The United Arab Emirates enjoys a strategic location in the Middle East with a business-friendly environment, a vibrant economy and state of art infrastructure. Dubai, Ras Al Khaimah, Sharjah, and Abu Dhabi enjoys a strategic place in the UAE to set up a business. Dubai is forefront in UAE as the Middle East’s business hub to fulfil regional and geographical aspirations for sustainable development.

Starting a business in Dubai and UAE quicker and more comfortable as all UAE free zones accommodates hassle-free under one roof approval mechanism for vast business activities.

The cabinet resolution no. 16 of 2020 allows for a specific business line to have 100% foreign ownership outside UAE free zone areas. UAE has more than 40 free zones already allows foreign 100% ownership.

Majority of countries across the globe allow redomiciling of companies for various reasons.

What is Re-domiciliation?

Migration of companies from one jurisdiction to another becomes an essential phenomenon in the corporate world for various reasons, from minimisingtax and estate planning costs. Redomiciling envisages companies without changing the existing status of companies to maintain long-standing brand and goodwill image.

The UAE does not prohibit companies from changing jurisdiction from other countries. It is a global economy with more than 155 countries exceptional connectivity, stable and free multi-currency availability,high standard logistics facilities, ports, roads and English-speaking environment.

The following free zone registries in the UAE permit the corporate migration of foreign companies

• Dubai Multi Commodities Center (DMCC)
• Ras Al Khaimah International Corporate Centre (RAK ICC)
• Abu Dhabi Global Market (ADGM)
• Jebel Ali Free Zone (JAFZA)
• Abu Dhabi Global Market (ADGM)
• Dubai Creative Cluster Authority (DCCA)
• Dubai International Financial Centre (DIFC)

Redomicile Advantages:

• To benefit from less tax environment
• Advantage of less stringent regulation and scrutiny
• Aligning place of registration and shareholder base
• To move to an international financial centre
• To access and reach capital markets.

Benefits of Redomiciling into UAE:

• Zero corporate tax and 5% VAT lowest in the world
• Hassle-free and flexible regulations.
• Stable and forward-thinking economy
• Easy access to different financial centres
• The vibrant banking system and access to several local and international banks
• Stable currency
• Offshore and onshore corporate vehicles for ease of doing business
• Ability to buy real estate in UAE Freehold areas across UAE.
• Full repatriation of capital and profit
• High-quality lifestyle environment

Jurisdictions in the UAE allow re-domiciliation:

• Dubai Multi Commodities Centre (DMCC)

Investors can register a company under DMCC with a minimum of AED 50,000 capital. DMCC allows to migrate and transfer companies from another jurisdiction case to case basis. The regulations make companies’ transfer much easier from other jurisdiction and provide room to transfer DMCC registered entities to other jurisdictions.

• RAKICC International Corporate Center

REDOMICILIATION OPPORTUNITIES WITH RAK ICC

Re-domicile is how a company or an enterprise moves the residence of its business from one jurisdiction to another. Re-domiciliation is done by changing the country under whose laws it is registered or incorporated while maintaining the same legal identity. The UAE remains a whitelisted jurisdiction, offering immense business advantages. The government is home to RAK International Corporate Centre (RAK ICC), an ideal destination to redomicile companies from blacklisted jurisdictions and those struggling to meet Economic Substance Regulations.

REASONS FOR REDOMICILIATION

• Traditional offshore jurisdictions are under pressure (competition, regulatory issues and substance)
• Finding a viable alternative to jurisdictions traditionally labelled as “offshore centres”, which are facing extreme scrutiny globally
• Companies are increasingly concerned with the reputational risks associated with the choice of jurisdiction
• Urgent need to meet Economic Substance Regulations

At RAK ICC, we support companies or enterprises incorporated in other offshore jurisdictions in migrating to the United Arab Emirates jurisdiction. We provide a seamless “one-stop-shop” bulk re-domiciliation process that ensures a hassle-free experience facilitated through our professional infrastructure that includes Registered Agents, who are regulated by RAK ICC, a stable banking environment and the application of rigorous AML/CFT measures.

MajorBenefits

• Maintaining the existing legal status
• Access to ordinary law courts
• Ability to preserve operational and banking history
• Access to Wills registration to protect the assets and shares in the name of the company.
• Dubai International Financial Centre (DIFC)

The Dubai International Financial Centre is a financial free zone in the region. Dubai Financial Market distinctive featureof DIFC its court, with independent regulations by a Common Law framework. DIFC companies’ law is suitablefor the re-domiciliation process. DIFC having access to a well-knownandInternational stock exchange with primary and secondary listings of debt and equity instruments is another unique feature of DIFC.

• Jabel Ali Free Zone Authority (JAFZA)

The Jabel Ali Free Zone is the largest seaports in the world global map and is connected to the world’s largest seaport, international airports. JAFZA its regulations allow companies to transfer their registration from another jurisdiction and continue their business at JAFZA. High tech infrastructure for warehousing, allowing 100% capital repatriation, no currency restrictions and 0% corporation tax are among the best features JAFZA provides for those seeking to start a business in Dubai. It has unique treatments benefits from value-added tax.