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Posted By: Shanavas Ameerkannu | 05 Jun 2017

International Business Companies can now easily “Transfer Domicile” to UAE

By Shanavas Ameerkanu (Managing Director Adam Global Dubai)

International Business Companies can now easily “Transfer Domicile” to UAE

The possibility to migrate companies opens tax planning dimensions for investors and businessmen. Foreign companies can redomicile and enjoy the tax and other benefits provided by the UAE tax-free regime and its wide network of double tax treaties.

Company re-domiciliation or simply ‘Continuation’, means that a company registered in a particular jurisdiction may be re-domiciled/continued in another jurisdiction. Instead of winding up owing tax reasons, companies can carry on their activities through re-domiciliation.

The term re-domiciliation” or” Transfer of Domicile” is the process by which a company/enterprise does not need to give up its legal identity while moving its domicile from one jurisdiction to another by changing the country under whose laws it is registered or incorporated. There are many reasons why companies re-domicile or opt for Transfer of Domicile;

A few of the major advantages are listed below:

  1. Companies will be able to maintain their existing legal status
  2. The goodwill, as well as the banking history, can be maintained
  3. Safeguard the operational history of the re-domiciling companies

Companies can also take advantage of being strategically placed in an amazing and wonderful country which is an International Business Hub and a fine place to work and live.

From a compliance perspective:

  1. UAE is a “’white listed” jurisdiction with OECD and FATF;
  2. UAE offers a “one-stop-shop” for business facilitation through professional infrastructure, stable banking and firm AML/CFT counter measures;
  3. UAE offers a valuable alternative to jurisdictions traditionally labelled as “offshore centre” facing extreme scrutiny internationally;
  4. Regulations allow for flexibility in the company structure via the varying types of companies that may be incorporated i.e. (a) a company limited by shares; (b) a company limited by guarantee that is may or may not be authorised to issue shares; (c) an unlimited company that is authorised to issue shares; (d) a segregated portfolio company; or (e) a restricted purposes company and in the different classes of shares allowable under these structures.

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