A new type of company with the abbreviation RAK ICC is planned for the first half of 2016. It’s an IBC (International Business Company) intended for the international business.
Essentially, the RAK ICC is a merged registrar of the previous 2 types of companies – RAK IBC and RAK Offshore. The RAK ICC is being created upon a merge of 2 registrars previously known as RAK IBC and RAK Offshore. The process of this merge and all relevant administrative changes will be implemented gradually culminating in a transition to a new administrative platform during this year.
The new type RAK ICC in Ras Al Khaimah, UAE is being introduced alongside the changes in the applied regulations – the law of this company’s type is becoming more thorough and comprehensive, thereby simplifying various procedures on transfer of ownership of a company and providing additional options for shares – shares charges registration and other options.
The introduction of the RAK ICC company does not entail any principal changes in the existing key advantages of an offshore company in UAE. RAK ICC companies, same as previously, remain totally exempted from taxes. Same as before, there is no requirement for submitting an audit report, whereby the UAE jurisdiction is widely known and recognized as highly prestigious for registration of companies for international business.
There will be no significant changes for the existing companies RAK IBC and RAK Offshore, so those companies can operate same as before. The only amendment will be made to the Memorandum of Articles of the existing companies stating the change of status to RAK ICC company.
Just as beforehand, in order to register the RAK ICC company, it is necessary to approach a registered agent. Our company is fully licensed for registration of this type of company and acts as one of the biggest registering companies in UAE.