Re-Domiciliation of Companies into and outside Tecom - Morison Menon [investmentscalculator]

Re-Domiciliation of Companies into and outside Tecom - Morison Menon [investmentscalculator]

Dubai Internet City (DIC), a member of TECOM Investments is the Middle East and North Africas largest Information and Communications Technology (ICT) cluster. As a knowledge-oriented business model, DIC was the pioneer behind the creation of the cluster concept in the region. The ICT cluster hosts a dynamic international community of IT companies which include Fortune 500 brands as well as a number of growing enterprises, entrepreneurships and ventures: Microsoft, Dell, Intel, IBM, Canon, General Electric and Cisco just to name a few. DICs growth continues since its establishment in 2000 drawing in 140 new companies from the ICT Sector in 2008. Built inside a free trade zone, DIC is a strategic base for companies targeting emerging markets in the neighbouring regions. DICs markets extend from the Middle East to the Indian Subcontinent and from Africa to the CIS countries, covering two billion people. DIC offers companies 100% tax-free ownership, 100% repatriation of capital and profits, no currency restrictions, easy registration and licensing, and solid intellectual property protection. DIC also provides an environment that attracts all elements of the value chain. DICs rich networking opportunities and core location allows companies to tap into resources, partnerships and ideas; a business environment that helps ICT businesses develop, innovate and grow. To learn more please visit: www.dubaiinternetcity.com

http://theeaglesreport.com Dubai Internet City Corporate Video

Dubai Media City, a member of Tecom Investments' Media Cluster, in conjunction with Dubai Press Club (DPC), hosted a panel discussion on 'Local Content and Migration to Digital Platforms'. Dubai Media City, Dubai Press Club host panel discussion on ways to develop ...

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.

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