“Re-Domiciliation” or “Transfer of Domicile”is possible in RAKICC from different IBCs
Existing offshore companies registered in other jurisdictions can transfer their Domicile to RAKICC. “Re-domiciliation” or “Transfer of Domicile” is the process by which a company/enterprise moves its domicile from one jurisdiction to another by changing the country under whose laws it is registered or incorporated while maintaining the same legal identity. Companies re-domicile or opt for Transfer of Domicile for a variety of reasons.
A few of the major advantages are listed below:
- Companies will be able to maintain its existing legal status
- The goodwill and the banking history can be maintained
- The operational history of such companies can be preserved
From a compliance perspective:
- UAE is a “’white listed” jurisdiction with OECD and FATF;
- UAE offers a “one-stop-shop” for business facilitation through our professional infrastructure which includes the Registered Agents regulated by RAK ICC, stable banking and firm AML/CFT countermeasures;
- UAE offers a valuable alternative to jurisdictions traditionally labelled as “offshore centre” facing extreme scrutiny internationally;
- RAK ICC Regulations allow for flexibility in the company structure via the varying types of companies that may be incorporated i.e.
(a) a company limited by shares;
(b) a company limited by guarantee that is may or may not be authorised to issue shares;
(c) an unlimited company that is authorised to issue shares;
(d) a segregated portfolio company; or
(e) a restricted purposes company and in the different classes of shares allowable under these structures.
Emirates Chartered Accountants Group can support you to form an offshore company in any of the jurisdiction in UAE or abroad and can also support the Transfer of Domicile/Re-Domiciliation. Emirates Chartered Accountants Group is a registered agent in both RAKICC and JAFZA.