| Statutory description of private limited company |
International Business Company (IBC). |
| Governing corporate legislation |
RAK Investment Authority (RAKIA) is the governing body and the
companies is regulated under RAK Offshore Regulations 2006. |
| Time-scale for incorporation |
24 hours. There is a time difference of +4 hours to GMT. |
| Availability of ready-made companies |
No. |
| The regulations governing availability of names |
Generally the nature of the company has to be indicated through
the words "Limited" or "Ltd.". |
| Minimum and maximum number of shareholders |
A company may be formed with minimum of one shareholder and there
is no limitation as of maximum. |
| Statutory minimum paid-up capital requirements |
Capital is required for the incorporation of an offshore company
but there is no minimum capital requirement. |
| Classes of share available |
Share capital may be divided into different classes. Bearer shares
are not allowed. Shares may be issued fully, partly or nil paid. |
| Denomination of share capital |
AE Dirham and US Dollar can be used as the denomination for the
capital. Any foreign currency is acceptable but prior consent has
to be approved by the RAK Authority. |
| Annual Costs |
As per request. |
| Residency requirement on shareholders or shareholders' meetings
|
No requirement for a local resident to be a Shareholder, only proof
of residence is required to be submitted. |
| Information published relating to shares and shareholders |
The company must keep a copy of the share register at the registered
office address. This is available for inspection by the members and
is not publicly available. The company may voluntarily file at the
Registrar the copies of the register of members. |
| Minimum and maximum number of directors |
Sole directors are permissible. There is no statutory limitation
for maximum number of directors permitted, although the articles may
impose a limit. |
| Are corporate directors or corporate shareholders permitted? |
Yes. Corporate entities are even permitted to hold shares in a
RAK Offshore companies. |
| Nationality and residency requirements of directors |
The director can be a resident or any foreign citizen but is required
to submit the proof of residence and other relevant documents. |
| Nature of the powers of the directors |
The directors have all the powers of the company that are not reserved
to the members under the Regulation or in the memorandum and articles.
|
| Directors' meetings |
The directors may meet at such times and places within or outside
the UAE as the directors may determine to be necessary or desirable.
Telephone and other electronic meetings are allowed. Subject to a
requirement in the memorandum and articles the director shall be given
reasonable notice of meetings of directors, although this rule is
subject to a waiver of notice.
The presence of a director at a meeting shall be deemed to constitute
a waiver on his part. The quorum of a meeting of directors is fixed
by the memorandum and articles but where no quorum is fixed, a meeting
of directors is properly constituted if one half of the total number
of directors is present in person or by alternate. |
| Information published relating to directors |
There is no public register of directors, although the company
may voluntarily file its register of directors with the Registrar.
|
| Must accounts be prepared by the directors? |
A company incorporated under the Regulation shall keep such accounts
and records as the directors consider necessary or desirable in order
to reflect the financial position of the company. |
| Must such accounts be filed with the financial authorities? |
No. |
| Must such accounts be audited, and if so by whom? |
No. They may be audited by persons approved by the directors. |
| Must the company have a registered presence in the territory of
incorporation? |
Yes. The company must at all times have a registered office and
registered agent within Ras Al Khaimah. The registered office must
be maintained either by the company or its registered agent. |
| What records must be maintained in the territory and are they available
for public inspection? |
A copy of the share register and the register of directors and
an imprint of the common seal must be kept at the registered agent's
address. Other records such as minutes of meetings of directors, members
and copies of all resolutions may be kept at such places as the directors
determine, but copies must be kept at the registered agent's address.
These are not available for public inspection, other than by members
or directors. If copies of these registers and documents are kept
other than by the registered agent, the registered agent must be notified
of the location of the original.
If the company fails to comply with these provisions it is liable
to a fine. |
| Can the company make secured loans? |
Yes. |
| Can the company make unsecured loans? |
Yes. |
| What are the limits placed on the company's borrowing powers? |
None. There are no debt/equity ratios under the law. |
| Is there a register of company charges? |
A company may maintain at its registered office a register charges
and other encumbrances. This is not mandatory. Similarly, a public
register may be maintained at the option of the company. |
| Company seal |
A company must have a common seal. |
| Re-domiciliation provisions |
A company incorporated under the laws of a foreign jurisdiction
may continue its existence as a company registered under the Act.
Similarly, RAK Offshore business companies may transfer their domicile
to foreign territories that permit such procedures. |
