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Phillip Fry
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The Dubai International
Financial Centre (DIFC) have published new regulations, Along with the DFSA, the Dubai International Financial Centre has created regulations specifically tailored to the needs of family-run institutions and so allowing holding companies in the centre to manage private family wealth, and family structures located anywhere in the world. HE Dr. Omar Bin Sulaiman, Governor of the DIFC was quoted as saying: "In recent times, family offices have become highly significant on the global economic landscape. In the Middle East, where family-run businesses make up over 75 per cent of firms and have total assets in excess of US$1 trillion, the need for a specialised legal and regulatory framework is especially acute." Single Family Offices do not have direct public liability, thus
requirements differ significantly. The Regulations offer distinct benefits
and as such exclude SFOs from many of the regulatory constraints placed on
conventional organisations. The regulations are part of an initiative that
also aims to provide infrastructure solutions, such as support services,
encouraging of relevant training, and various complimentary businesses
within the financial centre; along with DIFC's current zero percent tax
rate, and the ability for foreign companies to easily migrate to the centre,
this offers an attractive solution to family businesses within and outside
of the Gulf. |
