In accordance with the international rules of the corporate law of UAE, any legal entity should have an eligible director and shareholder / shareholders.
The right of owning the company by the shareholder, for companies which are registered in the status of an offshore company RAK ICC (former RAL IBC) in Ras Al Khaimah, is confirmed in the company's incorporation documents – in the memorandum and articles and in the registry of shareholders. Besides, a share certificate can be issued additionally for such shareholder.
When changing the shareholders, in the case of fulfillment of all the necessary formalities, the appropriate records are made in the registry of the UAE companies and the appropriate amendment is done to the memorandum of a company. Besides, the amendment is made in the list of the shareholders. The share certificate, if it was issued earlier, is also reissued for the new shareholder.
Upon completion of the procedure above the rights on the RAK ICC company are fully transferred to the new shareholder.
In the event the existing shareholder needs to confirm his rights on the shares of the RAK ICC offshore company he can provide the shareholders extract, shares certificate as well as, in addition, it is possible to order the fresh confirmation from the UAE companies registry which confirms the validity of the shareholder data.
