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Transfer of Domicile

What is Transfer of Domicile

Transfer of Domicile/Continuation (also known as migration) 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. RAK International Corporate Centre permits companies /enterprises incorporated in other offshore jurisdictions to migrate into our jurisdiction.

Advantages of Transfer of Domicile

Companies could maintain existing legal status
Companies could preserve operational and banking history
Access to common law courts
Internationally compliant registry
Move from a jurisdiction in case of any changes in the rules and regulations in the country

Transfer of Domicile Benefits

RAK ICC has built an effective back-office process that enables large volumes of re-domiciliations to be processed quickly. Not only does this offer the perfect solution to meeting your company’s ESR needs, but it comes with other major advantages as well. Companies can redomicile while maintaining their existing legal status and maintaining operational and banking history. RAK ICC companies follow the common law regulations and can have access to both common and local law courts. International Business Companies can be migrated to RAK ICC through their registered agents who have a wealth of experience in advising companies on formation, reporting, and running AGMs and can assist them to meet their ESR.

Robust Anti-Money Laundering Law
The UAE has worked hard to make detailed changes to laws for setting up and running International Business Companies and remains committed to helping companies meet these regulations based on the UAE federal legislation developed to meet International AML/CFT standards set out in the recommendations of the Financial Action Task Force (FATF).
RAK ICC can offer appropriate infrastructure and resources
The UAE provides plenty of physical offices or premises that are appropriate for your CIGAs. In addition to this, there is a large pool of experienced employees to choose from. To meet ESR in the UAE, entities must demonstrate that they meet the following:
Adequate physical assets, expenditure and employees exist in the UAE
Core income-generating activities (CIGA) undertaken in the UAE
Directed and managed in the UAE
RAK ICC offers more than one solution
RAK ICC is at the forefront of International Business Company licencing in the region. There are three solutions to meet ESR for a company looking to redomicile:
Outsource its CIGAs – this can be done if the activities are performed in the UAE, giving access to employees and premises in the country.
Use the Premium product – this allows the licensee to enjoy the best of both worlds, by establishing with RAK ICC first and then the RAKEZ Freezone
Form a Branch – by starting a branch in the RAKEZ free zone, this would be treated as the same legal entity
RAK ICC keeps it simple and cost-effective