RAK ICC Redomiciliation: When an Existing Company Moves Jurisdiction
A company does not always need to start from the beginning when its current jurisdiction no longer fits its long-term plans. RAK ICC provides a transfer of domicile, also known as continuation or redomiciliation, for eligible companies from other jurisdictions. This allows a company to move its legal domicile while maintaining its legal identity, subject to the applicable requirements. Why Would a Company Consider Redomiciliation? A business may have been incorporated in one jurisdiction when its needs were different. Over time, the company may need a different legal framework, ownership structure or jurisdictional environment. Redomiciliation can be considered when maintaining the existing company is more suitable than creating an entirely new entity. RAK ICC states that companies may preserve their existing legal status and operational and banking history when completing a qualifying transfer of domicile. What Needs to Be Reviewed? Redomiciliation is not simply a change of registere...