Re-Domiciliation of Companies into and outside Tecom

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Re-Domiciliation of Companies into and outside Tecom - Morison Menon

Posted On : Aug-05-2011 | seen (410) times | Article Word Count : 664 |

Re-domiciliation will help companies to avoid liquidating the existing company and transfer its portfolio of assets to an entity incorporated for the purpose of the new jurisdiction.

In line with the international practice of allowing companies to change their seat of incorporation, companies registered in Dubai Internet City, Dubai Media City, Dubai Knowledge Village or in any other initiatives of TECOM are now allowed to change their jurisdiction. This process of re-domiciliation can be ‘into’ or ‘out of’ TECOM as per the decision No. 2 of 2010 issued pursuant to Dubai Technology and Media Free Zone Private Companies Regulations 2003.

Re-domiciliation will help companies to avoid liquidating the existing company and transfer its portfolio of assets to an entity incorporated for the purpose of the new jurisdiction.

Accordingly an overseas company, if authorized by the laws of the jurisdiction in which it is incorporated, can apply to TECOM for continuation for doing business in uae as a company in TECOM. The application should include all information and documents required by TECOM including resolutions, certifications, declarations, confirmations, opinions, authorizations and clearances. Upon approval of the application for continuation, TECOM shall issue a provisional ‘certificate of continuation’ of such terms and conditions as it considers appropriate. The company should, within 3 months from the date of issue of the provisional certificate, file with TECOM the certificate evidencing that the overseas company formation uae has ceased to be incorporated under the laws of the current jurisdiction and return the provisional certificate of continuation. TECOM shall issue the final certificate of continuation which shall be effective from the date of continuation stated in the provisional certificate of continuation.

Effect of Certificate of Continuation

*

The Certificate of Continuation shall be treated as the Certificate of Incorporation of the Company
*

The Memorandum of Continuation and Articles of Continuation shall become the Memorandum and Articles of Association of the Company
*

The overseas company shall become a company to which the regulations of TECOM shall apply as if it had incorporated as a company under the Company Regulations.

The Company shall continue to have all the property, rights and privileges and be subject to all the liabilities, disabilities and debts that it had before the continuation. It shall remain a party in any legal proceedings commenced in any jurisdiction in which it was a party before the continuation.

Continuation ‘Outside’ TECOM

Similarly, a company formed in Dubai Internet City, Dubai Media City, Dubai Knowledge Village or in any other initiatives of TECOM may apply for continuation outside TECOM as an overseas company. However, this is subject to the primary conditions that the jurisdiction in which continuation is sought must have the laws in existence (a) providing the company the status of overseas company after re- domiciliation (b) continue to have all the property, rights and privileges and be subject to all the liabilities, disabilities and debts that it had before the continuation and (c) remain a party in any legal proceedings commenced in any jurisdiction in which it was a party before the continuation.

It is to be noted that under this circumstance, the provisions of Regulation 93 of the Companies Regulations regarding winding-up and deregistration of a company shall not apply.

About Morison Menon :

Morison Menon is a leading Chartered Accountant Company in the Middle East with offices across UAE. The company provides entire gamut of services ranging from assistance in market research & business feasibility studies,financial accounting,bookkeeping,HR,IT & risk strategy,healthcare consulting [Medical Transcription,Billing & Coding],internal audit-assurance services,setup services,performance & property consulting, incorporation,advisory services, offshore company formation and doing business in free zones.

The company has assisted more than 1000 partner firms to setup businesses in UAE - Dubai, Abu Dhabi,Ras Al Khaimah,Fujairah,Ajman,Umm Al Quwain,Sharjah, Kuwait, Doha-Qatar, Muscat-Oman,Bahrain,Saudi Arabia,Iran,Jebel Ali,JAFZA,DAFZA,Dubai Internet City,SAIF Zone, RAK Free Zone-RAKIA and DIFC [Dubai International Finance Center].

For more information visit: morisonmenon.com

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<h1>Re-Domiciliation of Companies into and outside Tecom - Morison Menon</h1> Author: <a href='http://www.articleseen.com/profile_seoipixca.aspx'>seoipixca</a> In line with the international practice of allowing companies to change their seat of incorporation, companies registered in Dubai Internet City, Dubai Media City, Dubai Knowledge Village or in any other initiatives of TECOM are now allowed to change their jurisdiction. This process of re-domiciliation can be ‘into’ or ‘out of’ TECOM as per the decision No. 2 of 2010 issued pursuant to Dubai Technology and Media Free Zone Private Companies Regulations 2003.

