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RAK Offshore Regulations

12 Mar 2014 - Posted by to Offshore Company

Registered Agent

Emirabiz LogotypeAs per RAK Offshore regulations, all offshore companies are opened and managed by Registered Agents. Registered Agent is usually a management consultancy company appointed by RAK Authority.

Registered Agent provides its address to the Offshore company as its legal address in the UAE. Registered Agent takes care of Offshore company incorporation and further management including possible amendments and annual renewal.

 


Legal Form

Legal type of the UAE offshore companies is limited liability companyLegal type of the UAE offshore companies is limited liability company or LLC (the company name will end with word “limited”). It means that shareholders’ liability is limited to company’s share capital. The minimum share capital for RAK Offshore International Company is 1 000 AED (274 $). There is no requirement to pay up this share capital. It should only be indicated  in the company’s memorandum and articles.

 


Directors and privacy of RAK offshore

RAK Offshore Directors and PrivacyUAE does not have the state registry of the shareholders and directors for offshore companies. Thus the company must provide the copy of its shareholder and directors registry to its Registered Agent.

If you want to keep full privacy, you can appoint a nominee director of your offshore company. Usually it is a citizen of another country who will give his name for a reasonable annual fee to be used in your company.

The powers of directors of RAK offshore company can be limited by the shareholders’ resolution. It would be indicated in the company’s memorandum and articles respectively – after the relevant approval by the company’s registrar.

 


Visa eligibility

Not eligible to resident’s visas in the UAEOffshore company owners are not eligible to resident’s visas in the UAE. If you require a residency in the UAE you may be interested in Free Zone company formation.

However, UAE residents are allowed to form offshore companies if their visa is provided by another sponsor.

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4 Comments:

  • By Saif Shafi / 28 Mar 2014 / Reply

    I am a US Citizen, If I setup an offshore company I can not become a resident in UAE, but then what restrictions do I have on my movements in UAE?
    How long is a visit VISA valid for?
    Can I drive a car in UAE?
    Can I own a car in UAE? Can an Offshore company own assets like a car in UAE?
    Can I retain a small office in UAE? Any limitations on number of employees?

    • By emirabiz / 01 Apr 2014 / Reply

      Hi!
      You won’t have any restrictions on your movements in the UAE. You can even become a resident, but under sponsorship of another company – Free Zone or Mainland.

      Tourist visas are valid for 1 month with 1 extra month extention.

      You can drive a car. If you are on tourist visa, rent a car with international driving license. If you become a resident, you need to obtain local license. You can own a car also if you are a resident.

      You cannot have an office in UAE for offshore company. By law, offshore companies are not allowed to work in the country of incorporation.

      Hope it clears up the situation. Any other questions?

  • By George / 24 Sep 2014 / Reply

    Hi, I am an Indian citizen sponsored by an employer and currently working for the same employer. I am in need to set up an online platform exclusively for services to deal locally in the UAE and internationally. I would like to know if my business goes well can I
    1)upgrade the off shore license which does not issue visas to another license in RAK where I can set up an office anywhere in dubai and take visas, also I would want to retain my company name during the upgrade, is this possible.
    2)Do you have contacts who can draft the memorandum and the board resolution to our specifications and needs?
    3)is there any legal binding in obtaining bank accounts with chq books?
    4) can we obtain online payment gateways to cater to our clientele internationally?

    • By Andew O. / 03 Oct 2014 / Reply

      Dear George!

      We are happy to assist you in your business setup. First of all, let me answer your questions to give you a better understanding:

      1)upgrade the off shore license which does not issue visas to another license in RAK where I can set up an office anywhere in dubai and take visas, also I would want to retain my company name during the upgrade, is this possible.

      Technically speaking, you can’t upgrade the offshore license. You can simply open a new company which will be eligible for visas. It will be not offshore, but a Free Zone company. It will be possible to retain the trade name, if we prove to the Authorities that the owner is the same.

      2)Do you have contacts who can draft the memorandum and the board resolution to our specifications and needs?

      Yes, we can do that for you.

      3)is there any legal binding in obtaining bank accounts with chq books?

      Offshore company has no problems in opening a bank account, however, cheque book will not be applicable. In order to get a cheque book, you should open a Free Zone company or a local company in Dubai.

      4) can we obtain online payment gateways to cater to our clientele internationally?

      Online payment gateway can be done for Free Zone company.

      You mentioned that you will be dealing with local UAE market. In this case offshore company is useless for you because it cannot have any business transactions in UAE. You should open a Free Zone or a local company in Dubai.

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