There are various reasons why a company or other legal entity would want to change its jurisdiction, these including changes in the political, economic and fiscal environment and/or the need towards transparency and compliance.
In most cases, the easiest option is to incorporate a new entity in a second country whilst closing down the one in the first country. However, this is not always possible and in some instances a company may want to retain its trading history or it might have a number of open contracts. In such cases, provided that both countries recognise this concept in their respective law, redomiciliation would be the choice.
Malta is proving to be an ever more appealing for businesses looking to re-domicile from an offshore to a safe and stable EU onshore jurisdiction.
The general steps will include the entity to provide:
A certificate of good standing issued by the Registrar of the first country;
A board resolution confirming the intention to re-domicile and the person(s) who will be authorised to execute the change; and
The latest 3 sets of audited financial statements.
Once all the required documentation has been accepted by Malta, the Registrar will issue a provisional registration certificate. Following the strike-off of the entity from the first country, Malta will issue a final registration certificate.
Once re-domiciled, a company (or other entity such as a trust or fund) would be able to benefit from the various advantages offered in Malta.