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DUBAI OFFSHORE – THE INTERNATIONAL BUSINESS COMPANY
Some of the principle uses for going offshore are: trading, investment, holding, financing, professional services or consultancy, patent, royalty and copyright holding, ship management and yacht owning personal and corporate tax planning.
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Thanks to the EU Savings Directive of 2003 and recent US-EU initiatives to wipe out tax havens, the U.A.E became the better place to incorporate offshore companies for various reasons and purposes.
UAE looks set to reap the rewards of a recent EU and US ruling under which banks are now forced to reveal information to tax authorities. Financial institutions in the EU and US are now obliged to either disclose tax and bank information to the relevant tax authority, or charge client a hefty withholding tax.
Though the new directive specifically affects EU residents, a number of banks in 'tax havens' have also agreed to exchange customer information, including Jersey, Guernsey, the Isle of Man, the Cayman Islands, Switzerland, Liechtenstein, Monaco and San Marino.
The reputation of discretion for some of these countries is being eroded. Since July 1, 2005 in order to keep details of their private, bank customers now have the option of paying a withholding tax which will be levied directly in the country in which their savings are held. This will be charged at a rate of 15 per cent for the first three years, 20 per cent for the following three years, and 35 per cent from 2011 onwards.
The United Arab Emirates has long enjoyed a reputation as a secure, tax-free jurisdiction for international banking and company incorporation. With this latest development from Europe and the US, UAE company registration and corporate and personal banking options are becoming more popular with international businesses and high net worth individuals.
Since the UAE are neither a signatory to the relevant directive, nor agreeing to cooperate with the Organization of Economic Cooperation and Development (OECD), it looks set again even further.
Any company can be configured to a clients' individual specification. Clients may or may not need to provide some of the element for in general carefree incorporation, depending on their personal circumstances or preferences.
Europe Emirates Note: Many alternative jurisdictions are considered only as tax havens, the United Arab Emirates is a 'real' country with a 'real economy'