Company domiciliation offers a way to improve an already-existing company’s effectiveness.
The available options include relocating the company to another jurisdiction, replacing its registered representative office or even changing the location of its head office. It is now possible to change a country of jurisdiction while maintaining the company’s legal identity.
For instance, the legal framework of the United Arab Emirates does not forbid companies to change the jurisdiction, so it is entirely permissible under international law in permitting countries to replace their domiciles.
Due to the re-domiciliation processes available today, there is simply no need for business owners to dissolve companies or look for entities to move their assets, property and portfolio to a new place of jurisdiction.
Moving to Dubai, UAE
Now the fourth most-visited city in the world, Dubai has gained a well-deserved reputation for luxury and quality. Residents enjoy a high standard of living complemented by year-round sunshine, a seasonally dry climate, beautifully maintained public spaces and a beachfront lifestyle.
The UAE also offers favourable working conditions, and business owners can access a favourable tax regime by moving their companies to the country.
A well-developed system of double taxation agreements and the opportunity not to pay taxes in the UAE continues to attract companies to redomicile to the emirates.
Reasons to redomicile to the UAE
Lower tax rates
Enjoy the benefits of looser control and regulation
Assets are kept safe and undisclosed
Government business support
Numerous double taxation agreements
Conduct business in the world-renowned Dubai International Financial Centre (DIFC)
When migrating or redomiciling to Dubai, a company can maintain its legal nature, current assets and records.
Companies that were operating under less than desirable business conditions and unfavourable taxation can redomicile to the UAE without losing their records and assets.
Companies can perform their activities and administer international business affairs in other countries while being registered in the UAE.
How to migrate
The process of migration to another country consists of two parts:
The outgoing jurisdiction
You must adequately prepare all documentation. You must submit all financial reports needed along with outstanding annual returns. However, financial reports are required only in some jurisdictions
The outgoing company cannot be a party in any current legal process
You must file a certificate of good standing and certificate of incumbency
The incoming jurisdiction
It is also legal for an overseas company to continue its practice in the UAE if the legal framework of jurisdiction is subordinate to allow it.
The company must provide all the necessary documents such as reports, licenses, confirmations, certifications, amendments to memorandum and resolutions. The local authorities issue a provisional “Certificate of Continuation,” which allows the company to continue its operation under its own terms and conditions.
After getting a provisional certificate, the company has three months to submit the document, certificating that it is not subject to the laws of the previous jurisdiction. It then obtains the final certificate of continuation in the UAE. The period of its validation starts from the date stated in the provisional Certificate of Continuation.
The incoming company operates under the following conditions upon continuation:
All assets and property of any type stay in the company’s possession
Despite the migration, the company and its representatives are responsible for the previous liabilities of the company
It will be ineffective for a company to prosecute a claim concerning its liability or duties
It will be futile to take any administrative, civil or criminal actions or bring proceedings concerning the company.
Any conviction that started before the re-domiciliation of the company may be enforced by or against the company
Europe Emirates Group works with all types of companies and provides a wide range of corporate services, such as an overseas company re-domiciliation, company incorporation and further administration. To find out more, fill out our enquiry form below.