Understanding the RAK ICC Statement of Account (SOA)

If you run a RAK ICC company, the fees you pay through the RAK ICC Agent Portal don’t just vanish into a wallet — they’re captured in a monthly Statement of Account (SOA), a detailed report of your wallet balance movement. This RAK ICC Statement of Account is where recharges and service-request fees are laid out month by month, which makes it the natural starting point for reconciling RAK ICC costs into your books. This guide explains what the SOA includes (and importantly, what it leaves out), when it’s generated, the three-month availability rule, how to download it, how to read it line by line, and how to put it to work for your accounting and corporate tax. Because the source screens date from the feature’s launch, we flag anything that may have changed as [VERIFY].

What is the RAK ICC Statement of Account (SOA)?

The Statement of Account is a monthly report of wallet balance movement in your RAK ICC Agent Portal account. In plain terms, it’s a mini bank-statement for your RAK ICC wallet: it lists the transactions that flowed through the portal in a given month and shows how the balance moved from the start of the month to the end.

A new SOA file is generated on the first day of every month, covering the transactions carried out in the previous month. It appears in the portal in a downloadable format, and — as we’ll see — it’s only kept there for a limited window, so saving each one matters.

Because the Agent Portal is used by a registered agent rather than by company owners directly, the SOA is technically the agent’s statement — but the fees on it are your company’s, which is exactly why it’s worth understanding when you’re keeping accounts for a RAK ICC entity.

What does the SOA include — and what does it leave out?

The crucial thing to grasp is that the SOA covers portal transactions only. It captures what happened through the agent portal in the month — and deliberately excludes anything handled manually. Getting this distinction right is what prevents confusion later.

So the SOA lists wallet recharge, SR submission and SR approval for the month, but it will not reflect transactions not processed through the portal — any manual submissions of applications, cancellations, refunds or reversals. That’s not a flaw; it’s the design. But it means the SOA is a record of portal activity, not a guaranteed match to every movement in the wallet (more on that below).

When is the RAK ICC SOA generated?

Timing is fixed and predictable: the SOA is generated on the first day of each month and reports the previous month’s portal transactions. So on 1 August, you’d expect the July statement to appear.

There is one detail worth knowing for month-end: the SOA is generated for all transactions carried out until 10PM on the last day of the month. In practice, that means a top-up or an approval that lands very late on the final day — after the 10PM cut-off — may fall into the next month’s statement rather than the one you might expect. If you’re reconciling to the day, keep that cut-off in mind [VERIFY current timing].

How long is the SOA available — the 3-month rule

This is the point that catches people out: each SOA is only kept in the portal for 3 months. The portal holds a rolling series of the three most recent statements, and when a new month is added, the oldest month is deleted to make room.

The safest habit is to download each SOA the moment it’s available and file it with your monthly accounting records. If you engage a registered agent or accountant to manage the company, this is something they should be doing for you automatically.

How do you view and download your SOA?

Finding and saving the statement takes only a moment. RAK ICC filings and the portal are operated by a registered agent, so in practice these steps are done on your behalf:

1. Log in — sign in to the RAK ICC Agent Portal account.
2. Open the SOA tab — on the home page, a dedicated SOA tab appears in the tab bar; select it.
3. Find the statement — the SOA page lists the available statements under Download SOA Documents, each with a Document Name and Created Date.
4. Download the PDF — click the Download link to open the SOA PDF in your browser.
5. Save it — download and save the document to your computer for future reference (remember, it’s only kept in the portal for 3 months).

What’s inside a generated SOA?

A generated SOA is laid out like a proper statement. At the top it identifies the Agent ID, Agent Name, the Statement Creation Date, and the From / To dates of the period. The body is a transaction table, and the columns are:

Below the table, the SOA shows the Available Portal Balance (the amount remaining in the wallet) and a disclaimer, and it’s issued by RAK ICC. You’ll notice the Description column doubles as a useful log of the services filed — things like a company liquidation or a restoration each appear as their own line, which helps when you’re tying fees back to specific work.

Reading the numbers: opening balance, debits, credits and pending approvals

The statement is built around a simple flow: opening balance, plus recharges, minus fees, equals the available balance. Two elements are worth spelling out.

The Opening Balance is the amount available in the wallet at the beginning of the month, shown as a credit. It’s then followed by the month’s approved service requests (debits) and wallet recharges (credits). There’s also a Pending Approvals section: this displays service requests that have been submitted but not yet approved — and because the fee is already deducted from your wallet at submission, it appears as a transaction even before approval. Finally, the Available Portal Balance is what remains at the end of the month.

Reading it this way makes the SOA easy to check: start from the opening balance, add the credits, subtract the debits (including anything sitting in pending approvals), and you should arrive at the available balance shown.

Why might the SOA not match my wallet balance?

Because the SOA only records portal transactions, a difference between the balance on the statement and the actual wallet can arise — and RAK ICC says so explicitly. Any manual transactions not processed through the portal won’t appear on the statement, so they can account for a gap.

RAK ICC’s own disclaimer makes the position clear: not all transactions may appear on the SOA; special transactions such as reversals, refunds, cancellations and other manual transactions may not be detailed; and the information is provided for general purposes only and does not constitute a legal account of the agent’s financial position. In other words, treat the SOA as a helpful monthly summary of portal activity — excellent for reconciliation — rather than as a definitive, audited ledger. If a discrepancy appears, the usual cause is a manual transaction, which your registered agent can help you trace.

Using the SOA for your accounting and corporate tax

This is where the SOA earns its keep for a business. It’s a ready-made monthly record of your RAK ICC costs, which makes it a natural input for bookkeeping and reconciliation — matching recharges and service-request fees against your bank payments and supplier invoices.

RAK ICC government fees are business costs that belong in your accounting records, and clean records are the foundation of a defensible corporate tax position. How specific fees are treated for tax follows the normal deductibility rules, so confirm the treatment with your accountant or a corporate tax consultant. Our team reconciles RAK ICC SOAs into clients’ books as part of ongoing bookkeeping, so nothing is missed at year-end.

What the SOA means for your RAK ICC company

In short, the SOA is your monthly financial trail for RAK ICC activity — and because the portal only keeps three months of it, the discipline is simple: save each statement and fold it into your accounts. Since the Agent Portal is agent-operated, your registered agent (or a corporate-services firm managing the company) should be capturing these statements and reconciling them for you.

It’s also a reminder that record-keeping and tax are ongoing obligations distinct from paying RAK ICC fees. A RAK ICC company is a UAE-incorporated juridical person that can be a resident person within scope of UAE Corporate Tax under Federal Decree-Law No. 47 of 2022, and being registered with RAK ICC does not automatically grant the 0% Free Zone rate [VERIFY specifics for your structure]. The corporate tax guide for UAE businesses sets out how residence, the AED 375,000 threshold and the 9% rate apply, and current AML and UBO records remain a separate requirement. From incorporation and amendments to renewals, accounting, SOA reconciliation and tax, we manage the full RAK ICC lifecycle on your behalf — so your records are always in order.