Uniwide supports company registration in numerous free zones in the UAE, as well as in UAE offshore jurisdictions. In this section, you will find an overview of the advantages and peculiarities of RAC ICC.
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Name and Website |
RAK International Corporate Centre, RAK ICC; https://www.rakicc.com/ |
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General Information |
RAK International Corporate Centre was established by Decree No.12 of 2015 (as amended) through consolidation oftwo company registries:
The headquarters of RAK ICC is located in Ras Al Khaimah, with an additional office operating in Dubai. Currently, RAK ICC is one of the few jurisdictions in the UAE where it is possible to set up a UAE offshore company. |
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Specialisation |
RAK ICC is a general-purpose jurisdiction suitable for companies operating across various economic sectors, such as:
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Regulator |
RAK ICC is a corporate centrefor the registration of offshore companies and foundations governed by the Board of Directors. |
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Company Legislation |
RAK ICC legislation is based on the Common Law system. The main regulatory acts governing companies and foundations include:
In addition, RAC ICC companies can refer their disputes to the courts of other free zones operating under a similar legal framework, in particular the courts of DIFC and ADGM. |
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Types of Licenses |
The main types of licenses include:
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Legal Forms of Companies |
A Global Product isa midshore free zone company that is eligible, in particular, to apply for
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Company Name |
The name of a company shall not:
The name of a company shall end with the appropriate word, such as “limited” for a limited company. The name can be reserved. |
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Share Capital |
The company can be wholly-owned by foreign nationals. There is no statutory minimum share capital requirement for companies. However, the initial capital of a RAK ICC foundation must be at least USD 100 (or its equivalent in another currency). |
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Directors and Registered Agent |
The company must have at least one director who may be either an individual or a legal entity. The company is required to appoint a registered agent who will interact with the relevant state authorities and ensure compliance with applicable legal requirements. The appointment of other officers is not mandatory. |
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Office Premises |
There is no requirement to maintain a physical office in the UAE. It is sufficient for the companies to have a registered address in RAK ICC. The address of the registered agent may be used for this purpose. |
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Taxation of profits |
As a general rule, RAK ICC companies are required to register with the tax authorities as corporate taxpayers. However, under certain conditions, such companies may benefit from a 0% corporate tax rate. |
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Financial Statements and Audit |
Companies are required to maintain accounting records and keep documentation sufficient to determine the financial position of the company. Such records may be kept in any location, including outside the UAE. In the latter case, the place where the records are kept must be disclosed to the registered agent. There is no requirement to prepare and file financial statements.However, in order to benefit froma 0% corporate tax rate, RAK ICC companies must prepare audited financial statements. |
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Annual Renewal |
Starting from the second year of its existence, the company must pay the RAC ICC annual fees for the renewal of its license and the establishment card. In addition, the company’s annual expenses include:
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Re-domiciliation |
Inward re-domiciliation is allowed. In other words, a company incorporated in a foreign jurisdiction may transfer its registration to RAK ICC and continue as a RAK ICC company, without the need to wind up the original entity. |
Choosing RAK ICC as the jurisdiction for company formation in the UAE, due to its flexible corporate regulation, may constitute an optimal solution for establishing an offshore company or a UAE foundation.