Some of the most important offshore jurisdictions allow the re-domiciliation or continuation of a foreign company under their local law. The re-domiciliation is a legal procedure whereby a company duly incorporated according to the laws of a foreign jurisdiction continues its existence governed under a different jurisdiction. The main requisite in order to apply for this procedure is that both jurisdictions provide this alternative to their local companies.
PROCEDURE:
The re-domiciliation procedure could be divided into two features that must be fully completed in order to have the company duly re-domiciled.
A. CONTINUATION
In order to be re-domiciled, a foreign company must file some basic corporate documents that might include the following: Memorandum & Articles (or certificate of incorporation), a resolution that authorizes the re-domiciliation of the company and new articles of incorporation designed maccording to the laws of the new jurisdiction. Official documents must be translated (if necessary) and legalized in order to be recognized by the jurisdiction of the new domicile.
B. DISCONTINUATION
Once the continuation procedure has been completed and the Registrar of Companies is in the position to issue the corresponding certificate evidencing that the company has been continued, the discontinuation procedure will take place. In order to proceed with the discontinuation of the company in the Country of incorporation some documents must be filed as copy of the articles of incorporation (or certificate of continuation) and, in some cases, certificate of good standing. The Registrar of Companies could issue a certificate of discontinuation and, in some cases; it will be published in a Public paper.
ADVANTAGES:
1. The company remain in existence for all legal purposes.
2. It is a quick and easy procedure.
3. It gives the possibility to choose within other jurisdictions that could offer more benefits.
4. It saves costs and procedures of incorporating a new company.
MOST POPULAR COUNTRIES TO RE-DOMICILE:
PANAMA | BELIZE | MARSHALL |
Ms. Ana Virginia Morales traveled to Miami to be part of the one day conference on "Advising International Families in a Time of Dramatic". In the world of new tax reporting laws and fiscal transparency, not to mention upheaval in the financial industry, professional advisors are challenged more than ever to assist wealthy international families that have diversity in the fiscal status of their members, of their assets and of their businesses. This one-day seminar provided attendees with up to date information and techniques to help meet those challenges.