Ras Al Khaimah: Types of Company
Public Joint Stock Company
As per the draft Federal Corporate Law, a public joint stock company must have a minimum capital of AED15 million (US$4.08 million) and the number of its shareholders must not be below 10. It must be licensed by the Ministry of Economy and Commerce and must be approved by the Central Bank if it covers banking or investment activities. Founders of the company must subscribe at least 20% of its capital and a maximum of 45%. A single shareholder must not subscribe more than 10% of the capital. The board of directors must not be fewer than five and not over nine and must have a term of three years in office. Each member must control a minimum AED100,000 (US$27,250) of its shares and is not allowed to hold that post in more than three companies in the country at a time.