A Member Firm of Andersen Global

New trust and foundation law draft released to the public by DIFC

Share

Share on facebook
Share on twitter
Share on linkedin
Share on email

Share

Share on facebook
Share on twitter
Share on linkedin
Share on email

The DIFC(Dubai International Financial Centre) has drafted a new Trust and Foundation law with the intention of broadening the operating environment of private wealth management and succession planning platforms within the scope of conventional and sharia law.

This law is part of the DIFC’s implementation law docket and is put into action after carefully considering the recommendations of the DIFC’s Wealth Management Working Group to the Governor’s Strategy & Policy Committee and approved by the DIFC Higher Board in December 2016.This group is made up of 20 senior lawyers, barristers, and accountants, as well as executives from the DIFC Authority, the Dubai Financial Services Authority and the DIFC Governor’s Office, and the recommendations have been consulted on a global scale before finalizing.

The proposed law is on the lookout to significantly enhance the DIFC’s proposition on wealth management by ensuring that the lifetime and succession plan of the wealth management companies will have a high legal status.The idea also includes an establishment of DIFC’s Family Business center that will facilitate and support national and international family offices considering to relocate or transfer their private wealth and succession planning structures to the center.

Currently, the DIFC is a host to a rough figure of 200 asset management companies and advisors. This threshold will incur a beneficial position in the event of this law taking effect along with the DIFC’s new wealth regime

David Russell, the chairman of the Working group, is of the notion that this new law will review every facet of growing need of the new DIFC company formation, DIFC company setup and the existing asset management companies both nationally and internationally. The review at the same time will design a legislation that not only reflects other countries model but stands out in the crowd and earns the reputation of being a unique law in its right.

The draft of the proposed changes have released to the public, and the comments on the framework are accepted until November 8,2017. The Working Group is of the opinion that the new law will be received warmly by the public and will open the doors to a broader group discussion and other knick-knacks when exposed to the public.

For more information on DIFC company formation reach our consultant at [email protected] or visit our website www.intuitconsultancy.com

Follow Us

Recent Posts

Your Vision, Our Mission.
Let's Discuss.