Transfer Offshore Company Domicile to RAK ICC

Opportunities for Redomiciliation with RAK ICC

The process of transferring domicile or continuation, commonly known as migration, involves a company or enterprise relocating its legal registration from one jurisdiction to another while maintaining its original legal identity.

RAK International Corporate Centre (RAK ICC) extends the opportunity for companies or enterprises originally incorporated in offshore jurisdictions to redomicile into its jurisdiction.

Reasons for Redomiciling to RAK ICC

Companies may opt for a Transfer of Domicile for various reasons, with primary motivations being the desire to leverage a tax-neutral environment, access a network of Double Taxation Agreements, align the place of registration with their shareholder base, or tap into specialized capital markets.

Key Advantages Include

Preservation of Existing Legal Status

Companies can maintain their current legal status during the redomiciliation process.

Compliance with International Standards

RAK ICC maintains an internationally compliant registry, ensuring adherence to global standards.

Preservation of Operational and Banking History

The transition allows companies to preserve their operational and banking history.

Adaptation to Regulatory Changes

Redomiciling provides a strategic move for companies to relocate in response to changes in rules and regulations in their original jurisdiction.

Access to Common Law Courts

RAK ICC companies benefit from access to both common and local law courts.

Benefits of Transfer of Domicile to RAK ICC

Efficient Processing

RAK ICC has streamlined its back-office processes, facilitating the swift processing of large volumes of redomiciliations.

Assistance with Economic Substance Regulations (ESR)

RAK ICC’s registered agents, with extensive experience, assist companies in meeting ESR requirements.

Legal Continuity

Companies can redomicile while retaining their existing legal status and operational and banking history.

Robust Anti-Money Laundering Law

The UAE, including RAK ICC, adheres to comprehensive anti-money laundering laws, ensuring compliance with international standards set by the Financial Action Task Force (FATF).

Access to Common Law Courts

RAK ICC companies follow common law regulations, providing access to common law courts.

Meeting Economic Substance Regulations in the UAE

Entities must demonstrate adherence to Economic Substance Regulations (ESR) in the UAE by

Having adequate physical assets, expenditure, and employees in the UAE.
Undertaking core income-generating activities (CIGA) within the UAE.
Being directed and managed in the UAE.

RAK ICC Offers Multiple Solutions for ESR Compliance

Outsourcing CIGAs

Companies can outsource their core income-generating activities in the UAE.
Premium Product

This option allows licensees to establish with RAK ICC first and then in the RAKEZ Freezone, enjoying the benefits of both.
Forming a Branch

Establishing a branch in the RAKEZ Freezone is treated as the same legal entity.

RAK ICC Simplifies and Ensures Cost-Effectiveness

RAK ICC stands as a leading authority in International Business Company licensing in the region, providing simple and cost-effective solutions for companies seeking to redomicile and benefit from the advantages of its jurisdiction.