DUBAI is one of the global financial centers, and Dubai International Financial Centre is at the forefront of Wealth And Asset Management Companies in the region. With its world-class infrastructure, an uncomplicated legal framework for regulation-liberal means of wealth creation, DFIC stands as an excellent platform for companies engaged in the pursuit of wealth management-or in need of opening a base in Dubai and beyond.
This will discuss why DIFC is the prime destination to set up a space for wealth and asset management firms, and how these firms help individuals and companies secure their finances for the future.
Why Choose DIFC for Wealth and Asset Management?
DIFC offers a thriving ecosystem for wealth and asset managers. Here are some of the reasons it stands out as an excellent base:
- Open and clear legal environment: The kind of legal framework existing at DIFC is entirely in line with international standards of trust and ensures transparency.
- Global connectivity: The market seeks at least US$8 trillion of available private wealth in the Middle East, Africa, and South Asia (MEASA).
- Long-standing industry presence: With over 330 wealth and asset management entities within its ambit, DIFC controls more than US$165 billion in assets.
See also: The Forgotten Websites: Why Redesigning Old Platforms Can Boost Your Business in 2024
Services Offered by Wealth and Asset Management Companies
Wealth and asset management firms in DIFC offer practitioners services that strive to help individuals and businesses attain their financial objectives:
Wealth Management:
- Investment and portfolio strategies.
- Estate and inheritance planning.
- Real estate consultancy.
- Sharia-compliant financial solutions.
Asset Management:
- Managing public and private funds.
- Creating and distributing Sharia-compliant investment funds.
- Overall portfolio performance management and risk management.
- Private Equity and Venture Capital: Providing investment and managerial expertise to private companies and startups to further stimulate innovation and development.
- Hedge Funds: Pooled investments with different strategies to find the best available returns for high-net-worth individuals.
DIFC Family Wealth Centre
One of the most important initiatives of DIFC is promoting ultra-high-net-worth individuals (UHNWIs) and family businesses. With wealth transfer in the Middle East expected to reach $1 trillion over the next decade, the Centre provides:
- Wealth management tools
- Succession planning advice
- A sound structure to help prevent hitches or complications during intergenerational transfers
How to Set up a Wealth and Asset Management Firm in DIFC
Setting up a wealth and asset management company in DIFC involves the following steps:
- Letter of Intent: Show your intent to set up in DIFC.
- Regulatory Approval: Submit a business plan and required documents to the Dubai Financial Services Authority (DFSA) for in-principle approval.
- Registration and Licensing: Completion with DIFC’s registrar: setting up an office, visas, and bank accounts (once all set up is met, the DFSA gives you your operational licence).
Benefits of Running a Business in DIFC
Among the various benefits of operating businesses in the DIFC include:
- Proximity to Wealth: An access to trillions of dollars in private wealth across MEASA.
- Available Variety of Licenses: Ranging from advisory roles to full-service asset management licenses tailored to the business model.
- Best-in-Class Facilities: Modern infrastructure built to meet a financial institution’s needs.
- Tax-Free Earnings: Total tax exemption on profits and income.
The Future of Wealth and Asset Management in DIFC
As Dubai continues to develop into a global financial hub, wealth and asset management firms will find opportunities to capitalize. DIFC, being molded with a future of innovation, sustainability, and client focus, guarantees that it provides businesses with the needs for a successful undertaking into a more competitive market.
Start Your Journey in DIFC
Whether you’re an entrepreneur, investor, or established financial institution, DIFC provides the ideal environment to secure and grow wealth.
To learn more about setting up a wealth and asset management firm, visit DIFC’s official website and take the first step toward financial success in Dubai.
