Ocorian consolidates Middle East footprint with launch of Dubai-based fund administration service10 Dec 2018
Following a successful application to the Dubai Financial Services Authority (DFSA) for a Category 4 licence, we're pleased to announce that we have expanded our Middle East offering to include a full range of Fund Administration and supporting services.
The application follows Ocorian's acquisition of Abax Corporate Services (ABAX) in April, which included an existing Dubai International Financial Centre (DIFC) entity and registered Corporate Service Provider licensed under designated non-financial business and professions (DNFBP) regime.
The UAE is a key entry point for an ever-growing number of European, North American and African investors, as well as individuals and companies from the wider Gulf. Commenting on Ocorian's investment in expanding its UAE presence and offer, Claire Le Brocq - Managing Director of Alternative Investments said:
"The DIFC, as a gateway to Middle-East investment and trade, is key for many clients who value the ease with which they can do business within a well-regulated international hub. Its significance and global position will continue to increase and we see this development of our operation leading the continued positive momentum in the creation of domestic funds."
In October this year, Ocorian was also successful in obtaining a licence from the Abu Dhabi General Market (ADGM) to deliver a full suite of corporate services, management consultancy, accounting and tax services - including the set up and service of legal structures, like the popular ADGM SPV.
Leading Ocorian's experienced local team is Nina Auchoybur, Managing Director - UAE, who was part of the original ABAX team that opened its operations in Dubai in 2010 to provide a 'one-stop-shop' to those wishing to establish and expand their business there.
"We have a substantial GCC client base strategically investing into the domestic market and we look forward to continuing to support them and new clients as their global administration partner of choice," explained Auchoybur. "Offering such services locally for both DIFC and ADGM vehicles and structures reinforces Ocorian's commitment to and investment in the region."
Centrally based in the Dubai International Financial Centre (DIFC), Ocorian's local team (supported by a further 700+ staff globally) offers a diverse range of services from fund administration, corporate structuring advice, company formation and secretarial services. These include:
- Company Formation Services
- Company secretarial services
- Fiduciary services
- Opening of bank accounts
- Accounting services
- Human capital services - including visas, relocation and recruitment services
- Tax services
Global expertise delivered locally
Ocorian brings nearly five decades of experience as an independent provider of bespoke fiduciary and accounting services to asset managers across the world, as well as institutional and private investors.
Supported by the latest technological infrastructure, the addition of Dubai-based services extends and complements the existing multi-jurisdictional reach of Ocorian's established fund administration offering to allow for seamless integration of service internationally.
Fund and Asset Managers domiciled in the DIFC (regulated and licensed by the DFSA) or External Fund Managers (as provided for within the DFSA Rulebook) can now access a full range of administrative and accounting support services for domestic funds. These include:
The provision of fund administration and fund accounting solutions, encompassing, amongst others:
- Fund establishment services
- Corporate secretarial services
- Valuation of assets and performing net asset value calculations
- Producing financial statements
Registrar, Investor Services and Transfer Agency
- Processing dealing instructions including subscriptions, redemptions stock transfers and arranging settlements
- Maintaining the share register / unitholder registration details
Assistance with the appointment and facilitation of the applicable anti-money laundering requirements.
The licence approval follows the recent announcement of an agreement between the Securities and Commodities Authority (SCA), the DFSC of the DIFC, and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to facilitate the licensing and promotion of domestic funds by each authority across the UAE to attract foreign investment.
In particular, the agreement implements passporting mutual recognition as a regulatory mechanism for the promotion and supervision of investment funds, and encourages foreign licensed firms in financial free zones based in other countries to move to the UAE market.
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