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Limited Liability Company (LLC) in Ras al Khaimah - ChoiceUAE.com


Limited Liability Company - Ras al-Khaimah

Limited Liability Company (LLC) in Ras al Khaimah

Ras Al Khaimah popularly known as ‘RAK’ is one of the seven emirates that make up the UAE association. It covers an area of 2,486 sq km and has a population of over 3 lacs. Ras al-Khaimah has always stood apart and has great significance, even though it is one of the smaller emirates of UAE.Transparent legal framework also makes it stand apart. Located at the northern tip of the Emirates towards the Persian Gulf; the place is divided in two parts Old Ras Al Khaimah and Nakheel separated by a creek

A stable political environment and strong economy makes Ras Al Khaimah a potent and appealing place to invest. The costs of living and doing business in RAK are considerably lower than in other Emirates and therefore it makes a good option for investment. In the interim, Ras Al Khaimah has progressed towards its goal of becoming a serious investment destination in the Gulf region.

Ras al-Khaimah is also well known for its tourist attraction and beautiful places coined with their warm and friendly nature. This has led tourism and hospitality industry to face boom in the market.

RAK has never been an Oil producer neither has its economy been dependent on the Oil-and-Gas Business module (OGBM), traditionally it has been inclined on Iron Ore Mining exports and Agriculture & Fishing for its revenue but during late 80’s and 90’s it developed itself as an Industrial zone. RAK was one of the first Emirates to explore industrial, manufacturing and business opportunity and made dedicated zones for betterment of this industry.

Establishing a Limited Liability Company in the Emirate of Ras Al Khaimah

The registration procedures consist of numerous phases described as below:

Initial approval from Department of Economic Development, Ras Al Khaimah [DED]

The first and foremost step is to obtain a necessary trade name approval and submit the Registration & Licensing Application Form [duly completed and signed by all partners] with DED, Ras Al Khaimah for obtaining their initial activity approval for the LLC along with the following documents:
• Passport and family book copy of the UAE national partner
• Passport copy of the expatriate partner.
• NOC for the expatriate partner (in case he has an existing UAE residence visa)
• Passport copy of the expatriate manager [in case different from the partner]
• NOC from the sponsor for the manager [in case he has an existing UAE residence visa]
• If a company will be the 49% partner in the LLC, then corporate documents would be required including Memorandum & Articles of Association, Certificate of Incorporation, Share Certificate and a Board Resolution resolving to set up business operations in Ras Al Khaimah and for appointment of the representative and power of attorney for signing the documents on behalf of the company
• Passport copy of the representative of the Company.

Note:
Corporate documents listed above including Memorandum of Association, certificate of Incorporation, Board resolution and Power of Attorney of the corporate entity need to be notarized and attested by the UAE Embassy in the country of origin. These documents will further need to be attested by the Ministry of Foreign Affairs, Ras Al Khaimah . All corporate documents should be duly translated into Arabic and attested by the Ministry of Justice in Ras Al Khaimah .

Notarisation of Memorandum of Association
Subsequent to the initial trade name and activity approval from DED one would need to prepare and notarize the Memorandum of Association. It is pertinent to note that all the partners or representatives of partners should be present before a Notary Public, Ras Al Khaimah to sign such Memorandum.

Obtaining a tenancy contract
Once the initial trade name and activity approval from DED is obtained, you can simultaneously locate an appropriate commercial premise for carrying out the activity. It is always advisable to obtain a preliminary approval from the Planning Section before signing the tenancy contract and making the payments Furthermore, all lease agreement should be registered with EJARI under Real Estate Regulatory Authority (RERA). Typically the registration with EJARI is processed by the landlord at the time of signing the tenancy contract.

Submission to DED for obtaining license
Thereafter, the business premises are inspected, if relevant. Subsequently, the following papers along with the documents mentioned for activity approval, needs to be submitted to DED, Ras Al Khaimah :
• Approved Registration & Licensing Application Form
• Initial trade name and activity approval provided by the DED
• Notarised Memorandum of Association of the LLC
• Copy of the tenancy contract, Affection Plan, DEWA receipt for the office premises and EJARI Registration

Once all documents and papers are accepted and verified, the DED will issue the payment voucher for obtaining the commercial license for the LLC.

Set up costs
The cost for setting up a LLC in the Emirate of Ras Al Khaimah is mentioned in Annexure A.

Time Frame for formation of the LLC
We estimate a time frame of about 10 to 12 working days from the date of receiving the relevant documents to complete the entire process and obtain the license for the LLC.

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