The process of Company Migration, sometimes referred to as Re-domiciliation or Continuation, refers to de-registering a company in one jurisdiction and re-registering in another jurisdiction.
As the name suggests, continuation has the advantage of continuity : while it is amending its registered address, the company doesn’t cease to exist; there is no interruption or disruption to business, and the company keeps its original date of incorporation. In a nutshell, the company continues to exist but has simply migrated to another jurisdiction!
Why do that ? simply because the original reasons why a company was incorporated in a particular jurisdiction might no longer be valid, and another jurisdiction may present advantages that the original jurisdiction does not.
It is clearly easier for a company to apply to continue in another jurisdiction than to wind-up the said company and transfer each individual asset, corporate contract or item of property to a new company.
The process is actually quite easy. Assuming that both jurisdictions allow the continuation procedure, the company would have to submit documents such as a special resolution confirming the company’s intention to migrate, the articles of continuation, a director’s solvency statement and a registered agent consent letter. Other documents may be required depending on the complexity of the case, but generally, the whole process can be completed in about 10 days.