RAK IC (International Company)

Ras Al Khaimah is part of the United Arab Emirates, a constitutional federation of seven emirates located along the southeastern tip of the Arabian Peninsular. Qatar lies to the west, Saudi Arabia to the south and west and Oman to the north and east. The Federation was formally established in 1971.

Key Corporate Features

General
Type of Company: Limited by shares
Political Stability: Excellent
Type of law: Federal/ Sharia
Disclosure of Beneficial Owner: No
Migration of Domicile Permitted: No
Corporate taxation: nil
Language of name: English or Arabic
Corporate Requirements
Minimum Number of Shareholders 1
Minimum Number of Directors 1
Corporate Directors Permitted Yes
Minimum Usual Authorised Capital Dhs 1,000
Fully Paid Yes
Local Requirements
Local Partner (UAE National or Company owned by UAE National) No
Registered Office/Agent Yes
Local Directors No
Local Meetings No
Government Register of Directors Yes
Government Register of Shareholders Yes
Local Auditor No
Annual Requirements
Annual Return No
Submit Accounts No

General Information

Ras Al Khaimah is part of the United Arab Emirates, a constitutional federation of seven emirates located along the southeastern tip of the Arabian Peninsular. Qatar lies to the west, Saudi Arabia to the south and west and Oman to the north and east. The Federation was formally established in 1971.

Population
RAK is one of the Emirates of the seven independent emirates, the current population is approximately 250,000 but this is expected to raise to 400,000 by 2017. Over 50% of the population are expatriates.

Time Zone
The UAE is 4 hours ahead of GMT (+4 GMT).

Political Structure
Prior to 1971 each of the seven members emirates of the UAE (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaima, Sharjah and Umm Al Quwain), previously known as the Trucial States, had its own existing institutions of government. The Rulers agreed to draw up a provisional Constitution (“the Constitution”) which provided for the establishment of the Supreme Council of the Rulers of all the Emirates as the foremost authority in the Federation and a Council of Ministers as the Executive Branch of the Federation. Federal Ministries of Foreign Affairs, Defence, Justice, Public Health, Communications, Information Interior, Finance and Industry, Economy and commerce, Education, Public Works, Agriculture, Labour and Social Affairs and Planning were established. As a Muslim country, one of the fundamental principles in the Constitution provides that Islamic Law (Sharia) is the main source for the legislation in the UAE. The main aim of the UAE Government Strategy is to ensure sustainable development and a high quality of life for all UAE Nationals.

Infrastructure and Economy
The emirate of Ras Al Khaimah is strategically located between Africa and the Middle East and between the Far East and Europe, making it a gateway to over 1.5 billion consumers located in countries surrounding the Red Sea and the Gulf. Its infrastructure is of the highest standards with access to more than 170 shipping lines and approximately 86 airlines connecting to over 100 cities worldwide. The strong shipping and transportation sector is composed of most of the leading regional and international freight forwarders, insurers and shipping agents.

Language
Arabic, Persian, Hindi, and Urdu. English is widely spoken.

Currency
The Dirham: The current rate is pegged to the dollar at 3.67 AED per $1 US.

Exchange Control
None.

Company Information

Type of Company
The International Company (IC) is the most popular option for foreign companies seeking to establish a presence in the UAE.
Restrictions on Trading
Can only operate within the activities detailed on the Memorandum.

Powers of Company
Companies Law stipulates that an IC may engage in any lawful activity except for insurance, banking and the investment of money for others and restrictions applies to conduct local business.

Language of Legislation and Corporate Documents
English.

Shelf Companies Available
No.

Time to Incorporate
2-3 Days.

Name Restrictions
Any name that is identical or similar to an existing name. Any name of a major international corporation where written consent to incorporate is not available. Any name that contains a registered trademark not owned by the company. Any name that the registrar may find undesirable, offensive or misleading.

Language of Name
English

Names Requiring Consent or a License
In certain circumstances, the prior consent of a Federal Ministry or competent local authority will be required. These activities include: Oil & Gas,Banking & Investment, Financial Services, Insurance, Media, Transport, Construction, Telecommunications, Real Estate Management, Architectural and Engineering Consulting, Tourism, Shipping, Civil Aviation, Legal Services, Medical Services, Education. Any name that contains the words: state, government, municipal etc. and may wrongfully suggest a patronage of such.

Registered Office Required
Yes, must be maintained in RAK

Suffixes to Denote Limited Liability
Ltd or Limited

Disclosure of Beneficial Ownership to Authorities
No.

Compliance

Authorised and Issued Capital
The minimum requirement for authorised capital is DHs 1,000 which must be fully paid up.

Classes of Shares Permitted
May neither be negotiable or divisible. Ordinary shares, preferred shares, deferred shares, and shares with or without voting rights.

Taxation
No Corporate, Withholding or Personal taxation.

Double Taxation Agreements
None.

Financial Statement Requirements
Yes.

Directors
Minimum one. Powers and duties to be specified in the Memorandum. Corporate Directors are permitted.

Shareholders
Minimum of one.


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