Redomiciliation or Transfer of domicile

Re-domiciliation or transfer of domicile is the transfer of an enterprise’s domicile from one jurisdiction to another. Re-domiciliation helps enterprises take advantage of the more favourable tax laws at its new location and benefit from improved access to specialist financial and capital markets. UAE is an internationally white-listed jurisdiction that offers businesses a highly professional, growth-oriented environment that’s supported by world-class infrastructure, business-friendly policies, stable banking facilities and AML/CFT countermeasures.

Why redomicile -

• Companies can maintain existing legal status
• Companies can preserve operational and banking history
• Access to common law courts
• Move from a jurisdiction in case of any changes in the rules and regulations in the country

Trust services

A trust is an arrangement that allows a third party or trustee to hold assets or property for a beneficiary or beneficiaries. Trust companies perform a wide range of services related to investment , asset management and safekeeping services.Trusts can be an effective estate-planning tool . Trusts are also great for minimising estate taxes or protecting your estate from lawsuits and creditors.

Foundations Foundations are used for -

• Family wealth/succession planning;
• Philanthropic purposes and charitable causes; and
• For holding structures for underlying businesses and investments

In the UAE, succession planning provisions for the significant expat population (approx. 80%) living and working here were only introduced in 2015 with the Dubai International Financial Centre (DIFC) Will. With many expats increasingly acquiring property, businesses and making the UAE their primary centre of interest, the DIFC Will allows non-Muslims to register an English Will to govern the succession of Dubai assets free of the constraints of Sharia law. Without the DIFC Will, assets would have to be secured through long and costly probate and legal proceedings.

The unprecedented move, however, came in August 2017 with the introduction of the Abu Dhabi Global Market (ADGM) Foundation and then in March 2018, the DIFC Foundation and most recently in January 2020, the Ras Al Khaimah International Corporate Centre (RAK ICC) Foundation. Their introduction provides both expats and UAE nationals with a local solution to protect their assets and make succession planning arrangements. For example, in the case of family businesses, a UAE foundation enables the business to transcend generations while retaining core values and principles initially outlined by the founder.

Our firm, assists with the following -

Establishing foundation

Providing a business address

Providing Council members

Maintaining statutory records and executing statutory obligations

Handling accounting and financial reporting

Providing cash management, compliance services, and FATCA and CRS services

Licensing for Fintech/Crypto Companies

Our firm has a specialist team to support clients that wish to engage in regulated services such as crypto trading and exchanges, payment processing or banking.

Please let me know if you have any queries. We can either meet or organise a zoom meeting to discuss matters further.

Looking forward to a long and mutually beneficial relationship.