FAQ

New Incorporation

In RAKICC a company can be incorporated only through registered agents. Upon submission of documents an IBC is incorporated within 2 working days.

  • Company Limited by Shares
  • Company Limited by Guarantee
  • Restricted Purposes Company
  • Segregated Portfolio Company
  • Unlimited Company

 

Name Policy

The liquidated name or changed name will be permitted to be used only after the expiry of 3 years from the date of liquidation or from the date of name change.

A name shall be approved as stipulated in the Regulations where the suffix of the name will be determined based on the type of company being incorporated.

In case of existence of same name or restricted name with the Registry then prior to applying for Transfer of Domicile the company shall change its name in the seat of incorporation.

 

Shares

Bearer share structure is not permitted under RAKICC.

A company is permitted to hold treasury shares. All rights and obligations attached to a treasury share will be suspended and shall not be exercised by or against the company while the company holds the shares as treasury shares.

The RAKICC Business Companies Regulations 2016 permits a company to issue bonus shares, partly paid shares or nil paid shares.

A company may issue shares with and without par values. Issuance of fractional shares is also permitted.

A share with a par value may be issued in any currency.

 

Re-Registration

  • Application form for re-registration
  • Members resolution for re-registration
  • Addendum to Memorandum & Articles of Association OR
  • New Memorandum & Articles of Association for re-registration

The company applying for re-registration has to be active, hence the Regulations stipulates a company to be re-registered at the time of its annual renewal. In short, if the company is active it can apply for re-registration

Transition period is until the 31 December 2017 where within this date all existing companies under RAKIC & RAK Offshore shall be re-registered to RAK ICC.

After the 31 December 2017, any existing company which has not been re-registered will cease to exist as the former legal entity and will be automatically re-registered as a RAKICC company. Any company thus re-registered will be permitted to carry out business upon submission of the relevant documents pertaining to re-registration.

 

Renewals

Renewal applications shall be submitted 30 days prior from the date of expiry, where 30 days from the date of expiry is the grace period for processing without penalty. If the renewal is applied in 180 days from the date of expiry, a penalty will be charged for each month after the grace period.

The renewal invoice would be sent a month in advance of the renewal date. A fee of AED 12,500 is to be paid along with the following documents:

  • Latest lease deed of the office premises
  • Renewed Professional license copy
  • Renewed / latest Passport copies of the promoters

 

Strike Off

The members, directors & registered agents will not be free from liabilities or responsibilities towards a struck off company as the company continues to exist until it is liquidated.

A company can be restored by its members or directors within a period of 3 years from the date of strike off and creditors can request for restoration of the company within a period of 10 years.

Agent resignations for struck off companies will not be accepted as the company can be restored within the stipulated time, and at the time of such restoration the company should have a registered agent.

 

Wills & Probate

An English language entity based inside the DIFC – the Dubai International Financial Centre – established to provide administrative support to the DIFC Registry and enabling the formal registration of wills.

Non – Muslim individuals over the age of 21 with assets in the United Arab Emirates or abroad.  The registration of DIFC Wills is not open to Muslims.

Any assets physically located or registered in the United Arab Emirates or abroad. While Dubai based and formerly reserved to assets located in Dubai and Ras Al Khaimah (RAK), the DIFC Wills scope does extend to the other Emirates and overseas since 30 June 2019.

Absolutely. Real estate can be covered in a DIFC will.

No. UAE resident status is not a criteria to register a DIFC will.

The DIFC is a Common Law jurisdiction. The Wills and Probate Registry’s Rules are based primarily on the principles contained in the UK Estates Act and Probate rules. Sharia principles do not form part of the DIFC Registry’s legal framework.

The DIFC Wills and Probate Registry Rules provide for full testamentary freedom. Some restrictions may apply depending on the testator’s citizenship and/or place of residency.

Yes. The guardianship of minor children habitually residents in Dubai or RAK may be addressed in a DIFC standard will, or alternatively, in a specific guardianship will, i.e a will executed specifically to address such particular purpose.

Yes. In certain circumstances, e.g. terminal illness, the DIFC Wills Service Centre may approve and send an Authorized Officer to assist in will registration outside the DIFC Wills Service Centre’s office to enable the testator to execute a will. Additional costs may apply.

An appointment is booked online with the DIFC Wills Service Centre. The execution of the will takes place at the time of registration in the presence of an officer of the centre and two (2) witnesses chosen by the testator. The DIFC Registry retains an electronic copy of the will which will be treated as the original. Testators have the option of taking the signed hard copy.

No. The DIFC Wills Service Centre is an administrative body primarily in charge of wills registration. Probate grants, court orders and guardianship orders are issued by the DIFC courts, which are also competent to adjudicate any contentious probate matters. Grants and orders are issued in English and Arabic.

USD 2,800 for a single standard will and USD 4,200 for two mirror standard wills; USD 1,400 for a single guardianship will and USD 2,100 for two mirror guardianship wills. Such costs do not include professional fees for assistance in drafting the DIFC will, registering it, acting as first witness, drafting the letter of wishes, being appointed and/or acting as executor.

USD 1,500 for an application for a grant of probate. A “grant of probate” is a legal instrument that gives authority to the exe- cutor to handle the disposal of the deceased’s assets and debts.

A family member, a friend or a legal representative (attorney). It is possible to appoint co-executors – e.g. a family member together with an attorney. Being appointed as executor is not neutral and comes with its set of specific duties.

Yes. A challenge may be lodged before the DIFC Courts who will hear any claim launched against a will.