International Corporate Centreras Al Khaimah Completes Review of Business Companies Regulations 2016
Dear customers! Please be advised that RAK FREE TRADE ZONE made changes to the renewal policy of international companies. From October 1, comes into force a new policy of the renewal of the companies. Based on the new rules, the company will pay penalty for late renewal as following:
- Within two months from the date of expiry of registration- $ 100 per month
- From the 3rd month after the expiration of the renewal date- Annual Fee + 25% (annual renewal + 25% of the annual renewal)
- From the 4th month after the expiration of the renewal date- Annual Fee + 50% (annual renewal + 50% of the annual renewal)
- From the 5th month after the expiration of the renewal date- Annual Fee + 100% (annual renewal + 100% of the annual renewal)
- At the beginning of the 6th month a STRIKE OFF notice will be issued on the company's removal from the registry. If the client does not pay all the penalties by the end of this month, then the company will be removed from the registry.
Restoration of the company will be possible, but only after the payment of all fines and recovery procedures of the company. We ask you to be attentive to the Renewal of the Company and in a timely manner The reistered agent issues a notice about the renewal due date 1 month prior to expiration.
Following the new policy if the registration agent loses contact with the client and if the client is not responsive with the agent within three (3) months after the expiry of the registration period, the agent has the right to resign themselves from the position of the registered agent of the company unilaterally. In this case, the company will no longer be served by registered agent.