DMCC

Family Office Rules

Issue Date: 10 October 2024

Version 1

Effective date 10 October 2024, unless otherwise advised by DMCCA

Part A

1. DEFINITIONS AND INTERPRETATION

1.1 Definitions

In these Family Office Rules, unless the context otherwise requires, words or expressions not defined have the same meaning as in the Dubai Multi Commodities Centre Authority Company Regulations 2024 (the Company Regulations), and the following words have the following meanings:

Applicable Laws means the Laws and rules applicable to and in the DMCC Free Zone, including any other laws, regulations, rules, policies and procedures issued by DMCCA from time to time;

Continuation means, with effect from the date of continuation stated in the Certificate of Continuation, a Continuing Entity becomes a Company on the Register of DMCC Entities, which is required to obtain a Licence (and Continued has a corresponding meaning);

DMCC Entity means a Company or a Branch;

DMCC Family Office means a DMCC Entity that holds an active Licence under the Company Regulations that grants it the power to carry out a Family Office Activity;

DMCC Family Office Licence means a Licence to carry out a Family Office Activity;

DMCC Free Zone Activity Sheet means the document listing the details of each licensable activity in the DMCC Free Zone, which can be accessed via the DMCCA website;

Existing means being in existence, which is demonstrated as follows: a) in respect of a Company, the Registration of that Company; and b) in respect of a Continuing Entity, the Continuation of such entity (and Exist has a corresponding meaning);

Family means the individuals who are, at the time of the submission of the relevant Licence application, the direct descendants or adoptees of a common parent or that parent’s spouse (including any widows or widowers, whether or not remarried) down to three generations from the common parent or spouse, as well as any individuals who are the future descendants and spouses of Family Members. Family Member and other derivative terms shall be construed accordingly;

Family Office Activity means the Single Family Office Activity or the Multi Family Office Activity;

Law means any and all legislation, decrees, resolutions, acts, statutes, ordinances, rules or regulations, directives and other orders, treaties, by laws, codes of practice and other subordinate legislation, of any UAE Governmental Authority;

Licence Fee means the fee payable, as determined by the DMCCA from time to time and set out in the Schedule of Charges, to obtain a Licence;

Multi Family Office means a DMCC Family Office that holds an active Licence to carry out the Multi Family Office Activity;

Multi Family Office Activity means the provision of non-regulated non-financial services (such as concierge, business management or technology) by either a Family Member or an independent third party to more than one Family by way of business in or from the DMCC Free Zone for the purpose of supporting the management or administration of assets belonging to the relevant Families;

The Multi Family Office Activity corresponds to the activity with the title ‘Multi Family Office (DMCC)’ in the DMCC Free Zone Activity Sheet;

Multi Family Office Initial Criteria has the meaning provided in Rule 3.2.3 of these Family Office Rules;

Private Register has the meaning provided in Rule 4.1 of these Family Office Rules;

Qualifying Multi Family Office Investment means any business, corporate entity, foundation, trust or other vehicle whose Ultimate Beneficial Owner is a Family that:

• (a) has been approved by the DMCCA; and
• (b) owns a 100% ownership interest in the vehicle in question (with no other ownership interests present);

Qualifying Single Family Office Investment means any business, corporate entity, foundation, trust or other vehicle whose Ultimate Beneficial Owner:

• (a) is a Family Member of the same Family; and
• (b) owns a 100% ownership interest in the vehicle (with no other ownership interests present);

Renewal Fee means the fee payable, as determined by the DMCCA from time to time and set out in the Schedule of Charges, to renew a Licence;