Rak Company Formation

Ras Al Khaimah (RAK) enterprise construction, identical to Panama company formation, is a quickly growing service. RAK company formation has gained the reputation of being very secure and confidential. Given this Emirate’s economic development, it also presents great business opportunities for RAK companies and RAK offshore companies.

It is with reason that RAK company launching, identical to Panama companies formation, is said to be a high demand service. Statistics show that over 4,500 RAK companies have been registered, with their members coming from more than one hundred and such countries. RAK company formation for companies intending to operate in or from within RAK is supported by the network of free zone parks established. RAK companies are treated to numerous free zone parks which provide warehouses, office space and essential facilities.

RAK company formation benefits from the customer friendly climate that exists. A series of sectors are highly developed so that RAK companies can operate comfortably within their area of business and target their markets profitably. RAK company incorporation offers these opportunities and more, and not just plain RAK company formation services.

RAK companies can choose to set up in the Free Trade Business Park which is located to main business centers in the city. RAK company formation in such an area provides investors with the opportunity to establish themselves comfortably, thanks to the facilities available for RAK companies.

RAK company formation takes place in a secure environment. RAK offshore companies can be incorporated using both natural and legal persons. The minimum number of directors required for RAK company formation is one. A secretary is not required for RAK company incorporation; a secretary is option. The details of the directors and secretary are filed with the Registrar of Companies. RAK companies are required to have a company seal and are authorised to continue (redomicile) into and out of RAK.

To incorporate companies in RAK, the name of the RAK is required to end with the word ‘Limited’ or abbreviation ‘Ltd.’. The following list of words is not allowed as part of the name of a RAK company: Bank, Trust Company or Trustee Company; Assurance; Insurance; Chamber of Commerce; Municipal; Municipality; Emirate or Emirates.

RAK company formation rules allow for RAK companies to issue a variety of shares. For example, RAK companies can issue shares without par value. There is no minimum authorised share capital and a RAK company may issue one share (minimum). RAK company incorporation may be done by issuing shares of any currency. Due diligence requirements for RAK companies registration requires beneficial owners of RAK companies to submit a copy of passport for relevant identification details.

RAK companies are not required to hold annual general meetings, however shareholders who represent over 33 percent may hold regular general meetings. Once RAK company formation has been complete, the RAK company will be required to keep records of its accounts. Balance sheets and profit and loss statements must be prepared accordingly for every financial year but are not required to be submitted to the Registrar. There is no statutory obligation for RAK companies to audit their accounts.

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