Transfer Offshore Company Domicile to 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
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
Assistance with Economic Substance Regulations (ESR)
Legal Continuity
Robust Anti-Money Laundering Law
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
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Having adequate physical assets, expenditure, and employees in the UAE.
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Undertaking core income-generating activities (CIGA) within the UAE.
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Being directed and managed in the UAE.
RAK ICC Offers Multiple Solutions for ESR Compliance
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Outsourcing CIGAsCompanies can outsource their core income-generating activities in the UAE.
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Premium ProductThis option allows licensees to establish with RAK ICC first and then in the RAKEZ Freezone, enjoying the benefits of both.
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Forming a BranchEstablishing a branch in the RAKEZ Freezone is treated as the same legal entity.
RAK ICC Simplifies and Ensures Cost-Effectiveness
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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.
Procedure to Redomicile
Application
Initial Submission: The request to transfer the domicile of a foreign company is lodged by the registered agent with the Registry.
Name Verification: The registered agent submits a request to verify the name of the foreign company with the Registry.
Document Submission
Fulfillment of KYC requirements for corporate Shareholders/Directors/Secretaries.
Review
Reviewing and authenticating the application.
Confirmation Of Acceptance
Issuance of Invoice & PaymentÂ
Preparation and issuance of the invoice.
Settlement of the invoice payment.