Why should I setup a company in Ras Al Khaimah?
Filing requirements and compliance
Although all UAE companies follow UAE law, the RAKFTZ permits a RAK – International Company to decide which law it wants to be applied for inheritance, disputes, and any other legal matter. The preferred law must be cited in the Memorandum and Articles of Association.
There are no requirements for accounting and audit report. The following steps are required to establish an International Company in RAK:
– Select a name for the company and have it approved by the RAK Free Zone Authority.
– Draw up a proposed memorandum including share capital, share value, power of Directors and object of the company and have it notarised by a Notary Public in the UAE Courts.
– Confirmation whether the share capital has been paid in cash or kind.
– Copies of the Memorandum & Articles of Incorporation and Certificate of Incorporation (if a company) is to be a participant duly notarised & Apostilled and legalised at the UAE Embassy.
– Board Resolution of each corporate shareholder approving the taking up of shares in the new company duly notarised & Apostilled and legalised at the UAE Embassy.
– Details of Company Auditors together with a letter confirming their appointment, if applicable.
– Bank Certificate confirming deposit of the minimum share capital.
– Seek approval from the RAK Free Zone Authority. Once approval is granted, the company will be entered in the Commercial Register and the licence will then be issued by the RAK Free Zone Authority.
INCO Business Dubai can take care of the full procedure remotely, and in average within 2 weeks. This makes the IC (International Company) the most popular option for foreign companies seeking to establish a presence in the UAE.