• Economy/ Private Client

    Davidson & Co – start planning for the future with us

    start planning for the future with us

    At Davidson & Co, we pride ourselves on being one of a limited number of firms within the region offering a full range of private client services including succession planning and asset protection for individuals and High Net Worths; family governance and advice to family offices. Essentially, we help clients plan for the future. At the helm of our team and cementing our position as market leaders, is Andrew Young, who features amongst the top 50 private client advisors globally in the prestigious Citywealth Leaders List as listed in Chambers HNW 2018 “Leaders in their Field” for the UAE.

    The value of making arrangements for families and the next generations to come is often overlooked, and there is a common misconception that succession planning and asset protection is only relevant for the rich and famous, or the elderly.

    When it comes to succession planning and asset protection, there is no ‘one size fits all’ approach. Davidson & Co we are able to tailor our services depending on a client’s personal circumstances and wishes. This may range anywhere from the preparation of a Will through the DIFC Wills and Probate Registry Service Centre, to the implementation of an offshore Private Trust Company (PTC) trust structure, foundation or single family office for high net worth individuals who own assets located all around the world.

    Over the past number of years there has been a significant drive to enhance and mature the succession planning vehicles available in the region and there is, therefore, no better time to start planning for the future with us.

    Our team would be delighted to hear from you.

    Victoria Smylie
    vsmylie@davidsoncolaw.com

  • Corporate Law/ Family Law/ Legal Update/ Private Client

    Davidson & Co admitted to prestigious Legalink global network

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    Davidson & Co is delighted to announce that the firm has been admitted into the prestigious Legalink network, a global legal network comprising more than 60 individually approved and selected law firms from around the globe.

    Davidson & Co prides itself in its ability to offer a full service to clients, and by becoming a member of Legalink, Davidson & Co is now in a position to not only offer clients in-depth legal knowledge of proceedings in the UAE, but also access to dependable, first-hand legal advice from over 3,000 professionals worldwide.

    Davidson & Co recognises that in our ever expanding and internationalised economy, our clients’ private wealth and assets are no longer confined to one jurisdiction, and this most recent accolade cements the firm’s goal to understand the needs of its clients, add value whenever possible, and to ensure ongoing development and success.

    Further information on Legalink or its members can be found at https://www.legalink.ch.

    Alternatively, please contact either Victoria Smylie at vsmylie@davidsoncolaw.com, or Yousif Ahmed at yahmed@davidsoncolaw.com, both of whom would be delighted to answer any questions you may have on the network.

  • Economy/ Employment/ Private Client

    The UAE launches a 10-year residence visa

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    The outcome of a cabinet meeting chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum on Sunday 20th May 2018 is set to improve the trust and confidence of foreign investors, creating countless new opportunities within the UAE.

    The meeting established the implementation of a 10-year residence visa aimed at applying to foreign investors and specialists such as doctors, engineers, researchers and scientists. The new rule will also apply to the family members of any such entitled persons. Eligibility for the visa will also extend to top performing students.

    His Highness Sheikh Mohammed Bin Rashid Al Maktoum stated, “Our open environment, tolerant values, state-of-the-art infrastructure, and flexible legislation are the best plan to attract international investment and exceptional talents. The UAE will remain the land of opportunity, the best environment for realising human dreams and unleashing their extraordinary potential”.

    The new law is expected to be implemented by the end of 2018.

    Amendments to Foreign Ownership (Company) Laws

    In the same meeting, the Cabinet also announced proposed changes to the foreign ownership system of UAE based enterprises, approving a decision to allow 100 percent ownership for international investors in specific business sectors.

    The current position, found under Article 10(1) of the Federal Law No. 2 of 2015 (UAE Commercial Companies Law), requires onshore companies inaugurated by international persons to have a UAE National partner holding a 51 percent share of the company. The introduction of the new law would allow certain foreign investors to have 100 percent sole ownership of their enterprise, bringing the position of onshore LLC companies in line with existing Free Zones, and offshore entities.

    For any of your visa, employment or company set up requirements please do not hesitate to get in touch.

  • Family Law/ Legal Update/ Private Client

    Enactment of the DIFC Foundations Law 2018 – enhancing succession planning and wealth structuring platforms in the region.

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    The long-awaited Dubai International Financial Centre (DIFC) Foundations Law 2018 (DIFC Law No 3 of 2018) has now come in to effect as of 21 March 2018. The new law, which is in addition to the pre-existing DIFC Companies Law and the newly reformed DIFC Trust Law, is intended to provide an enhanced framework for succession planning and wealth structuring platforms in the region.

    What is a Foundation?

    A Foundation is an incorporated legal entity, viewed as a hybrid between a company and a trust. Similar to that of a company, a Foundation is deemed to have a separate legal personality however, rather than being owned by shareholders or members, a Foundation is self-owned and administered by its Council, in accordance with the Foundation’s by-laws.

    A Foundation is established when the Founder places assets in to the Foundation to be used in accordance with designated purposes and objects.

    DIFC Foundation Categories

    The DIFC Foundations law provides for four categories of Foundations based upon their objects; 1) objects which are exclusively charitable; 2) objects which are not charitable; 3) in order to provide benefits to persons identified in its Charter or By-laws and; 4) a combination of the above. For all categories of Foundations, commercial activities must not be carried out, except where deemed necessary for, and ancillary or incidental to. the Foundation’s objects.

    Different governance requirements will apply depending on which Foundation is created.

    Key Benefits

    • Flexibility
    • Degree of control maintained by Founder
    • Family involvement
    • Maintain family ties for geographically diverse families and/or assets
    • Continuity
    • Separate Legal Personality
    • Independent
    • Robust governance structure
    • Facilitates philanthropy

    Who will benefit from the DIFC Foundations Law?

