RAK Offshore Regulations
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 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
UAE 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.
Offshore 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.
About Elena Ovchinnikova
Setup Business Expert.