Once all the formalities on the process of registration of an offshore company RAK are finalized and the appropriate certificates are received, and it's the time to start the activity of the company itself. However, to ensure the uninterrupted and correct economic and entrepreneurial activities of an offshore company RAK ICC in the UAE, you need its annual renewal. Annual renewal includes payment for the following services and duties:
- Payment for registration agent’s services, including the registration renewal;
- Payment of the government / registry fees.
The requirement to pay annual fees to the official RAK companies’ registry is the main condition of the renewal of an offshore company.
Unlike the onshore companies, which are obliged to renew the existing business license, the activities of the offshore legal entities are not licensed. International offshore companies RAK ICC in the jurisdiction of Ras Al Khaimah carry out their economic activity on the basis of the Memorandum and Articles. Accordingly, the procedure of renewal of the offshore company involves obtaining a special certificate of renewal.
Non-fulfillment of the applicable law or the time of the renewal may result negative consequences for the company up to the blocking of bank accounts and imposing of fines.
For this reason the company’s renewal must be done in time and in accordance with the applicable regulations.
How the renewal of RAK ICCC offshore company is done
The renewal itself of your legal entity can be executed only over the registered agent. Under the condition that you have chosen a qualified agent such agent would inform you in advance on the renewal of your RAK ICC company becoming due.
In such case all what you need is to confirm the renewal and pay the respective renewal fees. All further steps on renewal would be done for you by your registered agent.
In addition to the renewal as such you may also require to receive the additional certificate of “Good Standing”. Such certificate is required on the annual basis practically by all banks in order for them to have the legal confirmation that the company is timely renewed and has the fully legitimate legal status. This certificate can be ordered over your registered agent the same time you proceed with the legal entity renewal.
In the event you are not satisfied with your current registered agent, you can make its change to another one.
If you what to know how to change your agent and make all further administration and renewals of your company over a newly appointed agent – write us and we send you all the info.
