SETUP YOUR RAK International Corporate Centre (RAKICC) PREMIUM PRODUCT
Create a robust corporate structure with the RAKICC Premium Product. This allows you to establish an offshore International Business Company (IBC) with a subsidiary in RAKEZ, enabling both onshore and offshore operations. Enjoy the benefits of a dual structure for maximum flexibility and growth.
RAK International Corporate Centre (RAKICC) Premium Product
RAK International Corporate Centre (RAK ICC) is pleased to announce the launch of the Premium Product from 15 January 2019, a product which allows offshore companies to carry out their business activities in the United Arab Emirates. The Premium Product is designed to address customer needs, changing regulatory pressure and bank require- ments for substance. Premium Product is a combination of RAK International Corporate Centre (RAK ICC) Com- pany and a RAK Economic Zone (RAKEZ) entity. The company has to be established with RAK ICC first, and then the subsidiary of the same is established with the RAKEZ. This gives the discerning investor an opportunity to enjoy the best of both.
Benefits
Companies are treated as business enterprise of substance
Investors can open bank accounts locally and internationally
Option to lease a physical facility from RAKEZ
Enjoy Double Taxation Treaty benefits
Global trade and investments
Eligibility for a UAE Residence Visa
STEPS IN OPENING AN OFFSHORE COMPANY
- Step 1- Client provides at least 3 company names and the activity/activities to be utilized.
- Step 2- Client provides scanned copies of personal documents through email along with the complete structure of the company (personal documents for individuals and corporate documents for corporate ownership).
- Step 3 – Preparation of application forms and Memorandum and Articles of Association.
- Step 4 – Client signs the documents and couriers the originals along with all personal documents.
- Step 5 – Submission of duly signed forms and original documents to the government for incorporation within 48 hours.
Frequently Asked Questions
General
No. Business registration and licensing procedures are associated with smart services which require Emirates ID.
• Reserve a trade name
• Obtain a preliminary approval
• Obtain an approval from other authorities if the activity deems necessary
• Obtain the Memorandum of Association of the companies
• Provide a certificate of authenticity of the lease contract issued from the Real Estate Regulatory Agency
Yes, except in the case of engineering consultancy.
No
• Filling a registration and license application form and reserving a trade name.
• A copy of the service agent’s passport (with the details of residence/Visa for non-GCC (Gulf Cooperation Council) nationals)
• A copy of the service agent’s identity card and family book
• A copy of the responsible director’s passport and a no objection letter from his current sponsor
• Approval of other governmental agencies concerned with the activity of the company
• The Board of Directors’ decision to open a branch and to appoint a director
• A copy of the Memorandum of Association and the Commercial Register which should be duly certified by the UAE Ministry of Foreign Affairs and the UAE embassy of the country in which the company is incorporated.
Conditions of licensing the activity of the business center:
• The total site area of the business center shouldn’t be less than 5000 feet where the area of each office is not less than 250 feet including hallways and facilities. The net area per office shouldn’t be less than 200 square feet.
• Having a lease agreement between the property owner and the business center of a period not less than 4 years.
• A written consent by the property owner authorizing the business center to sublease the property during the period of the lease contract.
• Submitting schemes for the site showing the number and the distribution of offices until the allowed number of establishments that can be registered in the site is determined by the commercial register sector in accordance with the aforementioned information in paragraph (A) of this article.
• An annual fee of 25,000 twenty five thousand AED is calculated for every site allocated for the business center activities.
Having educational qualifications, experience, and obtaining external approvals.
Professional activities are the activities that depend on mental and physical effort to be practiced. They include agriculture, fishing, education, health, social work, and community, social and personal services.
Issuing of a Business License
• Reserving a trade name
• Obtaining a preliminary approval
• Obtaining an approval of other authorities if the activity deems necessary
• Obtaining a Memorandum of Association of the companies
• Obtaining a service agent contract for occupational licenses
• Lease contract issued from the Real Estate Regulatory Agency.
• Reserve a trade name
• Obtain a preliminary approval
• Obtain an approval from other authorities if the activity deems necessary
• Obtain the Memorandum of Association of the companies
• Provide a certificate of authenticity of the lease contract issued from the Real Estate Regulatory Agency.
Yes, except in the case of engineering consultancy.
no
• Filling a registration and license application form and reserving a trade name.
• A copy of the responsible director’s passport and a no objection letter from his current sponsor
• Approval of other governmental agencies concerned with the activity of the company
• The Board of Directors’ decision to open a branch and to appoint a director and a copy of the Memorandum of Association and the Commercial Register
• The Ministry of Economy approval for the commercial and industrial companies where the rate of nationals is less than 51%
• The total site area of the business center shouldn’t be less than 5000 feet where the area of each office is not less than 250 feet including hallways and facilities. The net area per office shouldn’t be less than 200 square feet.
• Having a lease agreement between the property owner and the business center of a period not less than 4 years.
• A written consent by the property owner authorizing the business center to sublease the property during the period of the lease contract.
• Submitting schemes for the site showing the number and the distribution of offices until the allowed number of establishments that can be registered in the site is determined by the commercial register sector in accordance with the aforementioned information in paragraph (A) of this article.
