Located in very the heart of Ras Al Khaimah, RAKEZ is a powerful industrial centre in the United Arab Emirates that offers various business solutions. RAKEZ provides for the possibility of establishing both offshore and onshore companies.
The setting up of onshore companies gives an opportunity to obtain resident visas for members/employees and their families, which is a definite advantage. Moreover, a real presence (substance) for onshore companies is created in the form of a rented office or a workplace in the Flexi desk / Flexi office. Office requirements for onshore companies may vary depending on the type of licence for a specific activity.
Company registration in Ras Al Khaimah Economic Zone includes the following steps:
The UAE does not have public company registries that would contain details of shareholders or directors. Information about free zone companies can only be obtained at the request of a local court.
The register of shareholders and directors of the company is not accessible to third parties.
RAKEZ offers various office packages depending on the client’s needs regarding the type and number of licences, number of visas, need for a real presence and placement in the free zone.
Сompanies are required to have a common seal.
The redomiciliation of companies either to or from the UAE is permitted.
The director can only be an individual, the minimum number of directors is one. There are no requirements for the residency of directors. Details of directors are submitted to the free zone administration, but are not accessible to third parties.
The manager can only be an individual, the minimum number is one. Must be a resident of the UAE.
Companies registered in RAKEZ can also appoint a secretary, who can be an individual or a legal entity. One person can simultaneously be a shareholder, director, secretary, manager and authorized representative of the company.
The minimum number of shareholders in a company is one, the maximum is 50. Both individuals and legal entities can be shareholders. There are no residency requirements. Nominee shareholders are not permitted.
Details of shareholders are not disclosed to third parties, since there is no public or open register of legal entities and their shareholders in the UAE.
Despite that many jurisdictions consider creating a public register of beneficial owners, the UAE does not have one yet. This means that there is no open access to the beneficial ownership information. It is stored by a service provider, namely a company registration agent, trustees, lawyers, accountants and other professionals, subject to strict confidentiality. Information about the beneficial owner can only be disclosed to regulatory authorities (for example, during inspections for its availability) or by court order.
The minimum capital for Ras al Khaimah Economic Zone companies is AED 10 000 (~ USD 2 750). It may vary for certain types of businesses.
The share capital can be denominated in any currency other than AED subject to prior approval of RAKEZ authorities. The different classes of shares can also be issued subject to prior approval of the Emirate’s authorities. A company can issue shares of AED 1 000 or a multiple amount each.