Legal Types of RAKICC

Ras Al Khaimah International Corporate Centre (RAKICC) offers two main legal types for businesses looking to establish an offshore presence

International Business Company (IBC)

The International Business Company is the most common legal type available in RAKICC offshore. Here are some key features of an RAKICC IBC
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Limited Liability

Shareholders or members of an RAKICC IBC enjoy limited liability, meaning their personal assets are protected from the company's liabilities

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Minimum Share Capital

There is no specific minimum share capital requirement for RAKICC IBCs. The capital structure can be determined based on the needs and preferences of the company.

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Minimum Shareholders

An RAKICC IBC requires a minimum of one shareholder, who can be an individual or a corporate entity.

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Confidentiality

RAKICC provides a high level of confidentiality, protecting the privacy of shareholders and beneficial owners.

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No Local Operations

RAKICC IBCs are not permitted to engage in business activities within the UAE. Their operations should be conducted outside the UAE, focusing on international activities.

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Tax Exemption

RAKICC IBCs are exempt from corporate and income taxes for a period of 50 years, providing significant tax benefits for businesses.

Restricted Purpose Company (RPC)

RAKICC also offers the option to register a Restricted Purpose Company. An RPC is a legal type designed for specific purposes, such as holding assets, real estate ownership, investment activities, succession planning, or wealth management. Here are some key features of an RAKICC RPC

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Liability

Similar to an IBC, shareholders or members of an RAKICC RPC enjoy limited liability.

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Minimum Shareholders

An RAKICC RPC requires a minimum of one shareholder, who can be an individual or a corporate entity.

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Specific Purpose

An RAKICC RPC must have a specific purpose mentioned in its constitutional documents. The purpose should be in line with the activities allowed under RAKICC regulations.

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Confidentiality

RAKICC ensures the confidentiality and privacy of shareholders and beneficial owners of RPCs.

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No Local Operations

Similar to an IBC, RAKICC RPCs are not permitted to conduct business activities within the UAE.

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Tax Exemption

RAKICC RPCs also enjoy tax exemption from corporate and income taxes for a period of 50 years.

It’s important to note that both the International Business Company (IBC) and the Restricted Purpose Company (RPC) options provided by RAKICC offer flexibility, confidentiality, and tax advantages. Businesses considering RAKICC offshore should carefully assess their specific needs and consult with legal and financial professionals to determine the most suitable legal type for their offshore operations.

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