Dubai Travel
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Offshore Business Dubai

Dubai is not a typical area for offshore companies and it‘s just opening toward this market over the last few years. Yet, the business potential that hides in offshore companies did not leave Dubai business circles without reaction and the preparations for the receiving of a larger volume of offshore business are in progress. Dubai wishes to be the new Middle Eastern Offshore Mecca for all the international companies in the upcoming 5 years.

Dubai business life is famous all around the world and we all know about the great business activity of the emirate that always looks for being the best business area in the world. Dubai has introduced the international business world with several novelties and business inventions on its own by far and it does not fail the expectations. Although we know that the situation of Dubai is lucky and unfortunate in the same time, being located in the Middle East, on one hand, it can serve as the perfect hub for business exchange between Europe, Africa and Asia on the other hand its closeness to Saudi Arabia and its political situation makes its situation a bit worse. Dubai is a country where international clientele cannot enter without a visa and this fact makes many investors hesitant. Dubai also has a very strong centralised business law, which does not let international branches to be set up in its area without certain measure of involvement of an Emirati partner as well.

Regarding this situation, Dubai does not seem the easiest place for offshore companies yet Dubai business ambitions are huge and Dubai is clearly determined to bring a large number of offshore companies to its area. A couple of year ago, Dubai has set up its first offshore business regulations with its own terms and conditions, according to which:

• An offshore company can only be set up in the area of a Free Zone
• Offshore companies can only have such business activities which do not in any way involve the United Arab Emirates
• Offshore companies can only operate in the Dubai free zones if they have an appointed local agent, located also within the free zone, who will from then on represent the company
• Offshore companies will not have any official office neither employed staff
• Offshore companies must follow and act up according to the regulations of the Free Zone authorities

As of now, the main offshore-dedicated free zone is the huge Jebel Ali Free Zone that has its own laws concerning offshore companies. Another segment of offshore will be the offshore banking that is just being prepared right now by such banks as the RAK Bank, said to be the best bank of the UAE. Banking must come over such problems that by far only those can open a Dubai business bank account in Dubai who have a residence visa with a Dubai workplace in return.

According to the Dubai business analysts Dubai has great business possibilities on the international offshore market because Dubai is not checked, as are all the islands being more notorious than famous for their offshore and money laundering operations. Let us hope Dubai offshore possibilities will soon become a concrete reality.