As we know, the UAE holds an exemplary stature as an offshore jurisdiction, and one of the key reasons behind this is the remarkable ease of setting up companies and doing business here. As the UAE’s premier offshore jurisdiction, RAK ICC exhibits the same traits that have made the UAE such an incredible business destination. Be it for advantages like the seamless setup, the efficient legislative framework, or the cost-effective formation, RAK ICC has appealed to numerous investors globally and stands as a world-renowned offshore jurisdiction.
Role of a Registered Agent
As per the current regulations, a RAK Offshore company, or any UAE offshore company for that matter, can only be formed through a registered agent. An individual cannot simply reach out to the offshore registry and initiate company formation. This is exactly why the role of a registered agent becomes so crucial. However, besides the setup procedure, a registered agent is required to perform different functions as well. Let’s find out what these functions involve:
1. Contact Point for the Offshore Jurisdiction and other Government Bodies
A registered agent will receive all communication on behalf of the offshore company. All communications from the offshore jurisdiction authorities, legal bodies, or any other government bodies will be sent to the registered agent.
2. Provision of a Registered Address for the Offshore Company
As an offshore company in the UAE is a non-resident corporation, it has no actual address and takes up the registered agent’s business address as its registered address. All notifications from the offshore jurisdiction and government authorities are passed on to this address.
3. Lifetime Maintenance
A registered agent assists the offshore company post the incorporation procedure as well. If the company falls under the scope of ESR (Economic Substance Regulations), the registered agent provides assistance for compliance in that regard. This can be in the form of annual assessments, and filling of ESR Notification and ESR Reports. Moreover, any amendment in company structure, share capital, shareholder details, and other corporate changes are communicated to the offshore registry by the registered agent. Lastly, the agent is also responsible for the annual renewal of the company as well as liquidation if required.
Documentation for Changing the RAK Offshore Company Registered Agent
Below are the documents you are required to arrange for change of agent procedure:
- Copies of Passport(s), CV(s) of the shareholder(s)/Director(s)/Secretary(s)
- Copies of residency visa(s) of the shareholder(s)/Director(s)/Secretary(s) (applicable for UAE residents)
- Copies of recent utility bills of the shareholder(s)/Director(s)/Secretary(s)
- Updated e-copy NOC
- E-copy of MoA/AoA
- Copy of Certificate of Incorporation
- Copy of Latest Good Standing Certificate/Incumbency Certificate
- Board Resolution (signed by all director(s) and shareholder(s))
Steps for Changing the RAK Offshore Company Registered Agent
It may happen that you are not satisfied with the registered agent that you chose to set up with. In this case, you may consider changing your agent. This procedure involves a short series of steps to complete. Let’s find out the steps included in this process:
- Requesting a No Objection Certificate (NOC) from the previous agent. If for whatever reason, you are unable to obtain an NOC, you may submit proof of prior email communication with your previous agent
- Drafting an Addendum of the Memorandum of Association (MoA)/Articles of Association (AoA) stating that the registered agent has been changed
- Preparing the Board Resolution stating that the shareholder(s) have agreed to the change of agent
- Making application forms for the change request
- Submitting the documents to RAK ICC
- Confirmation from RAK ICC regarding the request approval for the change of agent and address
When to Consider Changing a Registered Agent?
1. No assistance with compliance
As with any business incorporated in the UAE, certain compliance requirements related to AML/CFT, ESR, etc. are mandatory, and it is the duty of a registered agent to assist the business in this regard. If your registered agent lacks the resources and know-how for compliance, consider switching to one that can help you in this area.
2. No assistance in renewals
An offshore company incorporated in the UAE must be renewed annually, and once again it is the registered agent’s duty to take care of the renewal procedures. Timely renewals are necessary for all offshore companies, and it is advisable to change your agent if you are not receiving any renewal-related assistance.
3. Poor communication
As the official point of contact, the registered agent is responsible for receiving and forwarding all relevant communication between the company and authorities like the offshore registry, government bodies, and the court. If the registered agent you are associated with performs this function ineffectively, consider working with a different agent.
Hope this article gives you enough insights into the process and documentation required for changing a registered agent. As mentioned earlier, the role of a registered agent is crucial, and it is absolutely necessary to have a competent and dependable registered agent to ensure the seamless operation of your offshore company in the UAE. InZone is a business setup service provider in the UAE and can act as your registered agent for your RAK Offshore company. We provide you with a seamless process for the change of agent process and take care of all the necessary paperwork. Get in touch with us today and let us maintain your offshore company at RAK ICC.
