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 a 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.
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.