United Arab Emirates (RAK) ICCFormation of International Corporate Centre (ICC) in Dubai

LEGAL FORM

Federal Law No. 8 of 1984, as amended by Federal Law No. 13 of 1988 - the Commercial Companies Law - and its by-laws govern the operations of foreign business. In broad terms the provisions of these regulations are as follows: The Federal Law defines seven categories of business organization, which can be established in the UAE. It sets out the requirements in terms of shareholders, directors, minimum capital levels and incorporation procedures. The seven categories of business organization defined by the Law are: General partnership company, Partnership-en-commendam, Joint Venture Company, Public Shareholding Company, Private shareholding company, Limited Liability Company, Share Partnership Company. By far the most usual form that businessmen and/or corporations prefer is the limited liability company.

COMPANY NAME

Dubai companies must use the suffix Limited or Ltd. to denote limited liability. The following words and their associated activities are prohibited: Banking, Insurance and Re-insurance.

SHAREHOLDERS

A RAK ICC can have a minimum of one shareholder and there is no limitation on the maximum. 100% foreign ownership of the company is allowed. Corporate shareholders are permitted. Shareholders meetings should be held at least once a year and every RAK ICC company shall take minutes of all proceedings at general meetings.

SHARE CAPITAL

There is no minimum capital requirement. Usually we recommend share capital to be US Dollars 1,000. Share certificates must be issued within two months from the date of payment of the capital. Bearer shares are not allowed. Shares may be issued fully, partly or nil paid.

DIRECTORS AND SECRETARY

A minimum of one director is required and corporate directors are permitted. A register of directors must be held at the Registered Office, but it is not a matter of public record. The number of directors can be fixed in the Memorandum and Articles of Association. Any shareholder may be appointed as a director and/or secretary. One secretary is required and corporate secretaries are permitted.

REGISTERED OFFICE AND LOCAL AGENT

A Dubai company must maintain a local Registered Agent approved by the local authorities and a local Registered Office, which is usually provided by the Registered Agent.

MEETINGS

Dubai company meetings need not be held in Dubai.

INCORPORATION TIME

10 working days.

RECURRING AND MAINTENANCE FEE AS FROM 2ND YEAR

• Provision of registered office and registered address
• Provision of company secretary
• Payment of annual government fee

TAXATION

Dubai companies pay no taxes on profit, capital gains or anything else in Dubai.

AUDIT AND FINANCIAL RETURNS

Accounts or audited accounts are not required to be filed with the Authority. A RAK ICC shall keep accounts and records the directors may consider necessary in order to reflect the financial position of the company.

OUR SERVICES FOR THE COMPANY FORMATION IN DUBAI (RAKICC) INCLUDE:

• Name check and approval
• Filling the incorporation documents with the Registrar of Companies
• A standard set of original corporate documents
• Payment of the Government Fee
• Provision of registered agent and registered address for one year
• Provision of company secretary for one year
• Rubber stamp

DOCUMENTS REQUIRED FOR THE COMPANY FORMATION

Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:

• Notarized copy of valid passport.
• Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
• Original or certified copy of Banker’s reference letter (dated within 3 months).
• In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).

IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES

If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, Agent Legal will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.

Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.

Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.

SHIPPING COST

Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and can vary from USD 75 to USD 95. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.