Re-domiciliation will help companies to avoid liquidating the existing company and transfer its portfolio of assets to an entity incorporated for the purpose of the new jurisdiction.

Accordingly an overseas company, if authorized by the laws of the jurisdiction in which it is incorporated, can apply to TECOM for continuation for doing business in uae as a company in TECOM. The application should include all information and documents required by TECOM including resolutions, certifications, declarations, confirmations, opinions, authorizations and clearances.  Upon approval of the application for continuation, TECOM shall issue a provisional ‘certificate of continuation’ of such terms and conditions as it considers appropriate. The company should, within 3 months from the date of issue of the provisional certificate, file with TECOM the certificate evidencing that the overseas company formation uae has ceased to be incorporated under the laws of the current jurisdiction and return the provisional certificate of continuation. TECOM shall issue the final certificate of continuation which shall be effective from the date of continuation stated in the provisional certificate of continuation.

Effect of Certificate of Continuation

The Certificate of Continuation shall be treated as the Certificate of Incorporation of the Company
    *

The Memorandum of Continuation and Articles of Continuation shall become the Memorandum and Articles of Association of the Company
    *

The overseas company shall become a company to which the regulations of TECOM shall apply as if it had incorporated as a company under the Company Regulations.

The Company shall continue to have all the property, rights and privileges and be subject to all the liabilities, disabilities and debts that it had before the continuation. It shall remain a party in any legal proceedings commenced in any jurisdiction in which it was a party before the continuation.

Continuation ‘Outside’ TECOM

Similarly, a company formed in Dubai Internet City, Dubai Media City, Dubai Knowledge Village or in any other initiatives of TECOM may apply for continuation outside TECOM as an overseas company. However, this is subject to the primary conditions that the jurisdiction in which continuation is sought must have the laws in existence (a) providing the company the status of overseas company after re- domiciliation (b) continue to have all the property, rights and privileges and be subject to all the liabilities, disabilities and debts that it had before the continuation and (c) remain a party in any legal proceedings commenced in any jurisdiction in which it was a party before the continuation.

It is to be noted that under this circumstance, the provisions of Regulation 93 of the Companies Regulations regarding winding-up and deregistration of a company shall not apply.

About Morison Menon :

Morison Menon is a leading Chartered Accountant Company in the Middle East with offices across UAE. The company provides entire gamut of services ranging from assistance in market research & business feasibility studies,financial accounting,bookkeeping,HR,IT & risk strategy,healthcare consulting [Medical Transcription,Billing & Coding],internal audit-assurance services,setup services,performance & property consulting, incorporation,advisory services, offshore company formation and doing business in free zones.

The company has assisted more than 1000 partner firms to setup businesses in UAE - Dubai, Abu Dhabi,Ras Al Khaimah,Fujairah,Ajman,Umm Al Quwain,Sharjah, Kuwait, Doha-Qatar, Muscat-Oman,Bahrain,Saudi Arabia,Iran,Jebel Ali,JAFZA,DAFZA,Dubai Internet City,SAIF Zone, RAK Free Zone-RAKIA and DIFC [Dubai International Finance Center].

For more information visit: http://www.morisonmenon.comAbout the Author: Morison Menon is a leading Chartered Accountant Company in the Middle East with offices across UAE. The company provides entire gamut of services ranging from assistance in market research & business feasibility studies,financial accounting,bookkeeping,HR,IT & risk strategy,healthcare consulting [Medical Transcription,Billing & Coding],internal audit-assurance services,setup services,performance & property consulting, incorporation,advisory services, offshore company formation Article Source: <a href='http://www.articleseen.com/Article_Re-Domiciliation-of-Companies-into-and-outside-TecomMorison-Menon_71514.aspx'> http://www.articleseen.com/Article_Re-Domiciliation of Companies into and outside Tecom - Morison Menon_71514.aspx</a>

Article Source : http://www.articleseen.com/Article_Re-Domiciliation of Companies into and outside Tecom - Morison Menon_71514.aspx

Author Resource :
Morison Menon is a leading Chartered Accountant Company in the Middle East with offices across UAE. The company provides entire gamut of services ranging from assistance in market research & business feasibility studies,financial accounting,bookkeeping,HR,IT & risk strategy,healthcare consulting [Medical Transcription,Billing & Coding],internal audit-assurance services,setup services,performance & property consulting, incorporation,advisory services, offshore company formation

Keywords : free zones in fujairah, company formation UAE, performance consulting UAE, doing business in uae, free zones in uae, company forma,

Category : Finance : Investing

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