How to Redomicile Your Firm With RAK ICC Relocation
Are you interested in redomiciling your company in the UAE? Relocation to the RAK ICC Free Zone in Ras Al-Khaimah is a compelling option for company formation. Why should it be your corporate migration destination? Explore all the details of this process for international incorporation.
But first, a quick recap of RAK ICC business company regulations
The Ras Al Khaimah International Corporate Centre (RAK ICC) is a Free Zone in the emirate of Ras Al-Khaimah. It offers five types of corporate structures with licence classes covering many sectors, including media, trading, consulting/services, commercial and commercial activities. The RAK ICC Free Zone boasts cost-effective pricing compared to some of the other Dubai and UAE Free Zones we work with to find the most optimal outcome for our clients. Among the perks existing from company formation in this Free Zone is that RAK ICC members needn’t file financial reports. The Free Zone also operates under a Common Law jurisdiction compared to the Code Law in place onshore in the Emirates.
Transfer an existing onshore or offshore company to RAK ICC
One of the other core benefits for you to register a company in this Ras Al Khaimah Free Zone is to transfer an existing offshore company to RAK ICC. Why is this so crucial? The vast majority of Free Zones in the UAE do not allow for re-domiciliation and, by default, force those who do not choose the proper jurisdiction at the beginning to liquidate their holdings in the original Free Zone and start from scratch somewhere else.
What makes re-domiciliation an appealing option? If your current country of operation has regulatory changes that make for an unappealing business environment, a Transfer of Domicile can make sense. It’s not only for those currently domiciled in a traditional market. Classic offshore jurisdictions are seeing increased scrutiny and changes to their framework that no longer make them attractive. Plus, you will still have access to your bank records and the past track record from your entity that you could lose if you had to liquidate and start the company formation process all over again.
Another reason for UAE-based companies to switch their domicile to RAK ICC is to satisfy the Economic Substance Regulations in place. RAK ICC’s Premium Product allows you to meet these rules for proper operations in the UAE successfully. The Free Zone also has some attractive corporate structures like Intellectual Property Holding Companies (IPHCs) that can address crucial, niche business needs.
How to open a company in Ras Al Khaimah
If you already know that you’re prepared to redomicile in a UAE Free Zone with RAK ICC, the next step is to trust in a registered agent since they require the use of Registered Agents. Fortunately, Europe Emirates Group’s team of Free Zone company formation experts can act on your behalf as a Registered Agent and will tell you if the process is with VAT or not. Once you enlist us as your Registered Agent, we present the necessary paperwork on your behalf to the authorities as well as the name check. We will then see through the final stages to verify the process. Are you looking to get started? Contact us today.
Written by
Adrian Oton
CEO, Europe Emirates Group