Company Administration Guidelines
- There is no minimum share capital requirement.
- Bearer shares are permitted. Par value of each share must be AED 1,000. Different classes of shares are permitted and shares have to be fully paid when allotted.
- A minimum of one shareholder is required and Corporate Shareholders are permitted. Shareholders decide the capital structure of the company.
- 100% foreign ownership is permitted
- A minimum of one director is required and corporate directors are permitted.
- Details of directors are not available for public inspection.
Restrictions on Name & Activity:
- RAK Offshore Company names must end with Limited or Incorporated
- The following names and their associations cannot be used; Assurance, Bank, Building Society, Chartered, Imperial, Insurance, Trust
Till 2016 there have been 2 types of companies in RAK, i.e.:
- Ras Al Khaima IBC - Internaional Business Companies, registered in RAK FTZ Free Trade Zone Authority;
- RAK Offshore, registered in RAKIA Free Trade Zone.
There are following requirements for the companies in RAK:
- Every Offshore Company in RAK has to have a registered office in RAK which is used as the business address of the company
- It is obligatory to have a secretary for a RAK Offshore Company.
- RAK Offshore Companies offer complete privacy and confidentiality, owners of IBC’s are kept confidential under law
CJEU: Defines Key Definitions for Tax & Beneficial Ownership Purposes
Last month, the Court of Justice of the European Union (CJEU) issued a series of important judgments dealing with tax avoidance and beneficial ownership in the context of the EU Parent-Subsidiary Directive (PSD) and the Interest and Royalties Directive (IRD).