Assisting Single Family Offices in Dubai
Opportunities for Family Offices in the Middle East
The DIFC has come up with its Family Arrangements Regulations, which have been effective since January 2023. It offers specialized provisions for family businesses. These regulations allow for a Family Business Register and a revamped Family Office and Multi-Family Office Regime, ensuring flexibility without stringent registration requirements. These initiatives are aligned with the federal UAE Family Business Law and facilitate long-term wealth planning across generations. Thus, the DIFC has opened up fresh opportunities for family offices in the Middle East.
To ensure the sustainability of family businesses, governance and succession are among the most crucial elements. DIFC supports these efforts through robust legal frameworks such as trust and will arrangements, foundations, and prescribed company structures. The body operates under English common law principles and ensures legal stability and transparency. It also ensures that dispute resolution mechanisms in the country remain efficient.
Empowering the Family Wealth Ecosystem with DFWC
The DIFC has established the Family Wealth Centre (DFWC) to strengthen its family wealth ecosystem with practical tools and additional initiatives. The core objective of this entity is to successfully preserve the wealth of affluent families. With nearly 6,000 registered firms and over 42,000 professionals benefiting from these offerings, DIFC continues to be a preferred hub for family offices looking for growth opportunities in the Middle East, South Asia, and Africa.
The IMC Group provides comprehensive assistance and counselling services during the formation of a single family office in Dubai. With professional insights, single family offices can confidently stride ahead to success and make the most of the opportunities that the DIFC presents them with.
