Family offices, UAE and UK
Setting up a family office in the UAE and the UK
Single or multi-family office
A single family office serves one family. A multi-family office serves several families and is treated as a financial services business, so it needs a licence from the regulator.
Abu Dhabi Global Market (ADGM)
- A single family office needs family net assets of at least USD 10 million.
- It registers a controlled activity with the Registrar and does not need a financial services permission.
- Incorporation costs USD 5,600 and renewal USD 5,300 a year. There is no minimum capital and no audit requirement.
- A multi-family office needs a Category 4 permission from the FSRA. Fees are USD 16,800 to incorporate and USD 16,500 a year.
Dubai International Financial Centre (DIFC)
- A single family office under the Family Arrangements Regulations 2023 needs family net assets of at least USD 50 million.
- It is exempt from DFSA regulation while it serves only one family.
- The DIFC also allows a general single family office company under its Companies Law, with no asset threshold but fewer of the family office benefits.
Tax in the UAE
UAE corporate tax is 9% on profits above AED 375,000. A family office in a free zone may pay 0% on some types of income if it meets the qualifying free zone rules. These rules are detailed, so take tax advice before you set up. (Business Dubai summary)
The United Kingdom
The UK has no special family office licence. A single family office usually runs as a private company. If it manages money or gives investment advice to people outside the family, it may need FCA authorisation, as a multi-family office does.
Steps
- Decide what the office will do: investments, property, administration, philanthropy or all of these.
- Choose the jurisdiction and check the asset threshold.
- Agree the structure above the office, such as a foundation or trust, with a lawyer.
- Prepare the business plan and apply to the registrar, then open bank accounts.
Rules and fees change. Confirm them with ADGM, the DIFC or a lawyer before you apply.