• An annual fee of 25,000 twenty five thousand AED is calculated for every site allocated for the business center activities.
Having educational qualifications, experience, and obtaining external approvals.
The same usual conditions in addition to paying 500 AED. Yes. No
Yes
Paying 50 million and having a legal form as a limited liability company.
Commercial activities are the activities that require a capital to be practiced. They include wholesale and retail trade, construction, transportation, stockpiling, communication, financial intermediation, real estate, and leasing.
Industrial activities are the activities that require a capital to be practiced. They include manufacturing, mining, quarrying, electricity, gas, and water.
Professional activities are the activities that depend on mental and physical effort to be practiced. They include agriculture, fishing, education, health, social work, and community, social and personal services.
No, but the owner can.
Yes
You can apply for a trade name online or go through an authorized document cearing office or approved lawirm. Please note that to access online services, you need a user account.
It includes the trade of all kinds of goods and products that are mentioned in full details in the trade category of the activity classification guidebook except for those that require an external approval from concerned authorities.
To be qualified, and to have an experience in the required consultation field. The requirements of the consultations that require an external approval are determined by concerned authorities.
Manage Business License
• Providing a letter from the company or the institution requesting to stop the licensing temporarily
• Providing a letter from the Ministry of Labor indicating the absence of sponsored people on the license
• Providing a report from the inspection division in Dubai DED.
Providing a certificate of authenticity of the lease contract issued from the Real Estate Regulatory Agency and an appendix of the Memorandum of Association when modifying the status of partners.
Providing a certificate of authenticity of the lease contract issued from the Real Estate Regulatory Agency and an appendix of the Memorandum of Association when modifying the status of partners.
Cancel Business License
If the partnership has ended more than 2 years ago.
• The license expiration date should have ended for more than 2 years.
• The national partner shall acknowledge his liability towards the company.
• Providing supporting documents that strengthens the dissolution request such as the escape of a partner
• Providing a letter from the Ministry of Labor indicating the absence of sponsored people on the license
• For sole proprietorships, a no objection letter from the Ministry of Labor is required in addition to a residence cancellation proof for non-Gulf nationals.
• For civil works companies, a no objection letter from the Ministry of Labor is required in addition to dissolution of partnership contract from the notary public.
• For commercial companies, a no objection letter from the Ministry of Labor is required in addition to a residence cancellation proof for non-Gulf nationals, the minutes of Annual General Meeting to liquidate the company and appoint a liquidator, a letter from the liquidator of accepting the liquidation, and announcing the liquidation in the newspaper.
SUMMARY OF REQUIREMENTS FOR INDIVIDUAL SHAREHOLDER
1. Passport Copy
A clear copy of your passport, showing the photo page and signature page. The passport must be valid for six months from the date of application.
2. CV or Resume
A copy of your recent Curriculum Vitae or Resume with your full contact details.
3. Utility Bill
An original latest utility bill such as; telephone, electricity gas, water, etc., showing your full name and complete current address.
4. Bank Reference Letter or Statements
An original reference letter from your bank, confirming that you hold an account with them, or an original sets of your latest 3 months bank statements. If these are in the form of e-statements, all the print outs must be stamped by your bank.
Important Note: In the event that a Utility bill is not available, a letter of address confirmation issued by the Local Municipality or Local Authority in the country of origin is acceptable.
All documentation must be provided in English, or with an accompanying English translation.
SUMMARY OF REQUIREMENTS FOR CORPORATE SHAREHOLDER
1. Certificate of Incorporation
Certified True Copy of the Certificate of Incorporation to be attested by the Ministry of Foreign Affairs and the UAE Consulate in the Country of Origin. If established in UAE, it must be stamped by the governing body where the company was formed.
2. Trade License
Certified True Copy of the Certificate of Incorporation to be attested by the Ministry of Foreign Affairs and the UAE Consulate in the Country of Origin. If established in UAE, it must be stamped by the governing body where the company was formed
3. Memorandum and Articles of Association
Certified True Copy of the Certificate of Incorporation to be attested by the Ministry of Foreign Affairs and the UAE Consulate in the Country of Origin. If established in UAE, it must be stamped by the governing body where the company was formed.
4. Certificate of Incumbency
An original latest Certificate of Incumbency or a legal document issued by the registrar, which confirms name of the shareholders and directors of the company to be attested by the Ministry of Foreign Affairs and the UAE Consulate in the Country of Origin. Also accompanied by the passport copy of the shareholder and directors of the company. If established in UAE, it must be stamped by the governing body where the company was formed.
5. Certificate of Good Standing
If the Corporate Entity is an Offshore, an original Certificate of Good Standing is required and must be attested by the Ministry of Foreign Affairs and the UAE Consulate in the Country of Origin. If established in UAE, it must be stamped by the governing body where the company was formed.
6. Shareholder’s Resolution
An original Shareholder’s Resolution confirming the establishment of the new company; and confirming the name of the person authorized to sign the company formation documents; it must be attested by the Registrar and must be attested by the Ministry of Foreign Affairs and the UAE Consulate in the Country of Origin. If established in UAE, it must be stamped by the governing body where the company was formed.
Important Note: All documents need to be provided in English, or with an accompanying English translation.
Process
Register RAK ICC Company
Register RAKEZ Company