An SPC is exactly what the name suggests: a single legal entity which may incorporate a number of segregated investment portfolios such that the assets (i.e. share capital, retained earnings, capital reserves, etc.) and liabilities of different classes and series of shares are segregated from one another and from the SPC's general assets and liabilities. Simply put, it is a structure where one portfolio’s financial performance won’t affect the other portfolio’s metrics (or the portfolio holder’s rights and responsibilities).
To assess whether this corporate vehicle may be right for your journey, please find some of its key features and benefits summarized below.
RAK ICC Segregated Portfolio Company (SPC) allows for:
- 100% Foreign Ownership
- Unrestricted repatriation of Profits and Capital
- Facilitated opening of Bank Accounts locally and internationally
- Establishing of Free Zone Subsidiaries
- Availing of extensive network of Double Tax Treaties
Some of the Key Features of a RAK ICC SPC include:
- Separate Legal Personality
It is a legal person separate from its shareholders
- Limited Liability of Shareholders
The liability of SPC shareholders is limited to the amount of share capital they agreed to pay to the Company
- Up to 10 Segregated Portfolios
The assets held in each such Segregated Portfolio will be ring-fenced from the general liabilities of the company or from those of other Segregated Portfolios. Each Portfolio may, but is not obliged to, issue shares
As a general rule, the records maintained by the Registrar may only be inspected by the SPC’s Directors, Shareholders or the Registered Agent
- Restrictions on Purpose
Unless otherwise stipulated by the Memorandum and Articles of Associations, RAK ICC companies have unlimited corporate capacity except that, as a general rule, they may not carry on business within the UAE or engage in provision of financial services
- Independently Maintained Register of Members
The Registrar will maintain the Register of Members and, if relevant, of Portfolios. There is no limit on the number of Shareholders
- Flexible Approach to Memorandum and Articles of Associations
An SPC is free to adopt the template Memorandum and Articles of Association provided by RAK ICC, or amend it to have more than one class of shares with different rights, etc.
- High AML Standards
Registered Agents are obliged to comply with relevant provisions of the UAE’s anti-money laundering
An SPC may have corporate Directors, as long as at least one Director is a natural person
- Registered Agent
An SPC is obliged to have a Registered Agent
Our corporate professionals would be glad to answer your questions and assist you with the registration of a Segregate Portofolio Company in RAK ICC, with a quick turnaround and at competitive prices. Please contact us to learn more or schedule a consultation.