SHARE CAPITAL
There is no minimum capital amount required. Shares certificate must be issued within two months from the date of payment of the capital. Classes of shares are permitted.Shares may be issued fully, partially or nil paid.
SHAREHOLDERS
A minimum of one shareholder is required and there is no limitations on the maximum. Also corporate shareholders are permitted. Meetings between shareholders should be held at least once in a year.
CURRENCY:
AED and US Dollar ($) can be used as the denomination for the capital . Any foreign currency is acceptable but prior consent has to be appoved by the RAK Investment Authority regarding this currency issue in UAE for establishing an Offshore company.
DIRECTORS:
A minimum of one director is required and corporate directors are permitted for Offshore business setup in UAE. The number of directors can be fixed in the Memorandum and Articles of Association. For public inspection there is no director’s detail available. First director for Offshore company appointed by incorporators at incorporation time, and afterthat elected by the shareholder of company. In Offshore company any shareholder may be appoint as a director or a secretary.
The company’s director have all the powers of the company that are not reserved to the members under the regulation or in the memorandum.
SECRETARY:
Every RAk ICC offshore company is required to have a secretary, which is appointed by the shareholders for such period as the shareholders may detemine.
ANNUAL ACCOUNTS & AUDIT
Accounts are not required to be filed with the Authority. Audited Accounts are not required, but they may be audited by persons approved by the directors.
COMPANY REGISTER:
All RAK ICC Offshore Companies are required to maintain the following registers:
(1) Register of Shareholders;
(2) Register of Directors and Secretary;
(3) Register of Meetings (shareholders, directors, committees);.
These are not available for public inspection, other than by members or directors. If copies of these registers and documents are kept other than by the registered agent, the registered agent must be notified of the location of the original.