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Family Offices in the Abu Dhabi Global

Market - 10 Leaves
Background:

The core activities of a family office arrangement involve the centralized management of
wealth derived from one family, in an environment where family influence affects
decision-making. Each family will add services to this core activity, in line with its
requirements and ability/ willingness to meet the costs associated with each activity. Such
structures usually have a broad range of business interests, with asset management and
philanthropy adding to the complexity. One of the most important considerations for
families is preserving wealth for the future while serving the income needs of the current
generation.

The ADGM approach:

Family offices in UAE

The ADGM has followed the United Kingdom in its approach to family offices. There is
no single structure, or regulation, that encompasses a family office. Rather, the term
refers more to a concept encapsulating a variety if structures established to manage
family wealth, and hence a bespoke solution is required in each case.

Accordingly, ADGM offers a tailored approach to family offices. While the structures
available remain the same (with an added advantage of discretion), emphasis is laid on
usage of the ​ADGM eco-system in order to complete the various requirements of the
family office. There is no asset-based entry-level criteria, however, the common ancestry
is obviously a pre-requisite.

The Restricted Scope Company (RSc):

The RSc is a unique private structure that can be the vehicle of choice for family offices.
It’s salient features:

1. It does not require to maintain a physical office in Al Maryah Island. Instead, this
can be a correspondence address of a professional service provider.
2. Protection from normal inspection of company records and from the requirement
of maintaining public records.
3. Directors are required to prepare accounts but not normally required to file such
accounts and reports with the ​ADGM Registration Authority​, nor are such
accounts and records subject to public disclosure

4. Exempt from audit requirements

The ADGM Eco-system:

Available resources:

Investment Management – Specialist advisors | Fund Managers | Private Equity

Management Resources – Governance provisions | Family Charter | Letter of Wishes |


Trusts | Foundations | Protectors/Enforcers

Special Purpose Vehicles – Passive holding companies | Securitisations | Commercial


property | Private Jets/Yachts

Operational Companies – Local UAE Company | International Company | Joint Ventures

Family Administration Office – Employees | Advisors | Lawyers & Accountants |


Management/Administration

Costs:

The costs for the structure would depend on the components. Here is an indication of the
ADGM fees​:

Private Limited Company (operational ) – US$ 12,000* per annum

Special Purpose Vehicles (SPV) & Investment companies – US$ 1,700* Year 1 / US$
1,200* per annum
*Service fees extra

Services:

We support families with:

• The creation of effective family office structures, devising business plans and
investment strategies.
• Design of appropriate remuneration packages and strategies to attract and retain the best
people as key employees.
• Developing governance structures from a corporate and family perspective.
• Succession planning.
• Strategic business advice including acquisitions, re-organisation and exits from
investments and businesses.
• Real estate acquisitions and disposals and ongoing asset management.
• Developing philanthropic strategy and designing a structure that meets the family’s
requirements.