Offshore banking Dubai is supervised by the Dubai Financial Services Authority (DFSA) and the Central Bank. Dubai is known for its high rise buildings and ambitious plans for development in many areas, offshore banking Dubai being no exception.
Dubai offshore banks are permitted to deliver their offshore banking service only to non national who do not live in Dubai. Offshore banking Dubai thus serves an international clientele, whose needs are catered to through continuing expansion of the suite of Dubai offshore banking services and products.
Offshore banking Dubai is based on standards that are set within the UAE and on the international scene in keeping with common goals to combat money laundering and ensuring that the interests of all Dubai offshore banking clients are treated carefully and honestly. Banks in Dubai are often established as branches and subsidiaries of international banks and in spite of size are required to adhere to all regulatory demands. In addition to sound and developed banks, Dubai also has its fair share of economic, social and political stability that has been boasted for the past several decades and has contributed to the success of banks in Dubai, Dubai offshore services on a whole and the economy of Dubai.
Banks in Dubai are ideal for Dubai offshore companies, i.e., offshore companies that have been incorporated and registered in Dubai. Dubai does not only provide a number of different corporate forms for Dubai offshore companies and other legal entities that have been designed by Dubai offshore financial experts, but boasts a wealth of legislation that is thorough in regulations and provisions for Dubai offshore entities and offshore services.
Dubai offshore companies are international business companies that are able to trade and engage in commercial activities globally. A Dubai offshore company is not liable to paying taxes, i.e, is exempted from paying all taxes in Dubai as long as it does not provide its services and or products to local residents of Dubai and is based outside Dubai (in a foreign country, outside the jurisdiction of the United Arab Emirates) or operates in Dubai from within the Dubai International Financial Centre (DIFC).
Dubai offshore banks offer a host of specialised services thanks to advanced infrastructure, an influx of foreign professionals who contribute by expanding the number of offshore Dubai services available and competition on the world market by providing Dubai offshore banks with this sort of leverage.
Offshore banking Dubai is ideal for Dubai offshore companies in that it is not necessary for a Dubai offshore company to bank offshore elsewhere. Offshore banking can be done right there in Dubai at any bank in Dubai. Secrecy/confidentiality laws are also enforced for Dubai offshore banks, Dubai offshore companies and all available Dubai offshore services. This besides Dubai’s economic prosperity is valuable and is good reason for resorting to a Dubai offshore bank to plan international taxes, manage estate, plan succession, set up an offshore Dubai trust or other offshore entity that can be effectively used in an asset protection strategy.
As with any other offshore jurisdiction, Dubai company incorporation is done through a licensed agent who interacts with the Registrar on behalf of the client. Relevant information such as name, nationality and address must be provided for legal procedures as well as due diligence. Supporting copies of documents such as a copy of a passport or a recent utility bill are a few examples of documents often requested for Dubai offshore company incorporation, including Dubai offshore bank account opening. A Dubai offshore company has limited liability and is a legal person separate from its members.
Offshore banking Dubai has proven itself to be a gateway to other regional markets and the rest of the world given the reputation of Dubai as a stable, emerging market that has shown very rapid growth.