RE-DOMICILIATION OF EXISTING COMPANIES
INTRODUCTION:
To re-domicile means to move your existing company to a new, sovereign and independent jurisdiction, such as :
Belize, Costa Rica, Dominica, Nevis, Panama, or St. Vincent
www.Finor-Group.com offers a full range of offshore services for the re-domiciliation of offshore companies, opening of new offshore bank accounts for re-domiciled companies and other offshore financial and asset protection services for clients wishing to leave jurisdictions in the Bahamas, the BritishDependantTerritories, the Isle of Man, Jersey, Guernsey or Ireland.
WHY RE-DOMICILE:
The offshore industry is in the midst of dramatic changes. The European Union has introduced new fiscal regulations throughout the nations of the European Union, including a common withholding tax. The UK, under pressure from the EU, must bring the British Dependant Territories, the Channel Islands and the Isle of Man, within this new fiscal regime. The Bahamas announced the adoption of a package of financial services legislation, which came into force on December 29, 2000. The offshore privacy and confidentiality features of these traditional jurisdictions have also rapidly been eroded by the enactment of "mutual assistance", information exchange and "gateway" legislation as required by the UK/EU regulations. As indicated in UK Government's White Paper all such dependant jurisdictions must be made to conform with UK/EU financial regulations.
This spells the end of the traditional offshore tax havens in all the overseas territories and crown territories of the United Kingdom.
The affected countries are Anguilla, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Montserrat and Turks & Caicos plus the Isle of Man, Jersey, Guernsey and Alderney. We strongly recommend that clients with offshore structures and bank accounts in these jurisdictions, re-domicile to suitable independent sovereign countries.
We were the first in our field to warn our clients about the impending problems in the British Dependant Territories and the Channel Islands, which have now been confirmed by the March 1999 UK White Paper on the subject. Information on the likely consequences of the EU financial integration has been up on our web site for over three years while others have simply ignored the problem or have been unaware of events taking place in the offshore industry.
WHERE TO RE-DOMICILE:
www.finor-group.com recommends the following independent jurisdictions as having the best offshore legislation, asset protection and privacy available. These countries are, in our opinion, the best sovereign jurisdictions on offer today. All offshore company jurisdictions we offer are fully exempt from tax as are the bank accounts we open. At the current time, Belize, Costa Rica, Dominica, Nevis, Panama, or St. Vincent offer the best value for the money.
RE-DOMICILIATION PROCEDURE:
There are two ways to move your existing offshore company from the Bahamas, the British Dependant Territories (Anguilla, Bermuda, BVI, Cayman Islands, Montserrat and Turks & Caicos), the Isle of Man, Guernsey, Jersey or Ireland; to the above sovereign jurisdictions.
Option A Continuance
Continuance is only possible if your existing company is currently domiciled in Anguilla, Bahamas, BVI, or Turks & Caicos. The offshore legislation in these jurisdictions allows you to move your existing company without forming a new one.
Option B New Incorporation:
Even if your existing company is domiciled in Anguilla, Bahamas, BVI or Turks & Caicos, you might still not wish to apply for continuance because there will be a charge by the old jurisdiction to allow you to move your company. It is easier to simply incorporate a new company of the same name in the new jurisdiction and allow the old company to lapse at the renewal date. Any assets owned by the old company can easily be transferred to the new company. You can either keep the existing bank account or move it to a new jurisdiction; whichever you wish. For companies incorporated in Bermuda, the Cayman Islands, Isle of Man, Jersey, Guernsey and Ireland, continuance is not allowed. As indicated above, however, it is a simple matter to effect a new incorporation in the same name and transfer all assets and liabilities to the new corporation.
FEES:
Fees depend upon the country you are presently domiciled in and the country to which you are moving. They will not however be higher than the fees quoted for incorporations in the jurisdictions we offer and in some cases will be lower.
WHAT IS RE-DOMICILIATION?
To re-domicile means to change the jurisdiction in which your offshore company is registered. Your offshore company continues legally in the new jurisdiction with full legal continuity of any contracts or other activities the company was committed to in the previous jurisdiction.
Companies registered in:
Anguilla, Bahamas, BVI and Turks & Caicos
can be legally "continued" in any of the above mentioned sovereign independent countries offered by www.finor-group.com |
Companies registered in Bermuda, the Cayman Islands, the Isle of Man, Jersey, Guernsey and Ireland cannot be "continued" in any new jurisdiction.
A new company of the same name can however, be incorporated in the new jurisdiction and any current assets and contracts transferred to it. The old company can then be terminated or allowed to lapse at the annual renewal date. It is usually not a problem to obtain the same company name in the new jurisdiction. |
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