A family office looks after a family's wealth. DMCC, a free zone in Dubai, sets out the single family office activity in its Family Office Rules of October 2024: providing financial and non-financial services to one family, to hold or invest the family's assets or to plan the family's succession and legacy.
Ancova does not set up or administer family offices. Ancova structures and administers foundations and holding companies.
The rules compared below come from three UAE regimes: DMCC, Abu Dhabi Global Market (ADGM) and the Dubai International Financial Centre (DIFC).
Key Takeaways
- DMCC's rules describe the single family office activity as providing financial and non-financial services to one family, such as wealth management, asset management, concierge work, day-to-day accounting and legal and corporate governance affairs.
- In DMCC, a single family office serves one family only, and serving more than one family needs a multi family office licence, which DMCC offers.
- In ADGM, a multi family office is regulated by ADGM's Financial Services Regulatory Authority and needs a financial services permission to serve more than one family.
- A DIFC family office can serve one or more families, but providing restricted services to more than one family by way of business needs authorisation from the Dubai Financial Services Authority.
What is a family office?
It is the set-up a family uses to run its money, its assets and the paperwork around them. The details depend on where the office sits, so this section uses DMCC's rules for a single family office, which spell the activity out.
What does a family office do?
Under DMCC's rules, a single family office provides services to one family. The rules give examples: wealth management, asset management, concierge work, day-to-day accounting, and legal and corporate governance affairs. The services can be financial or non-financial.
The rules also fix its purpose: a single family office exists to hold or invest the family's assets, or to plan the family's succession and legacy.
So a single family office is defined by whom it serves and why. Serving people outside the family is where the rules start to differ, as the next sections show.
Is a family office a separate kind of company?
In DMCC, no. There, a single family office is a free zone limited liability company that holds a single family office licence. Because it is the licence that makes the company a family office, a DMCC single family office is a licence held by a company, not a separate type of entity. Our guide to the DMCC single family office rules covers the legal form in detail.
The DIFC has its own rules: family offices there fall under the DIFC Family Arrangements Regulations 2023, which replaced the Single Family Office Regulations of 2011.
Single family office or multi family office?
The difference is how many families the office serves. Each regime sets its own rules for this, so they are set out one regime at a time below.
Single family office: one family
Under DMCC's rules, a single family office serves one family only. It works only on that family's own assets and structures, and it may not serve third parties.
Multi family office: more than one family
The three regimes handle this in different ways.
In DMCC, serving more than one family needs a multi family office licence, which DMCC offers.
In ADGM, a multi family office is regulated by ADGM's Financial Services Regulatory Authority. It needs a financial services permission to serve more than one family.
The DIFC takes a different approach. A DIFC family office can serve one or more families. But providing what the regulations call restricted services to more than one family by way of business needs authorisation from the Dubai Financial Services Authority.
Put simply: in DMCC, one family means a single family office. More than one family can bring an extra licence, permission or authorisation, and the regime decides which.
Where does a foundation fit?
A family office and a foundation do different things. A family office manages a family's wealth. A foundation, in the DIFC for example, is a separate legal person, and its property is not held on trust. The DIFC and ADGM foundation laws also limit foreign forced heirship claims against a foundation.
Whether a family needs a family office, a foundation or both is covered in our DMCC single family office guide.
Frequently asked questions
How much money do you need to have a family office?
There is no single figure, because each regime sets its own. DMCC asks a single family office applicant to hold at least USD 1 million in investible or liquid assets when it applies. ADGM requires minimum family net assets of USD 10 million for a single family office. The DIFC regulations require an aggregate family net asset value of USD 50 million. The measures differ, so the figures are not like for like. Our DMCC single family office guide explains who qualifies in DMCC.
What does Ancova do in this area?
Ancova structures and administers holding companies and foundations.
Next steps
Ancova structures and administers foundations and holding companies. If you are deciding how to hold your family's assets, book an introductory consultation and we'll map your goals before recommending a structure.
Sources
The facts in this article were checked on 9 November 2026 against DMCC's Family Office Rules, ADGM's family offices page and the DIFC Family Arrangements Regulations 2023, and on 8 November 2026 against the DIFC Foundations Law and the ADGM Foundations Regulations 2017.
This article is general information, not legal or tax advice. Take advice from a qualified practitioner before acting.
Written by
Amine Derag
Director of Strategy, Ancova Associates
Amine Derag is Director of Strategy at Ancova Associates, the Dubai advisory firm for company formation, residency, citizenship by investment, and cross-border tax structuring. He advises founders and private clients relocating to the UAE on how a UAE structure interacts with their home-country tax and reporting obligations.
Connect on LinkedInThis article is general information for educational purposes only and is not legal, tax, financial, or immigration advice. Investment thresholds, processing times, and program terms change. Speak with a qualified Ancova adviser before acting.
