Interviews


Chris Picken
VP- Sales & Marketing

http://www.ameinfo.com/145299.html



David Bostock
Managing Director
First Offshore Management

In a career that has encompassed key executive roles in industry as well as finance, David Bostock has developed a deep understanding of his clients' needs and priorities. Before setting up a pioneering service for offshore investors in the United Arab Emirates he was the CEO of major hospitality organisations in the UK. With the emergence of offshore banking in Ras Al Khaimah, David Bostock became the first agent licensed by the emirate's authorities to promote its exceptionally confidential and highly convenient offshore facilities.

OFFSHORE IN RAS AL KHAIMAH

David Bostock is Ras Al Khaimah's first registered offshore financial agent. Since Ras Al Khaimah set up offshore banking in late 2006, he has been helping investors protect and develop their assets in the emirate.

Why go offshore?

Going offshore used to be restricted to the extremely wealthy. It is now an increasingly common way for people to get more control over their finance. Around 80% of people with offshore accounts invest in local property to get high returns it offers. However, it can also be an entry to setting up a business.

How much does it cost?

Going offshore here requires a one-off payment of USD 2999 for incorporation and a yearly renewal fee of USD 1999. It is a very streamlined process and once the relevant documentation is received, the incorporation of the company can be completed in 2 days.

What are the special features of going offshore in Ras Al Khaimah?

If you compare Ras Al Khaimah to other locations like Jersey or Guernsey, there are three areas that offer clear-cut advantages. One is that the process is simpler, cheaper and faster – even than Dubai. Another is the issue of disclosure of information – confidentiality. The third is Ras Al Khaimah's attractive investment opportunities.

What precisely is the difference in terms of disclosure of information?

Offshore in Ras Al Khaimah has a completely different regulatory framework. People are often not aware of this but banks in Jersey or Guernsey, for instance, have reporting rights – without client authorization. This compromises the whole remit and why clients look at offshore structuring.

So Ras Al Khaimah offers more confidentiality?

It is my responsibility as a registered agent to ensure that my clients are not involved in money laundering or terrorism or such activities restricted by the authorities of that emirate. Once this has been done and a client has been accepted, information about their offshore assets will not be revealed to any individuals or authorities whatsoever.

Where do your clients come from?

Offshore accounts in Ras Al Khaimah appeal to investors worldwide. Since offshore started here in late 2006 I have had clients from pretty much any country you could name.

What do your clients typically use their accounts for?

There are many answers to that answer. First off, there is the obvious benefit of reduced exposure to taxation and lower administration fees. However, offshore banking attracts entrepreneurial people who are also looking to generate high returns.

What commercial opportunities does offshore banking here open up?

Well, the obvious one is property. Investing in RAK's booming real estate market is more beneficial to have held in an offshore formation and it gives attractive appreciation. But there are a host of really appealing commercial options. One of the most interesting is trading.

 How can you trade with an offshore account?

Included with the fee for setting up an offshore structure comes the facility of using the registered agents office address as you own office and that can be used for trading in other parts of the world, although not in the UAE. But an offshore account can also be cheap and convenient way to test the water – to explore the possibilities of setting up a business based here. Initially, for example, you could trade in Dubai by finding someone who has the relevant Dubai license.

To know more, write into - david@firstoffshoremanagement.com