Dubai Multi Commodities Centre (DMCC), free zone authority in the UAE, has introduced a new licence structure for single family offices.
The new structure will allow families to combine and transfer wealth across generations.
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In addition, the licence structure will enable family businesses to provide services including asset management, financial plans, and philanthropic activities under a DMCC licence.
Krysta Fox, Director Free Zone, DMCC, said: "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.
"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", added Fox.
Meantime, DMCC Free Zone has teamed up with Minerva to host a seminar to launch a new service offering themed ‘Challenges Faced by High-Net-Worth Families: Uses and benefits of Family Offices.
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