAKFTZ authorities.

• Can Own Shares in Local Companies - Despite a general prohibition on International Companies to conduct business with persons resident in UAE, the Authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE companies (i.e. local LLC companies).

• Can Have a Local Bank Account - The International Company can hold a bank account in the UAE for the purpose of conducting routine operational transactions and can also maintain professional relations with legal consultants, accountants and management companies or other similar persons carrying out business within UAE.

• Easy Formation - Incorporation documents can be signed at the offices of Corporate Service Provider without having to visit RAKFTZ. 

 

The RAK International Company

 

A RAK International Company has the following characteristics:

 

• Shareholders - A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide on the capital structure of the company. There are no minimum share capital requirements. Every company shall maintain minutes of all proceedings at general meetings.

• Directors - A minimum of one director is required and corporate directors are permitted. Details of directors are not available for public inspection.

• Secretary - Every company must have a secretary. A company director can be the secretary.

• Annual Reporting - Every company must keep accounting records, which must be kept for 7 years from the date on which they were prepared. Accounts must be approved by the directors and signed by one of them. The accounts do not need to be filed with RAKFTZ Authorities. We can offer bookkeeping services for RAKFTZ companies.

• Timeframe - Registration of the company in the Free Zone will take from 1 to 2 weeks.

• Restriction on Name and Activity - Names must end with “Limited” or “Incorporated” The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.

• Local Requirements - As a matter of local company law the company MUST appoint an approved registered agent.

 

NB: If the International Company wishes to conduct trade or other business outside the Ras Al Khaimah Free Trade Zone elsewhere in the UAE, it must obtain the appropriate license to conduct such trade or other business activity from the authorities in the UAE.

 

Contact us for our schedule of fees.