A business migration or re-domiciliation is the process by which a company transfers its domicile or place of amalgamation from the country where it is registered or incorporated to another country without changing its legal identity. In the past few years, this process has been increased rapidly, and many countries are offering possibilities for companies to migrate their legal base.
Migration permits companies to avoid liquidating the prevailing company and shift the portfolio of properties to an organization integrated for that purpose during a new jurisdiction. Companies migrate for a variety of benefits such as:
In compliance with the international practice of allowing companies to shift their place of incorporation, companies are allowed to change their jurisdiction under the law of UAE. In the UAE, the registration system of authorities permits the companies to root their worldwide operations and activities within the UAE at terribly competitive prices.
Whereas in several other countries providing such opportunities, the value of comparable services is much higher. Companies from offshore jurisdictions migrating within the UAE are eligible to operate a business after obtaining appropriate licenses.
UAE is one of the globally leading hubs which offers a variety of benefits such as:
A foreign company, which is licensed by the laws of the jurisdiction within which it is incorporated, can apply to carry on business within the UAE. And the application should contain all information and documents needed by the UAE along with resolutions, certifications, confirmations, declarations, opinions, authorization, and clearances.
Within 3 months from the date of issuance of a provisional certificate, the company should file with the authority a certificate showing that the foreign company has ceased to be incorporated under the laws of present jurisdiction and are required to return the provisional certificate of continuation.
Accordingly, an outgoing company, which is licensed by the laws of the jurisdiction in which it is incorporated, must be fully updated with the statutory filings, and there should not be any ongoing legal proceedings against such a company. An outgoing company should obtain a certificate of good standing and incumbency in all cases, and various documents are required to be filed with and obtained from the outgoing registry. With the help of well-qualified corporate lawyers, you can make this entire legal procedure smooth and less complicated.
In the UAE, the free zones which permit corporate migrations are: