Family Office Services - Family Office In Dubai - UAE Family Offices

February 11, 2021by Mohammed Rahali

Family Office Services – Family Office Dubai

Family Offices Services in Dubai are arguably the fastest-growing investment vehicles in the UAE and the world at large today, as families with substantial wealth are increasingly seeing the value of establishing a centralized function to manage their family wealth and business interests. There is no obligatory product or structure for the UAE family offices.

What is a Family Office?

Family Office refers more to a concept encapsulating a variety of structures established to manage family wealth, and in each case, a bespoke solution should be applied. The core activities of a family office arrangement involve the centralized management of wealth derived from one or more families. Nuances arise with distinctions in the decision making hierarchy and how influence is distributed throughout the family structure. Often these family structures will have a broad range of business interests, with management responsibilities and ownership entitlement spread across multiple family members, which can make them complex.

Single Family Office (SFO)

For families to centralise functions to manage their family wealth and business interests, family office is the most flexible and efficient investment vehicle.  There is not a single structure for a single-family office. It is more a concept encompassing a variety of entities combined in a bespoke way to manage family assets in a centralised manner with a common target. The distinction resides in the governance mechanism, its decision-making hierarchy & management responsibilities to distribute and maintain the influence throughout the family structure and its ownership entitlements spread across family members. UAE financial free zones (ADGM & DIFC), like in the UK, offer a platform with a range of regulations and  products to provide sufficient management flexibility to meet the varied and unique requirements of each family office. In this respect to enhance the wealth management and asset protection of the affairs & entities of a family, a SFO could be established.

The entity, a company limited by shares ultimately and exclusively owned by single family members, has as sole object to manage the assets and affairs of one single Family. It is not used as a holding structure but as a management structure that will monitor and manage the various entities and assets belonging to the same family. This entity could be established in DMCC, ADGM, DIFC and RAK.

It is worth noting that following the same objective to protect family wealth, members of a single family within the mainland legal framework – Law No 9 2020- could enter into an enforceable, before a special judicial committee, notarised mainland “Family Property contract”, valid 15 years and renewable, which allows them to legally regulate the ownership and administration of their assets (excluding public joint-stock companies).

Multiple Family Office (MFO)

Multiple Family Offices are often larger family offices that supports multiple families to manage their entire wealth. Multi-family offices services includes tax and estate planning, risk management, objective financial counsel, trusteeship, lifestyle management, coordination of professionals, investment advice, and philanthropic foundation management, managing household staff and making travel arrangements.  A multi-family office (MFO) is established as a commercial enterprise to meet the investment, estate planning and, in some cases, the lifestyle and tax service needs of affluent families. They involve a greater number of staff and an evolving client base and may also offer a much more dynamic structure.

Family offices are privately held companies established to assist UHNIs, HNIs and their families with wealth and investment management as well other equally pressing concerns such as succession, next generation planning and often servicing the families greater goals.

Our Family Office Services include:

  • Corporate Management
  • Estate & Tax planning
  • Business succession
  • Succession planning & Family Governance
  • Trustee
  • Asset-protection solutions
  • Family-business ownership structuring and governance
  • Relocation assistance & second citizenship
  • Yacht or residence management
  • Retirement planning
  • Family Philanthropy

Key features and benefits:

  • 100 % tax exemption on corporate income, for more than renewable 15 to 50 years period.
  • 100% free repatriation of capital and dividends.
  • 100% tax exemption on capital gains.
  • Large network of double tax conventions.
  • No withholding taxes, No inheritance tax, No exit tax.
  • 100% transactions confidentiality.
  • No public register of Directors and Shareholders.
  • Corporate Shareholders allowed.

 

Find out how we can help you with Family Office Services?

The considerations will vary from family to family and so a number of factors will need to be considered in order to choose the right structure. Wincore Advisory Group helps families and businesses to establish succession, asset protection and Governance vehicles through its employees who have been administrating and establishing Family Offices for over 10 years and are holding the best STEP (UK Society of Trust and Estate Practioners) qualifications in Estate Planning.

For Support and assistance on setting up a Family Office or Providing Family Office Services Get in Touch with our Corporate Team Today on +971 4 221 2602 or contact@wincoreadvisory.com.

Wincore specializes in Tax, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.

Wincore Advisory Group’s full range of services on : CRS (AEOI) – OECD exchange of information ; Economic Substance Regulations; Trust & Foundation; Asset protectionEstate & Tax Planning; Corporate Services; Sophisticated UAE Sponsorship PlanningDebt Collection Services in UAE; Residency & Citizenship Services ( Foreign second passports).

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Mohammed Rahali

Managing Partner | E: m.rahali@wincoreadvisory.com | M: +971 (0) 55 138 9591

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