Offshore Updates

Could re-domiciling to RAK ICC be an alternative solution to the BVI Economic Substance.....

While the majority of offshore businesses have prepared to meet the mandatory Economic Substance Regulations (ESR) in their jurisdiction, some businesses now look at re-domiciling as an alternative solution for their situation. RAK ICC appears to be an additional choice in this case. Below are certain reasons to understand this trend.

The jurisdiction is whitelisted 

Ras Al Khaimah International Corporate Centre (RAK ICC) has been founded since 2015 in the United Arab Emirates (UAE). RAK ICC has recently built up its reputation for a Company Registry as the UAE regulators have put a lot of effort to comply with international regulations, especially from the EU.  

Simple procedure with cost efficiency

RAK ICC has an effective back-office system that can handle a large volume of re-domiciliation quickly. Not only does this offer a comprehensive solution to meeting your company’s ESR needs, but it also comes with other advantages as well. Companies can re-domicile while maintaining their existing legal status, and maintaining operational and banking history.

Appropriate infrastructure and resources 

You would be required to demonstrate your business activities to meet the ESR in UAE, such as:

  • Adequate physical assets, expenditure and employees exist in the UAE
  • Core income generating activities undertaken in the UAE
  • Directed and managed in the UAE

With the developed infrastructure and a large pool of professional talents, you will have no problems when finding the appropriate resources for your business.

To get more detailed information to support your business strategy to move to another jurisdiction, please kindly contact our experts.
(key content provided by RAK ICC)