Ras Al Khaimah International Corporate Centre (RAK ICC), the premier offshore (or International Business Company, IBC) jurisdiction of choice in the United Arab Emirates, has announced its latest round of Amnesty Programme for clients that are eligible.
We take a look at the relevant information related to this Amnesty Programme.
Who is it applicable for?
RAK ICC companies that were struck off due to non-renewal prior to 1 January 2021 fall within the scope of the Amnesty Programme, and are qualified to opt for the offered policies.
What does the Amnesty Programme include?
A waiver of the annual renewal and penalty fees for the years prior to 2020.
A waiver of the one-time struck off restoration fee.
A renewal fee for 2020- 2021 and the current year’s renewal fees will be charged (2021- 2022).
Why consider the RAK ICC Amnesty Programme?
The RAK ICC Amnesty Programme allows clients who may previously not renewed their companies to take advantage of this offer and resume active status with reduced costs.
This programme benefits clients who may have left their RAK ICC businesses on hold due to market conditions and could now resume operations as the market improves.
For entities that may have existing corporate bank accounts in the UAE but have not maintained active status for the companies, this amnesty policy provides an option for the resumption of business operations whilst incurring minimal administrative expenses.
If your company was incorporated since a while back and have been inactive for some time, the current waiver of penalties and restoration fees applicable prior to 2020 will be favorable for you to restore your company and regain your company with existing long history.
What should I do if I am interested in the RAK ICC Amnesty Programme?
If you are an existing client and would like to access the available measures, for more information and queries, please do not hesitate to contact us
About RAK ICC
Ras Al Khaimah International Corporate Centre (RAK ICC) is one of three offshore or IBC jurisdictions located in the UAE. It is our recommended company regime due to its streamlined business regulations which safeguard the rights of investors, full suite of corporate legal documents that adhere to global standards, and consistent policies creating a conducive business environment.
For further information regarding why RAK ICC is the preferred jurisdiction of choice, please refer to this article