As per the RAKICC Business Companies Regulations 2016, the “Registered Agent” is defined as a person or corporate body who is accredited by an accreditation body in UAE. The “Registered Agent” must be in the business of engaging in any of the following service activities:
- Legal Services;
- Chartered Accountant Firms;
- Company Administration and Management Services; and
- Corporate Advisory Services.
Mentioned below are the documents required to be furnished:
- Letter of application to be an approved agent at RAKICC
- Corporate profile
- Company organizational chart
- International presence (if any)
- CV’s of partners & key staff
- Details on compliance officer(s) / AML Officer(s)
- Complete AML compliance manual including internal KYC policies & procedures
- Copy of professional license in the UAE
- Lease deed of the firm’s physical / dedicated office in the UAE
- Approximate number of IC’s that may be established during a period of a year
Registered agent functions and duties:
All offshore jurisdictions require that their international business companies (non-resident companies) have an address within the country. This is called the Registered Address.
Registered Agent should be located in the Registered Address of the company and should be licensed to provide company formation, administration and management services in a professional manner. So, the Registered Agent would usually be a fully staffed, equipped, qualified and regulated firm, which provides those services to a considerable amount of clients and their international business companies.
The name and address of the Registered Agent of every offshore company is filed with the Registrar of Companies. The company’s physical presence is the registered agents office. In case of notices or any communication to be send to the company from Registry / creditors / Court a staffed office address is essential. In essence, the Registered Agent acts as an “intermediary” between the Government and the offshore company, or between any third parties and the international business company.