FlyingColour Business Setup, a leading business consultancy firm in Dubai- UAE is offering the company re-domiciliation services. We allow moving an existing company to UAE and continuing business operations.
What is re-domiciliation? :
Re-domiciliation is a concept that permits a company to change its jurisdiction of the establishment. Being an international financial hub, UAE is in line with the international practice of permitting companies to change their seat of incorporation, companies are allowed under the laws of the UAE to change their jurisdiction.
Why re-domicile to the UAE? :
Reasons for re-domiciliation can be various:
The basic reason for re-domiciliation is case a company no longer wishes to offer activities in the country of its incorporation or has a substance or presence in the country of incorporation may be re-domicile to another country, provided that both countries allow the re-domiciliation. If the company aims to operate under more flexible taxation laws, regulatory changes in original jurisdiction, etc. Regulations/tax changes, especially related to Base erosion and profit shifting (BEPS), Economic Substance Regulations (ESR), and more recently the Global Minimum Tax, are the key driver behind business restructurings involving re-domiciliation. In the context of BEPS policies, some companies transfer from tax-free jurisdictions into low-tax environments, in order to comply with these policies.
Benefits of re-domiciling to the UAE:
- Zero corporate tax regime
- Flexible control and regulations
- Full repatriation of capital and profit
- Stable economy
- Geographically well-situated and easy access to different financial centers
- Greater assets protections through wills and foundations
- Access to a number of local and international banks
- Ability to acquire real estate in UAE Freehold areas
How to migrate?
The procedure of migration to another country involves two parts:
- The outgoing company cannot be a party in any current legal process.
- A certificate of good standing or certificate of incumbency must be filed.
- 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.
- Any conviction that started before the re-domiciliation of the company may be enforced by or against the company.
Process for re-domiciliation to the UAE:
- Initial Approval: The request to re-domicile a foreign company is submitted by the Flying Colour’s team with the regularity authority. The team will also submit and check the Trade Name to confirm if the trade name is available and reserve it.
- Documents Submission: Flying Colour operations team will collate all the constitutional documents and the application. They will also complete the KYC requirements for shareholders/managers.
- Due Diligence: The regulatory authority will carry out due diligence & reviewing and verify the application and documents. This will be done through the agent.
- Confirmation and Issuance of COC: The regulatory authority will issue an invoice for the re-domiciliation process and will issue the certificate of continuation and the related documents.
Eligibility for re-domiciliation: Before applying for re-domiciliation into the UAE, it is vitally important to confirm a company’s eligibility with the top business setup consultants in the UAE. Flying Colour Business setup is providing services for the last 18 years and is always keen to provide the best advisory through their expert professionals.