<p>The family business provides an opportunity to concentrate all profits, all property, all assets within one family name. This is a fairly common method among wealthy families, especially abroad. In order to manage family assets more efficiently, it is desirable that it is conducted within the office of one company. The practice of family offices is very popular abroad, including in the UAE, but has not yet managed to conquer the countries of the post-Soviet space.</p><p></p><div><h2 class="justifyleft"><strong>The story of Family Offices</strong></h2></div><p>It's generally believed that the prototypes of family offices were butlers who, since the XV century, took over the management of affairs and the management of the house of a large noble family. Then noble families began to hire managers or attorneys, who were looking after family property and family estates, solving financial problems, helping to increase assets, etc.</p><p>Family office in the form as it is now, was born in the country that gave the world and the offshore industry: the US. The first dollar American millionaire in the XIX century realized how much easier it would be to follow the management and distribution of its assets, if they are concentrated in the hands of one manager. So there was the Family Office, where the rich provided various kinds of help: legal, managerial, banking, etc.</p><p>The founders of family offices became Morgans family - American multimillionaires, who in 1838 opened the "Morgan House" - a corporation that managed all (very considerable, by the way) assets of their family. The example of the Morgans was followed by another richest American, John Rockefeller, who at the end of the XIX century (in 1882) gathered a group of specialists from various fields whom he fully trusted and handed over to them the management of all his property. American experiments with family offices were so successful that they soon began to be used by other countries.</p><div><h2 class="justifyleft"><strong>Types of Family Offices and their popularity abroad</strong></h2></div><p>Today, family offices continue to hold their popularity in the state of their birth - the US, but they are also enjoying the use of other countries. The European Center for Family Office is Switzerland. It was here that a huge number (about half a thousand) of family offices was concentrated, which mainly serve foreign clients. On average, every Swiss office employs only a few dozen employees who turn the assets of the world's richest surnames, each of which transfers at least $ 10 billion to the management of specialists in family offices.</p><p>At the beginning of the birth of this industry, one family office managed the property of a particular family. Today, the situation has changed somewhat, there are not so many Family Office that devote their time and energy to one genus. At best, they work with several families, but more often such offices are ready to serve an unlimited number of clients. They even started calling Multi Family Office.</p><p>Today there are three types of family offices:</p><ol><li>Class A. Their employees specialize exclusively in finance and real estate.</li><li>Class B. In the role of specialists are banks and consulting companies, so it's no surprise that their specialization is finance.</li><li>Class C. Small legal offices help their clients carry out transactions with real estate.</li></ol><div><h2 class="justifyleft"><strong>What is offered by Family Offices to its clients?</strong></h2></div><p>Today jurisdictions in which family offices are popular are Singapore, Switzerland (Zurich), United Arab Emirates (Dubai), Hong Kong. The services provided by Family Office, when compared with the XIX century, significantly expanded. Today, family offices working in different parts of the world offer their customers:</p><ul><li>Advising on various issues. Family Office clients receive legal, financial, tax, practical advice on the prudent management of their own assets.</li><li>Carrying out audits, both annual at the request of tax departments, and unplanned in a particular sector.</li><li>The choice of a bank for the storage of funds (not necessarily in the country of residence of the holder of assets), the selection of the optimal account type for the client, help in opening it.</li><li>Analysis of possible risks and the methods invention that are able to minimize them.</li><li>Carrying out operations that are necessary for preserving and multiplying the customer's funds, for example, creating corporate structures, opening companies in tax-free jurisdictions, etc.</li><li>The invention and implementation of ready-made business projects that will help increase the annual profit.</li></ul><p>Specialists in family offices are paid by agreement. This may be a fixed monthly or annual remuneration, even with premiums and holidays specified in the contract. Sometimes clients pay to Family Office staff in accordance with the level of effort they have made to preserve and multiply the assets of the family. Recently, the work of family offices employees for a percentage of the assets amount that they manage has become quite popular practice. This method of payment forces specialists to work harder, since their annual income directly depends on the amount of money the client has.</p><h2><strong><span style="text-align: center;">Family Industry in UAE</span></strong></h2><p>The Arab Emirates is a country that is just perfect for business, and for Funds safety, and not so much of local residents as of foreigners. There are a lot of SEZs here that allow foreign businessmen to freely open companies with full ownership. The world's best banking institutions are located here that they agree to open accounts for foreigners when all registration conditions are met. Not surprisingly, with the arrival of a large number of foreign investments on the UAE market, family offices have also been brought here.</p><p>Dubai is the main emirate, where more local and international banks have concentrated. Family Office, which works in Dubai, provides customers with various services:</p><ul><li>preserve and increase family capital;</li><li>promote unhindered his transfer by heredity;</li><li>protect clients' money from wastage;</li><li>minimize risks;</li><li>offer effective projects that are capable of making a profit;</li><li>they deal with the immigration service, which issues resident visas;</li><li>choose the real estate necessary for work and life in the UAE, are engaged in its acquisition;</li><li>take on tax planning, reducing this expense item to a minimum;</li><li>choose the best among UAE banks and help in opening an account;</li><li>looking for new partners and shareholders;</li><li>offer profitable investment projects, etc.</li></ul><p class="MsoNormal" style="margin: 0cm 0cm 0.0001pt -10.5pt; text-align: justify; line-height: 18pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="font-size: 10.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; color: #444444; mso-fareast-language: RU;"> </span></p><p class="MsoNormal" style="margin-bottom: 7.5pt; text-align: justify; line-height: 18pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Not so long ago <span>another family office</span> opened in Dubai, which deals with the assets of extremely wealthy families, without wasting their talents on third parties. Clients of this office can become foreign childbirth, which owns large assets. The Dubai family center has the appropriate certification, can offer its clients the services of the best specialists in finance, law, economics, etc.</p><p><span style="color: #444444; font-family: Arial, sans-serif; font-size: 10.5pt; text-align: justify;"> </span></p><p><span style="color: #444444; font-family: Arial, sans-serif; font-size: 10.5pt; text-align: justify;"> </span></p><p style="text-align: center;"><em> Get more information about <strong>Castle Family Office</strong> capabilities, by writing us at:</em></p><p style="text-align: center;"><em> </em><em><strong><em><span face="Calibri" size="3"><span lang="EN-US"><span face="Calibri" size="3"><a href="mailto:info@castle-familyoffice.sg">info@castle-familyoffice.sg</a></span></span></span></em></strong></em><span style="color: #444444; font-family: Arial, sans-serif; font-size: 10.5pt; text-align: justify;"><br /></span></p>