Tuesday 19 June 2018

Dhaher Bin Dhaher Al Mheiri

ADGM launches platform for financial planning

ABU DHABI, August 16, 2017

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has launched the first of its kind Foundations regime in support of more effective structures for wealth preservation and wealth management.

The ADGM Foundations regime provides a strategic platform for financial planning and structuring, serving as an alternative to trusts and corporate vehicles.  

For the first time in the UAE, the local, private and corporate community can now efficiently and locally deploy these structures for a variety of services, including family succession planning, tax planning, asset protection, wealth management and corporate structuring, without relying on foreign regimes and practices.  The regime and offerings are operational with immediate effect today (August 16).   

A strategic global solution that supports multi-generational wealth management and preservation

Foundations, like trusts, are utilized for a variety of purposes including wealth management, planning and preservation and are a suitable vehicle for wealth management across generations. Unlike trusts, however, Foundations are incorporated as a legal entity with their own distinct attributes and legal personality. In this respect, foundations are similar to companies but without shareholders. Private Banks have positively endorsed to the opportunity to use Foundations in ADGM as a core component of their structuring for clients without having to continue to rely on vehicles from outside the region.

ADGM’s Foundations regime supplements its existing suite of products and services available to families. To date, the ADGM platform has been widely used by local families for structuring business interests, holding companies and Special Purpose Vehicles for holding a wide range of assets, as well as setting up family offices.  ADGM is also an attractive setting for an ever growing community of highly regarded professional advisory firms and extensive experts in family wealth management.

ADGM will continue to evolve its offering to support local and international families and High-Net-Worth-Individuals to efficiently manage their business and investment interests for several generations to come.

Global clients with interests in Abu Dhabi and the region can also utilise the ADGM Foundations regime and ADGM’s offering as an IFC to efficiently address their assets and wealth management needs.

“ADGM has been working closely with local and international stakeholders and market panel of experts to understand their needs and develop a Foundations regime that addresses the unique requirements of families and asset owners in Abu Dhabi, regionally and globally,” said Dhaher Bin Dhaher Al Mheiri, chief executive officer, Registration Authority of ADGM.

“The new foundations regime, together with the existing world-class legislative and regulatory framework, adds to ADGM’s extensive corporate and legal structure offerings. This is part of ADGM’s ongoing commitment to enhance its ecosystem and serve the needs of its stakeholders by introducing innovative and efficient business solutions.”

The newly enacted Foundations Regulations follow international best practice and ensure an appropriate balance between preserving client confidentiality and maintaining high standards of transparency under the ADGM’s internationally recognised legislative environment. – TradeArabia News Service

Tags: ADGM | Abu Dhabi Global Market |

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