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Register Your Dubai Freehold Properties Under RAKICC Companies

On a recent move, Sheikh Mohammed Bin Humaid Al Qasimi, Managing Director of both RAKICC and RAKEZ, and Sultan Butti Bin Mejren, Director General of Dubai Land Department (DLD) has signed the Memorandums of Understanding to facilitate Free Zone onshore Companies and Offshore Companies to hold Dubai land and freehold properties. It is certain that this move will definitely add value to the existing and new RAKICC Companies and RAKEZ Companies.
 
As per the well-executed MoUs, DLD will accept the registration of freehold plots and properties or any right in rem, subject to the submission of the required documents and the payment of the necessary fees.
 
The requirement for processing the request to register the property with a RAKICC Company is as follows:-
 
If the company is owned by one or more natural person…


  • Non-objection certificate (NOC) from the developer valid for a one month, if not specified
  • NOC from the free zone to own a property valid for one month if not specified (original NOC per each property)
  • Valid incorporation certificate and/or trade license issued by the designated authorities
  • Certificate of incumbency showing names of all shareholders and their shares valid for 6 months
  • Certificate of good standing
  • Memorandum and articles of association of the company including all amendments if any
  • Official acknowledgment and undertaking signed by the director or all shareholders for the disclosure of future transactions on the partners' shares (Annex 3)
  • Copies of national ID or (passports for non-UAE residents and entry stamp to the country) of all shareholders and authorized person to execute property transactions

In case of the company’s activities do not include purchasing or owning (immovable properties/real estate/fixed assets), then a shareholder resolution must be submitted which authorizing the company to purchase properties in UAE or Dubai, otherwise shareholders must attend personally to complete the property ownership transaction process.
If the company is owned by one or more legal person…

Besides the above-mentioned documents (except No.7) and the NOC from DLD, the company is also required to submit the following:

  • Written request letter submitted to Land Department directed to the Senior Director of Real Estate Registration Services Department (Annex 2)
  • Valid incorporation certificate and /or trade license issued by the designated authority in which the company/all companies (is/are) registered.
  • Certificate of incumbency issued by the designated authorities in which these companies are registered showing names of all shareholders and their shares until the ultimate shareholders "natural person" valid for 5 months. Except public companies that are subject to provide official certificate proving legal type of company
  • Certificate of good standing
  • Memorandum of association and/or articles of association of the parent company/companies (should be submitted only in case there is a board resolution, power of attorney or legal authorization issued by that company/companies)
In case of the applicant company’s activities or directors powers do not include purchasing or owning real estates, then a shareholder resolution or board of directors resolution of the parent company (if the directors are authorized to issue same resolution according to MOA or AOA) must be submitted which including an authorization for the applicant company to purchase properties in UAE or Dubai. Furthermore, it is also required to provide the names of the company’s director (legal representative) who is authorized to make the purchase, or any other POA (Power of Attorney) stating so.
For all submitted documents, if:

  • Documents issued in any language other than Arabic should be legally translated by a certified translation office
  • Documents issued outside UAE should be legally notarized by notary public in the state of the issuance & certified by UAE embassy and Ministry of Foreign Affairs
  • Original documents should be submitted along with a copy.
Advantages
  • New RAKICC Company can hold Dubai Freehold properties.
  • Dubai Land Department will allow registering Dubai Freehold properties through a RAKICC Company.
  • RAKICC Companies are cost efficient; set up and annual maintenance cost are very competitive compare to other offshore jurisdiction.
  • Redomicilation of Companies from other UAE Offshore jurisdiction to RAKICC is permissible subject to providing certificate of discontinuation from the existing offshore registry.
  • RAKICC Companies are investor friendly and more flexible compare to many other offshore jurisdiction in the world.
  • A Company may be incorporated as a segregated portfolio Company.
  • Simple share transfer procedure in RAKICC Company.
 
What can Oneworld Mideast do you for you?

Do you have an existing property in Dubai or thinking about structuring your wealth more appropriately?
Do you own several investment properties in Dubai and wish to collect rent from them in a structured and tried and tested legal entity?
Do you wish to include your Dubai properties in a RAKICC will?
Do you wish to preserve your freehold confidentiality through a RAKICC company?
Do you wish to include the property you have under your RAKICC Company and decrease your operational costs in Dubai?

Feel free to contact us for an initial consultation and a tailor made solution.  We will be happy to guide you through!

We are the registered agent for the RAKICC Company set up and can provide our downtown offices address as your registered office address for the Company. Our in house legal team can guide you in setting up the company and creating proper structure of the Company to take maximum advantage of the regulations. We recommend the businesses to avail an obligation free consultation with our team of experts who can assist in RAKICC Company set, redomicilation services, registering the properties with Dubai Land Department in UAE.


We are reachable on Ph.: +971 4 551 5693 – Email: info@oneworldmideast.net 


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