Not every country can boast of rich deposits of oil or other minerals used to stimulate economic growth and business activity in the country. If the country is not rich in mineral resources or incapable to develop such areas as tourism, education and public health, developing the financial sector is very important and crucial. The offshore scheme can become the source of revenue for such countries.
The offshore zones exist in many countries but the most famous are in the Switzerland, Hong Kong, Panama, the Seychelles and the British Virgin Islands, as well as on some islands of the Caribbean Sea, the Pacific Ocean and the Indian Ocean. The major part of offshore investors set up their business in the United Arab Emirates explaining their desire by advantageous conditions for registration and operation of businesses in this picturesque eastern country.
Despite rather severe and conservative legislation in the United Arab Emirates that provides for prohibition to establish the offshore company in the sectors of banking, insurance and mass media and to carry out any activity that in conflict with the law, the Emirates provide with the attractive conditions for offshore business such as no income taxes, permissive requirements for accounting and currency control, as well as no restrictions on the nationality and place of residence of shareholders.
The simplified registration procedure for offshore company, opportunity of opening bank accounts and operating anywhere in the world, except for the United Arab Emirates, are the advantageous aimed at attracting investments in the country. If offshore companies registered in the Europe are under the stringent control of the International Currency Fund, the national banks and other like institutions operating in the country where such companies are registered, the Government in the UAE provides the offshore companies with the absolute confidentiality. The United Arab Emirates have no any agreements concluded to issue any information about offshore companies to any other country so the investors are more interesting in doing business in the UAE.