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Cragus Group reports on Dubai Family Office regulations |
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The Dubai International Financial Centre (DIFC) have published new regulations, which took effect from 2 September 2008, to encourage family businesses to establish Single Family Offices (SFOs). Along with the DFSA, the DIFC 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." SFOs 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. Link
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Monday, 22 September 2008 |
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