Socio economic issues like unstable economy’s and political disputes can make operating businesses challenging for even well-known established organisations. In severe situations, these macro issues result in some countries even imposing bans on certain nationalities from operating companies registered under their jurisdiction.
Businesses in these situations face two options: Starting a new business, in a new country or migrating their existing business to a new country.
In this article, we will tackle the pro’s of migrating your business to the UAE.
What is company migration?
Re-domiciliation or company migration is the process of transferring the organisations tax domicile from one jurisdiction to another, while maintaining the same legal identity.
The company maintains it’s history and track record while taking advantage of the benefits of the new jurisdiction.
Some of the benefits of re-domicilation include:
- Companies could maintain existing legal status
- Preserve Operational & Banking History
- Access to common law courts
- Internationally compliant registry
- Option to open a corporate bank account
How does this works in the UAE?
The Ras Al Khaimah International Corporate Centre (RAK ICC ) permits International Business Cooperations (IBC’s) or enterprises incorporated in other offshore jurisdictions to migrate the UAE.
As an internationally white-listed jurisdiction, RAK ICC offers business a high-growth orientated environment supported by world-class infrastructure, stable banking facilities, tax neutral environment & access to specialised & financial markets.
To start the migration process you will need to work with a Corporate Service agent as they will help you prepare the documentation required for the transfer.
Hensley&Cook is a partner of RAKICC and we are able to migrate your company within 5 – 10 working days.
Send us an email [email protected] to get an overview of the re-domiciliation process.