Redomiciliation Opportunities with RAK ICC
Transfer of Domicile/Continuation (also known as migration) refers to the process by which a company/enterprise shifts its domicile from one jurisdiction to another by changing the nation under whose laws it is registered or incorporated while retaining the same legal identity.
Companies/enterprises incorporated in other offshore jurisdictions are welcome to relocate to RAK International Corporate Centre.
Why re-domicile to RAK ICC?
Companies migrate or choose Transfer of Domicile for a variety of reasons, the most important of which is to benefit from 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 gain access to 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 established an efficient back-office mechanism that allows for the processing of high quantities of re-domiciliation in a timely manner. This not only provides the ideal answer for satisfying your company’s ESR requirements, but it also has several other significant advantages. Companies can redomicile while retaining their current legal standing as well as their operational and banking history. RAK ICC enterprises are governed by common law and have access to both common and local law courts. International Business Firms can be moved to RAK ICC through its registered agents, who have extensive expertise advising companies on establishment, reporting, and hosting AGMs, as well as assisting them in meeting their ESR.
Strong Anti-Money Laundering Regulations
The UAE has worked hard to make detailed changes to laws governing the formation and operation of International Business Companies and remains committed to assisting companies in meeting these regulations based on UAE federal legislation developed to meet International AML/CFT standards outlined in the Financial Action Task Force recommendations (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.
Why do you need Business Consultant in U.A.E.
- Bact Is the top-class Dubai based business set up consultant and trademark agents in UAE with strong business network in all GCC Countries and Europe.
- BACT was established in 2012, with more than 10 years of experience, today we reached top leading position in UAE market as modern and quality branded business setup and trademark agent fully operating with international standards.
- BACT is registered as RAKICC agents, REG NO. L10312230 for international business company registration
To start your own business and register company in Dubai, visit https://bact.ae/free-consultation/