NEWLY INTRODUCED, RAK ICC FOUNDATIONS

With the continuous vision to achieve global brand recognition as a premium jurisdiction for the provision of Company formation services, Ras Al Khaimah International Corporate Centre has recently introduced its new product, the RAK ICC Foundation.

The RAK ICC Foundation is a corporate body created with a legal personality separate from that of its Founder(s) registered at RAK ICC. The Foundation acts through its council to administer its assets and carry out its objectives. Offshore foundations are commonly used as a vehicle for asset protection, estate planning, as well as wealth management. Such foundations have many advantages and the Foundation has been set up in a jurisdiction governed by offshore legislation.

The key benefits and advantages of the RAK ICC Foundation are:
  • Enhanced succession planning and asset protection
  • Robust governance structure
  • Guardian oversight
  • Distinct legal personality that separates liability whilst maintaining control of assets and have perpetual existence after the lifetime of the Founder
  • Governance
  • Continuity
The RAK ICC Foundation Regulations 2019 are made by the board of directors of RAK ICC pursuant to Ras Al Khaimah Decree No.4 of 2016. For further enquiries and information please feel free to contact our team at mail@affiniax.com or call us on +971 4 425 6616. Affiniax A A S Auditors a Registered Agent of Ras Al Khaimah International Corporate Centre.

DMCC – NEW RULES & REGULATIONS TO ENHANCE EASE OF DOING BUSINESS

Dubai Multi Commodities Centre (DMCC) – the region’s leading trade hub– has announced a set of new rules and regulations effective from 2nd January, 2020 which aims to further increase the ease of doing business for new and existing DMCC member companies.

The new regulations were developed following extensive data gathering and stakeholder engagement along with the consultation of three of the world’s top law firms. The new regulations will update the DMCC’s existing company law framework in line with international best practices to ensure DMCC retains its competitive edge in the region.

The new regulations will enhance ease of operations and provide greater flexibility for the businesses registered within DMCC and increasing the remit of their activities. The new regulations also make it easier to set up a company in the region’s leading trade hub. Key enhancements to the existing framework include:
  • Increased flexibility around a company’s Articles of Association;
  • Introduction of different share types
  • Allowing businesses to tailor the structure of shareholdings
  • Introduction of new dormant status
  • An increased ability to transfer company incorporation into DMCC.
“Ease of doing business is at the heart of DMCC’s offering; we enable all businesses to trade efficiently and with confidence. The new rules and regulations are indicative of our commitment to providing companies with a seamless ability to set up and grow their operations. We are confident that these enhancements will attract even more companies to do business in DMCC,” said Ahmad Hamza, Executive Director Free Zone, DMCC. “With robust infrastructure, state-of-the-art facilities and world-class services, DMCC will continue to attract, facilitate and driving trade flows through the emirate, and strengthen Dubai’s position as one of the world’s leading business capitals,” he added.

DMCC, being a leader in Free Zones around the world, since its inception in 2002, has attracted over 16,000 local and global businesses of all sizes, from start-ups and SMEs to Fortune 500 companies. On average, seven new businesses join the award-winning business district every day.

In recognition of its continuous innovation, DMCC has been awarded Global Free Zone of the Year by the Financial Times’ FDI magazine for five consecutive years.