Dubai World Trade Centre Authority Approves New Single and Multiple Family Offices Licensing Regulations
The Dubai World Trade Centre Authority has announced it has approved new Single and Multiple Family Office Regulations.
The Single Family Offices Regulations allow for offshore entities, founded directly by members of a single family, to own and manage their collective wealth, assets, businesses and investments by incorporating a new Free Zone Establishment or Free Zone Company. It will be subsequently licensed to operate from the designated free zone.
The new Multiple Family Offices regulations are aimed at the increasing numbers of international professional and wealth management and advisory service industry providers who want to operate and expand their market presence and management portfolios in the region.
Multiple Family Offices licenses facilitate and enable services offered to multiple families, their members, businesses, entities, trusts and foundations.
The aim is to encourage family businesses to register as these entities.
They address the needs of family-run entities and also introduce a new platform for these entities to set-up offshore holding companies in the Zone.
It will help them manage their private family global wealth, assets and investments from Dubai. Also reported in Alroeya on 10 October 2021. For full story, click here.
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