DMCC Free Zone expands service offering for its members with new license structure for Single Family Offices
Over 100 delegates including business owners, investors, chartered accountants, asset managers and professional services representatives attend launch event
Dubai, UAE; 17 February 2015: DMCC, one of the world's leading commodity hubs for trade and enterprise and the largest and fastest growing Free Zone in the UAE, has launched as new licence structure for Single Family Offices that will enable families to consolidate and transfer wealth across generations.
The DMCC Free Zone also hosted a seminar for its member companies in partnership with Minerva to introduce the new service offering themed 'Challenges Faced by High-Net-Worth Families: Uses and benefits of Family Offices'. A panel of experts on the topic Mr Derek Le Brun, Director at Minerva Middle East DMCC, Stijn Janssen, Partner at Ernst & Young, and Mr Walid Chiniara, Partner at Deloitte & Touche addressed the many questions raised around the benefits and challenges that comes with the day-to-day operations of a family business.
Krysta Fox, Director Free Zone, DMCC, said:
"Families with diversified and multi-jurisdictional investments look for solutions that relate to managing wealth as well as family support. There is a growing appetite for structuring assets through the Family Business Model hence we are providing our members with the opportunity to open Single Family Businesses in the DMCC Free Zone".
A Single Family Office centralises the management of a family fortune overseeing asset management, financial plans, philanthropic activities sponsored by a family group and caters to governance of family and family business' affairs. DMCC's new licence structure for Single Family Offices will enable family businesses to provide all those services under a DMCC licence for the first time.
"This is one of many product enhancements and new services to come from the DMCC Free Zone this year to ensure our members have access to the most efficient licencing structure and business service they require to succeed", concluded Fox.
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DMCC - Made For Trade
DMCC is dedicated to enhancing Dubai's position as the global gateway for commodity trade.
The most successful markets create conditions that enable producers, traders and consumers to thrive. DMCC is a Dubai Government Authority committed to developing these ideal conditions for trade and enterprise. DMCC has a strong track record in commodity trade facilitation and we encourage and support business through the platforms we provide. These include our Free Zone, commodity exchanges, legal and regulatory frameworks and our strong real estate offering. As part of our DMCC Free Zone expansion strategy to provide large corporates with a commercial property offering unique to the Dubai marketplace - DMCC is developing the 'Burj 2020 District' with the world's tallest commercial tower, the 'Burj 2020', as its centrepiece. www.dmcc.ae
© Press Release 2015
