- RAK IBCs can be incorporated only through Registered Agents. Steps involved in the screening of a Registered Agent include –
- Full review of Agent documentation including profiles of compliance officers,
- AML & KYC Policies fully reviewed
- Visit to the applicant’s office in the UAE
- Interviews with the promoters and the compliance officers
- Understanding of the agents business model
- As per the RAK International Corporate Center Regulations 2016, the "Registered Agent” is defined as a person or corporate body who is accredited by an Accreditation Body in UAE. The “Registered Agent” must be in the business of engaging in any of the following service activities:
- Chartered accountant firms;
- Company administration and management services; and
- Corporate advisory services.
- Registry will commence Compliance audits of agents in 2017 to ensure ongoing implementation of standards in line with international best practice.
REGISTERED AGENT APPROVAL
- Letter of application to be a Registered Agent with RAK International Corporate Center .
- Company organizational chart (including where for U.A.E. operations where applicant forms part of a larger group of companies).
- CV’s of owners, partners, senior management and Head of Compliance/Compliance Officer(s).
- Certified passport copies of the promoters
- Certified passport copies of the Head of Compliance/Compliance Officer(s).
- Anti-Money Laundering compliance manual, including internal Know-Your-Customer and CTF policies.
- Copy of entity’s professional license covering its business activities in the U.A.E.
- An outline of approximate number of international business companies that will be incorporated during a period of a year (Estimate letter).
REDUCTION IN NUMBER OF AGENTS
- REDUCTION OF AGENTS BY 150+
- AGENT REDUCTION A RESULT OF
- Agents inability or unwillingness to meet new standards
- Applications rejected by the Registrar due to perceived quality and reputational issues
- Inability of agent to provide sufficient business
- MIXED REACTIONS
- Negative feedback & complaints from a number of agents
- Some agents seeking to work with other registered agents and transfer business to them
- Some agents moving business to other jurisdictions
- Positive feedback from larger better quality agents, market reaction from KBIs positive on general direction and strategy
FUNCTIONS OF THE REGISTERED AGENT
- The functions of the Registered Agents include –
- Incorporation of the international company
- Maintenance of the registered office
- Corporate and administrative services
- Management of all matters pertaining to the relationship between the registry and RAK ICC
- Bank account opening or references to banks ( In some cases )
- Matters pertaining to working with other Federal and Governmental bodies
- For RAK IBCs –
- Subsequent to documents being submitted to the registrar , a through verification is done. Further, due-diligence checks are conducted on the shareholders/ Ultimate Beneficial Owners of RAK IBCs .
- Agents are required to witness the signing of the legal documents by the shareholders
- Legal documents signed outside the UAE must be duly notarized
- Shareholders from AML High-risk jurisdictions are subject to enhanced due diligence checks
- PEPs are subject to enhanced due diligence checks
- Due-diligence checks are repeated at the time of renewal of the RAK IBCs
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