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RAK International Corporate Centre (RAKICC)

Ras Al Khaimah, one of seven emirates comprising the United Arab Emirates, became a member of the Federation in 1972. In 2006, Ras Al Khaimah enacted the Ras Al Khaimah International Company Law, which is based on the model of the successful international company regime of the British Virgin Islands. The law was most recently updated in 2016 to keep pace with international developments.

RAK International Corporate Centre (RAKICC) is the sole entity in Ras Al Khaimah for the incorporation and formation of International Business Companies (offshore 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 2016 were enacted on the 20th of January 2016.

ADVANTAGES OF RAKICC:

  • Conducting business as an international entity
  • Dispute resolution for settlement of commercial disputes
  • Open bank accounts locally and internationally
  • Conducting business without corporate/personal taxes
  • Protecting investments in other foreign countries
  • Transfer of domiciliation or Continuation
  • Board meetings can be held anywhere in the world
  • Minimum of one Shareholder, Director and Secretary
  • A company may be incorporated as a segregated portfolio company
  • Foreign Ownership
  • Simpler transfer of assets and properties held in several countries

TYPES OF COMPANIES

  • Company Limited by Shares
  • Company Limited by Guarantee
  • Restricted Purposes Company
  • Segregated Portfolio Company
  • Unlimited Company

PERMISSIBLE ACTIVITIES

  • Holding shares in international, local or free zone companies
  • International consulting
  • Investment company
  • Trading activities outside the UAE
  • Holding intellectual property

BENEFITS OF RAK ICC

The RAKICC offshore company is set up without the necessity to have the physical office on the territory of the UAE and can only conduct business outside of the country. Whereby such an organization can have the bank account in Dubai bank or any other Emirate. Among other advantages there is no requirement to provide annual financial statements to the authorities on companies of this type, and it is very easy to maintain the company – all you need to do is annually renew the company.

  • 0% Corporation tax, 0% VAT and no income tax
  • No requirement for the owner or director to visit the UAE in person
  • 100% full foreign ownership
  • 100% repatriation of capital and profits
  • Personal presence is not required for company incorporation
  • Confidentiality is preserved; there is no public record of shareholders or directors
  • No audit requirement or requirement to submit financial statements
  • Can maintain bank accounts in the UAE