Redomiciliation is a procedure for transferring a company from one jurisdiction to another without having to close it down. The date of registration, all agreements and/or obligations remain unchanged. The registered address and the law under which the company operates will be different.
Redomiciliation is possible if both jurisdictions support it:
- The country of the company’s original incorporation;
- The country where the company is moving to.
Upon redomiciliation, a company is removed from one register, but entered into another.
Foreign Company Redomiciliation, What is It for?
Why is redomiciliation (transfer of a foreign company) used?
- Your current offshore zone is no longer as advantageous for your business as it once was
- Local laws have changed, expenses have increased, requirements have become tougher
- New partners and/or customers entered the picture and it is makes more sense to work with them in other jurisdictions
- Reputation of your current offshore zone has deteriorated
- Personal/corporate reasons
Where Do I Move My Company?
The easiest redomiciliation is from one offshore zone to another, for example, from Nevis to the Marshall Islands and vice versa.
In addition, there are several options for dramatically changing the company’s business environment in a new jurisdiction, such as moving the offshore company to:
- Gibraltar
- Andorra
- Singapore
- Luxembourg
- Other countries
Your company in the newly selected jurisdiction will get access to the new markets and to the local judicial system, it will improve its opportunities for working with banks. Choosing a jurisdiction for redomiciliation should take into account not only tax issues. Please do not hesitate to consult our experts.
Redomiciliation Steps
- Check whether the jurisdiction of incorporation allows redomiciliation to another country.
- Make sure that redomiciliation is supported in the selected country.
- Apply for a redomiciliation according to the laws of the country of incorporation.
- Obtain the confirmation.
- Proceed with moving your company to a new jurisdiction.
- Get your company registered with the local register.
- Make sure your company has been removed from the previous register.
- Comply with the laws of the new jurisdiction.
Should you have further questions regarding company redomiciliation, please feel free to contact us at info@offshore-pro.info
