Transfer of Domicile to RAKICC is the process of moving the company’s existence from one Offshore Jurisdiction to RAKICC Offshore. The transfer can be from either the same country (other Offshore jurisdiction) or cross-country.
There are various reasons for a Transfer of Domicile. It can be due to the conducive environment to relocate the company into a better Offshore destination that offers safety, security, and infrastructure. Also, good banking support, less legal regulations, cost-effective operations, etc., are few to name.
The RAK ICC Business Companies Regulations 2016 allows the Transfer of Domicile from anywhere in the world. The Company can retain the same name, legal status, reputation, and company records intact.
Business Benefits for Transferring the Domicile to RAKICC Offshore Jurisdiction
One of the Key highlights of the RAKICC Offshore jurisdiction is they do not include the ‘Offshore’ in the Continuation Certificate and other issued documents. In RAKICC Offshore the registered company instead hold the status of ‘International Company’.
The RAKICC registered companies are eligible to open a multi-currency bank account in the home county as well as other foreign jurisdictions.Â
Some more Key Benefits that RAKICC offers its Investors:
- No tax jurisdiction, No customs duty, and 100% profit repatriation
- No Statutory requirements to file audited accounts with the Registry
- 100% confidentiality, no public disclosure of information available
- The strategic location of the UAE between the east and the west makes it a prominent global trade hub.
- Transparent and legally compliant Offshore Jurisdiction
- No requirement for transferring the assets of the company
- The existing assets, liabilities, and history of the company are preservedÂ
- A Licensed Registered Agent for complete assistance for the Issuance of Continuing Certificate and business support to start your business operations.
- Ability to purchase a property in Dubai under the RAKICC offshore company
A Simple 4 Step Process of Transferring the Domicile to RAKICC Offshore Jurisdiction
Step 1 – Application Preparation
The RAKICC Offshore have assigned Registered Agents who will assist clients with the required application forms, Name checks, original documents for verification, etc.
Looking for Transferring the Domicile of your company to RAKICC, we are here to assist you.
Step 2 – Document Submission
The Registered Agent must submit the documents required for the continuation of the transfer process. It includes the KYC requirements for individual or Corporate Shareholders.
List of documents to be submitted for Continuation:
- Consent Letter from a foreign jurisdiction to re-domicile to RAK (If applicable at that jurisdiction)
- Resolution of the Shareholders & Directors consenting to transfer of domicile of the foreign company
- Certificate of Incorporation/Registration of the foreign company
- Memorandum & Articles of Association of the foreign company
- Certificate of Good Standing of the foreign company
- Certificate of Incumbency/Register Extract of the foreign company
- A new set of Continued Memorandum & Articles of Association
- Confirmation Letter signed by RAKICC Registered Agent
- Solvency Statement from Directors & Shareholders / Auditors statement on solvency
- Written Consent for transfer of domicile, from holders of charges (if applicable)
KYC documents for Individual Shareholder/ Director/ Secretary
- Due Diligence Documents for the shareholder(s) (Passport copy, CV, Bank Reference letter, utility bills)
- Passport copy of the Directors and Secretary
KYC documents for Corporate Shareholder/Director/Secretary (if applicable)
- Certificate of Registration of the corporate shareholder
- Memorandum & Articles of Association of the corporate shareholder
- Certificate of Good Standing
- Certificate of Incumbency
- A resolution consenting the transfer of domicile
- Passport copy if the individual shareholder(s)/corporate documents if a corporate shareholder
Step 3 – Review by the Authorities
The Authorities will assess the application form and the submitted supporting documents. Post-assessment will notify the agent of the status. In certain cases, the Authorities may ask for supporting documents like previous company profiles, bank transactions, shareholder’s profiles, etc.
Step 4 – Acceptance Confirmation
The issuance of invoice and payment of required transfer fees is to be initiated, and the acceptance of the continuation certificate by the registrar is issued to the company.
The transfer of domicile to RAKICC is a seamless process if you have a seasoned Business Consultant with you. They would act as the liaisons between the Government Authorities and you to establish a transparent and streamlined business setup.
For any assistance on the Transfer of Domicile, our expert business setup consultants will be happy to assist you anytime. Reach out to us right away!
