The regulations address the needs of family-run entities and introduce a new platform for wealthy families to set up offshore holding companies within DWTCA’s designated free zone to manage their private family global wealth, assets, and investments from Dubai.
“Family businesses are a highly significant segment within today’s global economic landscape and are integral to the wider international investment community,” said Helal Saeed Almarri, director-general of DWTCA.
“Following an exceptionally challenging year, family businesses worldwide have shown extraordinary resilience and agility, and are eager to diversify and expand into new markets,” he added.
DWTCA’s single-family office regulations allow for offshore entities, founded directly by members of a single-family, to own and manage their collective wealth, assets, businesses, and investments through incorporating a new free zone establishment (FZE) or free zone company (FZCO), subsequently licensed to operate from DWTCA’s designated free zone.
Multiple family office regulations cater to the growing international professional and wealth management and advisory service industry providers looking to operate and expand their market presence and management portfolios in the MEASA region. Multiple family office licenses facilitate and enable services offered to multiple families, their members, businesses, entities, trusts, and foundations.
“DWTC Authority recognizes the need for a specialized legal and regulatory framework that offers distinct flexibility and fundamental benefits for setting up single and multiple family offices in Dubai, providing an attractive environment that supports family offices to operate successfully,” Almarri said.
DWTCA’s 2021 first-half growth saw 427 new company registrations – equating to 300 percent year-on-year growth over the same period in 2020 when Covid-19 caused widespread economic damage.
The new single-family office regulations follow last month’s agreement between DWTCA and the Securities and Commodities Authority to create a framework supporting the regulation, offering, issuance, listing, and trading of crypto assets and related financial activities within DWTCA’s free zone.