Redomiciliation Opportunities with RAK ICC
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.
Why re-domicile to RAK ICC?
Companies migrate or opt for Transfer of Domicile for a variety of reasons, the most important being able to take advantage of a tax neutral environment and/or the availability of a network of Double Taxation Agreements, to align their place of registration with their shareholder base, or to access specialist capital markets.
The major advantages include:
- 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
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
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.
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
Finding the economic substance test tough? 4 reasons to redomicile to RAK ICC
- a. Initial Application: Request to re-domicile a foreign company is submitted by the registered agent to the Registry.
- b. Name Check: Request to re-domicile a foreign company is submitted by the registered agent to the Registry
- Documents required for Continuation
- KYC requirements for individual Shareholder/ Director/ Secretary
- KYC requirements for corporate Shareholder/ Director/ Secretary
- Due Diligence Check & Review: Carrying out due diligence & reviewing and verifying the application.
- Issuance of Invoice / Payment: Preparing & issuing the invoice and the payment of invoice.