Ras Al Khaimah unveils new International Corporate Centre

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News Summary: 

  • His Highness Sheikh Ahmed bin Saqr Al Qasimi appointed Chairman 
  • Rest of Board comprises leading government and business individuals from the region as well as international legal, compliance and regulatory experts 
  • Joe Moynihan, former Director of Financial Services at Government of Jersey, appointed CEO
  • RAKICC formed following merger of RAK International Companies and RAK Offshore
  • RAKICC is a world-class, premium jurisdiction for international business company incorporation

The government of Ras Al Khaimah today unveiled RAK International Corporate Centre (“RAKICC”) as its premium Corporate Registry jurisdiction for International Business Company (“IBC”) incorporation. The Centre was formed following the merger of RAK International Companies and RAK Offshore.

His Highness Sheikh Ahmed bin Saqr Al Qasimi has been appointed Chairman of the Board of RAKICC. His Highness Sheikh Ahmed is also Chairman of Ras Al Khaimah Economic Zone (“RAKEZ”), a world-class authority established to oversee, regulate and consolidate the services, facilities and zones of Ras Al Khaimah Free Trade Zone (“RAK FTZ”) and RAK Investment Authority (“RAKIA”).

Joe Moynihan has been appointed Chief Executive Officer of RAKICC. Mr. Moynihan brings over 30 years’ experience in financial services and joins from the Government of Jersey, where he served as Director of Financial Services. While at the Government of Jersey, Mr. Moynihan worked successfully with the industry and regulator to ensure the island’s leading position as an international finance centre was maintained and developed.

RAKICC Board of Directors

  • His Highness Sheikh Ahmed bin Saqr Al Qasimi (Chairman): Chairman of RAKEZ, RAK FTZ and RAKIA
  • Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi: Managing Director of RAKEZ, RAK FTZ and RAKIA
  • Sameer Al Ansari: Vice Chairman and COO of The Industrial Group
  • Helen Hatton, Managing Director of BDO Sator Regulatory Consulting Limited, Chairman of BDO Group Limited, former Deputy Director General at Jersey Financial Services Commission
  • Ramy Jallad, CEO of RAKEZ
  • Fiona Luck, Special Advisor to the Chief Executive Officer of XL Group, Non-Executive Director of Bermuda Monetary Authority
  • Simon Morris: Partner at CMS Cameron McKenna LLP, Commissioner of the Jersey Financial Services Commission, member of the City of London Law Society Financial Services Sub-Committee 

His Highness Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKICC, commented: “We have exciting plans for RAK International Corporate Centre, and we now have the very best team in place to achieve our ambitions and strengthen Ras Al Khaimah’s position as a leading global investment destination. The merger of RAK International Companies and RAK Offshore brings together a truly international client base and gives us the critical mass we need to accelerate the growth of RAKICC as a premium Corporate Registry jurisdiction.”

Joe Moynihan, CEO of RAKICC, said: “Ras Al Khaimah, under the leadership of His Highness Sheikh Saud bin Saqr Al Qasimi, has made a clear statement of intent by establishing RAKICC in line with the highest international standards of compliance and regulation. Throughout my career, I have strongly believed in regulatory frameworks providing the right environment in which businesses can thrive. I came to Ras Al Khaimah as CEO of RAKICC because it embodies the values of the best jurisdictions in the world. I very much look forward to adding value and forging strong relationships in the industry for this premium Corporate Registry, and steering RAKICC into a very exciting future.”

As a Corporate Registry, RAKICC is responsible for the registration and incorporation of International Business Companies, as well as providing a full suite of Registry services related to IBC activity. IBCs are offshore companies that allow businesses and individuals to trade internationally, invest around the world and own real property globally.

Following the merger of RAK International Companies and RAK Offshore, RAKICC has over 27,000 companies, with clients from over 100 countries around the world.

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