    Foundations can be created for a variety of purposes, whether it be to assist the multi-generational family with asset protection, the High Net Worth individual with geographically diverse assets, an individual or family with philanthropic objectives, or a company or family office wishing to restructure, the DIFC Foundations regime is a welcome introduction for individuals, families, businesses, and entrepreneurs alike both locally and globally.

    For further information on DIFC Foundations please contact Victoria Smylie on +971 4 343 8897 or vsmylie@davidsoncolaw.com

     

     

     

  • Private Client

    Announcing a new addition to our Private Client team

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    Award-winning legal consultants, Davidson & Co, have further strengthened their Private Client team with the appointment of Victoria Smylie as an Associate. Vicky, who is UK qualified, joins from Scotland’s top Private Client firm and specializes in succession planning, wealth structuring, asset protection and wills.

    Founding partner, Jonathon Davidson, commented “ Vicky’s appointment is further evidence of our commitment to, and confidence in, the Private Client market in the UAE. We measure our success in the quality of our clients and the quality of our people and on that basis we have a great deal to look forward in the coming years.”

    Andrew Young, Head of Davidson & Co’s Private Client Department, has recently been ranked Band 1 for Private Wealth Law in the UAE in the Chambers HNW 2017 Guide, one of only two lawyers to achieve this distinction.

    This is just the latest honour for the firm, which was recently ranked amongst the top 50 private client advisers globally in the prestigious Citywealth Leaders list, ranking number one in the Middle East.

    Jonathon added “These awards demonstrate that our growing Private Client team, supported by our experienced and commercially-oriented Corporate team, are expertly placed to advise individuals and families within the region on their private and business requirements”.

     

  • Corporate Law/ Employment/ Family Law/ Private Client/ Property

    Andrey Panferov heading up Davidson & Co Russian speaking desk

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    We are delighted to welcome Andrey Panferov to the growing Davidson & Co team.

    Fluent in both Russian and English Andrey has over 12 years of legal experience in both Russia and Dubai and supported by the firm’s talented legal team, Andrey is looking after the firm’s Russian speaking clients.

    Andrey is a fully qualified lawyer with expertise and knowledge across a broad range of areas including corporate law, mergers & acquisitions, commercial contracts, dispute resolution and construction.

    Holding a degree in Law from Russian reputable Law University, Andrey completed his MSc at Heriot Watt University (Dubai Campus) and trained to work with international legal practices.

    Andrey is based in our Dubai office and heads up the firm’s Russian speaking desk and is available to assist with any of your legal matters.

    He can be contacted directly at apanferov@davidsoncolaw.com or on +971 52 752 7758

  • Corporate Law/ Family Law/ Private Client

    Davidson & Co ranked by Chambers and Partners

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    Davidson & Co are pleased to announce that Andrew Young, head of our Private Client Department, has been recognised by Chambers and Partners in their renowned Chambers HNW 2017 guide.

    Andrew is one of only two lawyers to be ranked Band 1 for Private Wealth Law in the UAE. Andrew is described in the publication as “practical and charismatic” and “very experienced”, with his strengths lying in “his connections and timeliness”.

    This is the latest honour for Andrew and Davidson & Co, who were recently ranked amongst the top 50 private client advisors globally in the prestigious Citywealth Leaders List, ranking number one in the Middle East. Both of these recent awards are confirmation that Andrew’s Private Client team, supported by the firm’s talented Corporate team, are expertly placed to advise wealthy individuals and families within the region on their private, transactional and business requirements.

    To find out how the Davidson & Co team could assist your specific requirements please do not hesitate to get in touch.

  • Economy/ Family Law/ Legal Update/ Private Client

    Davidson & Co recognised as one of the top 50 private client advisors globally

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    Citywealth Leaders List

    We are delighted to announce that Andrew Young and Davidson & Co have been featured amongst the top 50 private client advisors globally in the prestigious Citywealth Leaders List, ranking ahead of other private client firms in the Middle East, and cementing our position as market leaders in this area of expertise.

    Andrew has over 30 years experience advising individuals, families, and family offices in relation to both personal and business assets.


    Private Client Services

    As our economy continues to expand and the private wealth of individuals across the globe is on the rise, at Davidson & Co we recognise that it is now more important than ever to make suitable arrangements to manage your assets and your families future.

    Accordingly, we are delighted to announce the expansion of our Private Client team headed up by Andrew Young. The addition of Victoria Smylie to the team makes Davidson & Co one of the largest dedicated private client teams in the region.

    Andrew and his team are expertly placed to advise expats, UAE residents, or international persons with a connection to the UAE on:-

    • Asset protection and wealth management
    • Estate and tax planning
    • DIFC Wills and Probate Register
    • Multi jurisdictional estate planning
    • Multi jurisdictional structuring for wealth preservation and family succession
    • DIFC trusts
    • Foreign trusts

    The value of making arrangements for you and your families future is often overlooked, and there is a false belief that wealth planning is only suited to the rich and famous.

    In order to ensure that your estate, big or small, passes in a tax efficient manner, in accordance with your wishes, and without any complications or ambiguities, it is crucial not to delay making the necessary arrangements.

    Not only is Davidson & Co one of a limited number of firms within the region offering private client services, as a multi servicing firm, we are able to draw on the expertise and skills of our corporate, litigation and employment experts to provide an all encompassing service for you, your family and your businesses.

    Please get in touch to discuss your specific circumstances with our friendly team who would be delighted to assist.