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Requests for redomiciliation must be made through a qualified intermediary who is obligated to perform due diligence. Intermediaries may include, but are not limited to: lawyers, accountants, corporate service companies, and qualified shipping companies.
What is the legal effect of redomiciling to the RMI?
When a foreign entity redomiciles to the RMI, the entity is only changing corporate jurisdictions. A new and separate entity is not created. The name and the date of existence will remain unchanged. However, the RMI Associations Law will govern the entity after redomiciliation.
Is redomiciliation recognized by the corporate, financial, and legal communities?
Most modern corporate jurisdictions have established redomiciliation laws. As a result, financial and legal communities are familiar with the intricacies and benefits of redomiciliation.
Are there any prohibitions or limitations in redomiciling a business entity to the RMI?
The RMI Associations Law allows a foreign entity to redomicile to the RMI if the transfer of domicile is not expressly prohibited under the laws of the foreign jurisdiction.
How much does it cost to redomicile to the RMI?
There is a filing fee of $500.
What documentation is required to redomicile an entity and where can the documentation be filed?
To redomicile a corporation, for example, a client must provide signed RMI Articles of Domestication and Articles of Incorporation; a certified copy of the corporation’s foreign Articles of Incorporation, Articles of Association, or similar document(s) upon which the corporation’s existence is based, and all amendments thereto; and a recent document providing evidence of current existence. Sample Articles of Domestication and Articles of Incorporation can be obtained from any worldwide office of International Registries, Inc., and its affiliates (IRI), or at www.register-iri.com. Completed documents may be sent to any IRI office.
Is there an alternative to redomiciliation?
Some clients have chosen to transfer jurisdictions by merging their foreign entity with an RMI corporation, partnership, limited partnership (LP), or limited liability company (LLC). In this case, the client must form an RMI business entity first and then file the appropriate merger documentation with any IRI office.
Can other types of business entities redomicile to the RMI?
Any non-RMI business entity may redomicile to the RMI, including foreign corporations, partnerships, LPs, LLCs, or their foreign equivalents, provided it is not expressly prohibited by the foreign jurisdiction.