First of all, it should be noted that the RAK ICC (former IBC) company's Memorandum and Articles is the fundamental incorporation document, on the basis of which all the commercial and economic activities of the offshore company are carried. Accordingly, in the case of changing the strategy or structure of shareholders or directors of the company, there is a necessity to make adjustments to the basic constitutive document.
The norms of the corporate law, which operate on the territory of the jurisdiction of the Ras Al Khaimah trade zone, provide for the possibility of changing or making adjustments to the Statute of an offshore company. For this purpose, it is necessary to pass the reconciliation procedure of the introduced supplements and amendments to the Statute with the relevant state registration authority.
It is worth noting that, in practice non-typical changes in the MOA require additional and usually quite lengthy agreements with the list, which are also related with expenditures, and such changes should be clearly reasoned.
In practice, in most cases, changes in the RAK Offshore MOA are made in the form of addendums – shareholder or directors resolutions, agreements or similar documents.
Under consideration of the changes and major of two registries RAK Offshore and RAK IBC the applicable regulations for any type of registry actions are the regulations of the joint registry RAK ICC.
