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.