How to set up a family business in Dubai?
Why you should Choose Dubai?
There are various reasons for choosing Dubai for your family business, such as
- It has global connectivity with more than 90 international airlines operating between 200 international destinations. It is an astonishing fact that more than 80 million passengers pass through Dubai only.
- Dubai is ranked very high in relation to telecom infrastructure as all major tech and digital corporates are available.
- The economic condition is very stable and the currency is holding a strong foothold against dollar.
- Independent Federal and local governments are working in a progressive direction with a thriving legal system.
- A large workforce is available with diverse pool of job seekers.
In the opinion of top lawyers of Dubai, the corporation can gain a lot of benefits by setting up a single-family office (SFO) in any of the recommended free zones. This structure would be a perfect platform for wealth management, asset management and providing back-office support to a group of family businesses or ultimate business owners. If the multiple family businesses want to combine their resource and expertise in one license, they can do this under DWTC licensing framework by setting up multiple family offices (MFO). The main benefits of the models include economies of scale, sharing of overheads, etc. The best family lawyers of Dubai have suggested that in each free zone, there is different minimum capital requirement for setting up a family office.
Trusts & Foundations
The setting up a trust or a foundation (with the help of top law firm of Dubai) is also a very exciting option for high-net-worth individuals having significant wealth or assets. Dubai International Financial Centre (DIFC) has its own rules and regulations to govern trust and foundations, which are based on common law principles. For DMCC and DWTC, the onshore federal law regarding trusts dictates the regulation on Trusts with the onshore UAE Courts reserving jurisdiction on such entities.
In light of recent legislative developments for family offices and succession planning, Dubai has cemented itself as a go to destination for SFOs and MFOs. Since each free zone has its own sets of rules and regulations, it is well recommended to seek advice from the best family lawyer of Dubai on setting up a family business office. BSB Legal & Consultants is a specialised law firm with best lawyers of Dubai having rich experience in license regime and other legal requirements. For setting up your family business with BSB Legal, contact us below.