Key factors associated with setting-up your Family Office
Overview
Ensuring that a family's international wealth structure runs smoothly and meets the varied and changing needs of the family can be a difficult and time consuming task. Many high-net-worth international families choose to set up a family office to take on this role and provide other services to the family.
In this Practice Note, we discuss some of the key factors that should be considered when establishing a family office, the form the family office should take and the services it can provide.
Definition
DFSA: Dubai Financial Services Authority.
FCA: Financial Conduct Authority.
ISPV: Intermediate Special Purpose Vehicle regime.
SFO Regulations: Single Family Office Regulations.
SPC: Special Purpose Company Regulations.
US FATCA: United States Foreign Account Tax Compliance Act.
Practical Guidance
Why have a family office?
As high net-worth families grow in size and wealth, and as their business interests and assets change, maintaining oversight and managing the international legal, regulatory, and tax compliance issues associated with the smooth running of the family's wealth structure can become a business in itself.