Dubai: New rules for family-owned businesses at DIFC come into force

Dubai: New rules for family-owned businesses at DIFC come into force

The Dubai International Financial Centre (DIFC) on Thursday announced the enactment of its new Family Arrangements Regulations, following a 30-day public consultation period.

The new regulations provide a firm foundation for the new DIFC Family Wealth Centre — offering a framework and hub for global and regional family-owned businesses, ultra-high net worth individuals and private wealth.

Jacques Visser, chief legalofficer at DIFC, said: “For almost 20 years, DIFC has provided a supportive and dynamic environment for global and regional family-owned businesses, ultra-high net worth individuals, and private wealth. The introduction of these new regulations marks a significant step forward in our commitment to setting the standards for excellence in the industry.

"With a focus on transparency, accountability and stability, these regulations provide a comprehensive framework that will allow our clients to operate with confidence, knowing that their interests are protected by the highest level of legal and regulatory oversight. DIFC is proud to be at the forefront of driving positive change and helping family businesses maximise their contribution to our economy."

What's new in these regulations

The Family Arrangements Regulations provide comprehensive guidelines for family businesses holding assets and operating in or from DIFC — in support of their succession and legacy planning for future