The Dubai International Financial Centre (DIFC) has announced new regulations to encourage ultra-wealthy families to establish Single Family Offices (SFOs) in the Centre.
Created in consultation with the Dubai Financial Services Authority (DFSA), the new regulations specifically address the needs of family-run institutions, and create a platform for wealthy families to set up holding companies at the DIFC to manage private family wealth and family structures anywhere in the world.
Dr Omar Bin Sulaiman, Governor of the DIFC commented that:
"In recent times, family offices have become highly significant on the global economic landscape. In the Middle East, where more than 75% of firms are family-run and with total assets in excess of USD1tn, the need for a specialized legal and regulatory framework is especially acute."
"In contrast to conventional financial institutions, Single Family Offices (SFOs) have no direct public liability as all Single Family Offices (SFOs) shareholders are bloodline descendants of a common ancestor. As such, their regulatory requirements differ significantly."
"By establishing the new regulations, the DIFC is once again reaffirming its commitment to family run businesses thus addressing its desire to make the DIFC a hub for local, regional and international family offices."
Central to the new regulations, the DIFC has introduced changes to the DIFC Single Family Offices (SFO) platform, and has made consequential amendments to other DIFC and DFSA regulations such as the DFSA's General Module and Glossary Module.
The new regulations offer distinct benefits to family offices, as they exclude Single Family Offices (SFOs) from many of the regulatory constraints placed on conventional organizations located at the DIFC.
The regulations follow the establishment of the DIFC Family Office initiative, which provides comprehensive infrastructure solutions for families and family businesses operating in the region.
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