Company Redomiciliation to the UAE in 2021

April 11, 2021by Chinwe Azikiwe

COMPANY REDOMICILIATION TO THE UAE IN 2021

Re-domiciliation OR Corporate Migration is the process by which a company moves its place of registration from one jurisdiction to another jurisdiction while maintaining the same legal structure and considering  the necessary legal provisions in both jurisdictions

WHY SHOULD YOU RE-DOMICILE YOUR COMPANY TO THE UNITED ARAB EMIRATES?

The United Arab Emirates (UAE) is blessed with a strategic location between the east and west, which makes it accessible to major emerging economies, linking shipping routes and facilitating goods‘ transportation between the various regions in the Middle East, Asia, Europe and Africa. The UAE is positioned as a prime international business hub with numerous advantages for businesses and business investors alike, so now is the best time for foreign entities to consider re-domiciliation to the UAE. Foreign companies can re-domicile to UAE as free zone companies (e.g. DMCC Free Zone Company), as offshore companies (e.g. RAKICC International Company) and as Common Law vehicles (e.g. DIFC Company) depending on their unique requirements.

WHAT ARE THE BENEFITS OF RE-DOMICILIATION TO THE UAE?

  • Zero corporate or income tax;
  • Keep same trade name, financials, shareholding, bank accounts, management, debtors and creditors arrangements;
  • Improve asset and wealth protection in respect of creditors and confidentiality;
  • Facilitate banking transactions and international/ local bank accounts opening by being in a white list jurisdiction 
  • Improve corporate governance,  risk assessment and compliance by being in a real mainland jurisdiction and not in an offshore financial center;
  • Improve estate planning and transfer of shares through local structuring 
  • Obtain UAE residency permits for tax optimisation (CRS, tax residency, ESR, management & Control,  Effective Management);
  • 100% capital and profit repatriation;
  • Rapid re-domiciliation process;
  • Access to laws and courts (including arbitration system) based on English Common Law;
  • World-class infrastructure;
  • Availability of a large pool of multicultural skilled professionals;
  • Ease of doing business;
  • Economic, political and social stability;
  • Access to a number of local and international banks;
  • Protection of intellectual property rights;
  • Favourable business regulations;
  • Open and fast-growing economy.

 

For Support and assistance on Re-domiciliation Get in Touch with our Corporate Team Today. Wincore specializes in Tax, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.

Wincore Advisory Group’s full range of services on: CRS (AEOI) – OECD exchange of information; Economic Substance Regulations; Trust & Foundation; Asset protectionEstate & Tax Planning; Corporate Services; Sophisticated UAE Sponsorship PlanningDebt Collection Services in UAE; Residency & Citizenship Services ( Foreign second passports).

 

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Chinwe Azikiwe

Senior Business Advisor

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