RAS AL KHAIMAH OFFSHORE RE-DOMICILIATION PROVISION
The companies formed under RAK International Companies Regulations (RAK Offshore Companies Regulations) can now exercise the option of re-domiciliation. Many offshore jurisdictions allow the provision of redomiciliation which means companies formed under a particular jurisdiction may opt to operate in a different jurisdiction without losing its continuity. In line to that, RAK Offshore International companies may transfer their domicile in accordance to the Companies (Transfer of Domicile) regulations 2009 to foreign territories that permit such procedures. Similarly companies formed in foreign jurisdictions can be re-domicitled to RAK Free Zone under RAK International Companies Regulations.
This regulation has been effective as per the law dated 7 May, 2009 and provides for:
• Companies incorporated and resident in another offshore jurisdiction to migrate into and out of RAK.
• Allows for continuation.
• A migrated company is not be a new company.
• Existing assets, liabilities and history are preserved.
• Company must use Registered Agent.
• New Memorandum of Continuation and Articles of Association adopted.
• New Certificate of Continuation is issued.
Re-domiciliation would be mainly to take advantage of particular features of the new jurisdiction such as:
• Merger legislation
• Tax treaties with other countries
• Asset protection.
• The law in both the old and new jurisdictions must permit redomiciliation. The business of the company is deemed to continue without interruption on redomiciliation.
For further information please contact us