Wednesday, June 22, 2011

Using your RAK company

Registrar of Companies
The Registrar of Companies functions as the production unit of RAK offshore and is responsible for establishing business relationships, incorporating offshore companies through licensed registered agents, and ensuring all rules and regulations are strictly adhered to. The Registrar of Companies will handle all matters related to the aforementioned, including:
  • Process applications for incorporation of new companies and deliver certificate of incorporation with registration number
  • Perform due diligence on the individuals (directors, members, etc.) who are part of the incorporated company.
  • Verify the names of companies at incorporation
  • Collect various fees and fines
  • Deliver certificates, duplicates, or other documents as per the law
  • Maintain the physical registry
  • Update the Register of Companies as needed

Information AT-A-GLANCE

International  Business Companies
  1. Minimum
  2. Residency requirements

  1. 1 shareholder
  2. No requirements 
Share Capital
  1. Minimum authorized
  2. Minimum issued
  3. Bearer shares
  4. Redeemable shares
  1. Nomínimum requirement
  2. 1 share

  3. No
  4. Yes
Beneficial ownership disclosure
Not required to disclose to the UAE government, but must be disclosed to a registered agent
  1. MinimumNumber
  2. Residency requirements
  3. Corporate Directors
  1. 1 director
  2. No requirements
  3. Yes
Local presence requirements
  1. Directors
  2. Company officers
  3. Meetings
  4. Annual
    general meeting
  5. Audit requirements

  1. Not required
  2. Not required
  3. Not required
  4. Not required
  5. Not required (unless requested by the RAK Financial Services Authority for suspicion of criminal activity)
Annual accounts

Possibility of migration
Yes, but not public accounts

Share transfer duty/tax
Special mention on the name
Sociéte Anonyme, GmbH, Ltda…

If you need to start your RAK company contact us through our website, by  email, Bitwine or Skype

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