The BVI is an exceedingly recognised jurisdiction in the offshore sector, which are using their many advantages to promote business in the Middle East. The UAE is a divided economy between the onshore sector which is dominated by local business due to its restrictions on foreign ownership and the offshore sector.
Recent years have seen a number of BVI law firms open up in the Gulf area and their involvement in various large deals has led to them being recognised and attributed with professionalism.
The BVI is very attractive to members from the Gulf States due to its flexibility, ease of use and cost effectiveness when compared to other available jurisdictions. It is also well known and widely accepted. The UAE has very strict rules on debt and forced heirship so the insulation that an offshore company can provide is extremely attractive. As well as the usual advantages such as Asset Protection, Confidentiality and reduced accounting and filing rules.
The BVI international centre has been represented at two recent conferences and a series of high-level meetings in Dubai in order to strengthen ties between the two.