• Ras Al Khaimah Offshore IBC

  • GENERAL

    Legal Framework

    The RAK Offshore International Business Company (IBC) is governed by the RAK Offshore Regulations, 2006.

    Special Characteristics

    A RAK Offshore IBC is not permitted to undertake trade within the United Arab Emirates (except for holding real estate assets (with prior authorization from RAK Investment Authority).

  • SHAREHOLDERS

    Liability of Shareholders

    The liability of the shareholders of a RAK Offshore IBC is limited up to the unpaid amount of the shares they hold.

    Minimum Number of Shareholders

    The minimum number of shareholders of a RAK Offshore IBC is 1 and the maximum is unlimited.

    Restriction on Nationality/Residency of Shareholders

    There is no restriction on the residence of the shareholders of a RAK Offshore IBC.

    Corporate Shareholders

    The shareholders of a RAK Offshore IBC can be individuals and/or legal persons.

    Nominee Shareholders

    The use of nominee shareholders is allowed.

  • DIRECTORS

    Minimum Number of Directors

    The minimum number of directors of a RAK Offshore IBC is 1.

    Restriction on Nationality/Residency of Directors

    There is no restriction on the nationality or residency of the directors of a RAK Offshore IBC.

    Corporate Directors

    The directors of a RAK Offshore IBC can be corporate or natural bodies.

  • SHAREHOLDER MEETINGS

    Shareholder Meetings

    The RAK Offshore IBC is not required to hold general meetings.

  • CAPITAL

    Minimum Capital Requirement

    There is no minimum capital requirement for a RAK Offshore IBC.

    Currency of Capital

    The share capital can be denominated in AED or US$.

    Non-par Value and Bearer Shares

    Non-par value shares and bearer shares are not allowed.

    Capital Duty

    There is no capital duty on the issuance of shares of a RAK Offshore IBC.

  • REGISTERED OFFICE

    Registered Office

    A RAK Offshore IBC is required to have a registered office within the United Arab Emirates.

    Company Secretary / Registered Agent

    A RAK Offshore IBC should have a secretary which can be a natural or corporate body.

    All RAK Offshore IBCs should maintain a local registered agent approved by the local authorities.

  • FOREIGN INVESTORS

    Restrictions on Foreign Investors

    There are no restrictions on foreign investors investing in a RAK Offshore IBC.

  • FORMATION

    Time Needed for Incorporation

    It usually takes 24 hours to register a RAK Offshore IBC.

    Shelf companies are not available.

  • CONFIDENTIALITY

    Beneficial Owners

    The details of the beneficial owner are disclosed to the service provider and not available on public record.

    Registered Shareholders

    The details of registered shareholders are not available on public record.

    Directors

    The details of directors are not available on public record.

    Financial Statements

    The financial statements are not publicly accessible.

  • FILING REGUIREMENTS

    Filing with the Registrar of Companies

    There is not requirement for a RAK Offshore IBC to file an annual return or financial statements with the Registrar of Companies.

    Filing with the Tax Authorities

    A RAK Offshore IBC is not required to file a tax return.

  • RECORDS

    Accounting Records

    A RAK Offshore IBC needs to maintain accounting records.

    Accounting records can be maintained abroad and can also be maintained in any currency.

    Financial Statements

    A RAK Offshore IBC is required to prepare annual financial statements. However, there is no requirement to file the annual financial statements.

    A RAK Offshore IBC which acts as a holding company is not required to prepare consolidated financial statements.

  • AUDIT

    Audit Requirement

    A RAK Offshore IBC is required to audit its annual financial statements and distribute them to the shareholders.

Compare RAK to other jurisdictions and see the difference in corporation tax rates, tax residency requirements, VAT rates, capital gain taxes, etc.

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