IBCInternational Business Company
IBC Features in Ras Al Khaimah:
- Minimum share capital is AED 1.
- A possibility of redomiciliation of offshore companies from other jurisdictions to Ras Al Khaimah.
The following activities are allowed:
- Holding (purchase, shareholding, and sale of shares).
- Real estate ownership.
- Shipment and freight forwarding.
- Commission agent’s activities.
- General trading.
Requirements to Office.
An IBC may own real estate in the UAE with a permit from the Land Department. In this case, the company shall have a registered address. This address may be used to receive correspondence and for other secretarial functions. The address is provided by the registered agent.
IBC General Features in the UAE:
- No currency control and regulation.
- Prompt registration: 1-3 days.
- The UAE is not FATF blacklisted
- Closed registers of the company’s officials, shareholders and beneficiaries.
- The company may be registered without a personal visit to the UAE.
INCORPORATION AND ADMINISTRATION OF IBC IN RAK ICC:
|IBC Incorporation in RAK ICC||2,050|
|Additional activity type||200*|
|Yearly renewal of IBC in RAK ICC||2,000|
|Redomiciliation of IBC to RAK ICC from another jurisdiction||2,500|
|Redomiciliation of IBC from RAK ICC to another jurisdiction||2,500|
|Assistance with the opening of a bank account in UAE||3,000|
|Company director services, per year||1260|
|Secretarial services, per year||475|
|Drafting and/or receiving documents:||USD|
|Activity Confirmation Letter||260|
|Letter of Attorney (director is provided by AC Business Experts)||160|
|Consulate/Embassy Legalization, per 1 document||1,105*|
|Good Standing Certificate||450|
|Certificate of Tax Exemption||480|
|Certificate of Incumbency||500|
|Renewal Confirmation Letter||315|
** Including all non-standard letters.
|Registration of Standard Memorandum & Articles of Association (in Arabic)||475|
|Registration of Share Certificate||315|
|Change of Information Pertaining to Shareholders||895|
|Change of Information Pertaining to Director||685|
|Change of Information Pertaining to Secretary||685|
|IBC name change||1,100*|
|RAK ICC Registered Agent altering||1,100|
|Registration of the full set of amended MOA & AOA||1,100|
|Request for Amendment of Memorandum & Articles of Association, per 1 document||315**|
|Filling UBO declaration/Company Registers||100|
** The price does not include the embassy rate. The rate depends on the country in which the embassy is located.
|Urgent Service (reviewing /approval of Application in one day):||735|
- Payment of the fees does not guarantee that your request will be approved.
- Incorporation or renewal of a company owned by more than 3 shareholders is charged USD100 for each additional shareholder.
Penalties upon out-of-time renewal of a company:
- A company is to be renewed within two calendar months from the expiration date of its existing registration.
- When the two-months grace period has expired a penalty would take effect as listed in the scale below:
- within 3rd month from the expiration date – USD100
- within 5th month from the expiration date – USD800
- Starting from the 6th month from the expiration date, a warning of expulsion from the Companies Register is issued to the company. Within 1 month after receiving the warning, the company has the right to turn to the Registrator with a request for an extension, but only after the penalty is paid. In case the penalty is not paid, the company is automatically struck off from the Companies Register.
- A company whose name is no longer listed in the Companies Register may be reinstated by the Registrar’s approval and after the payment of all relevant fees and penalties in full amount is done, plus USD150 of a flat restoration fee.