Latest news with #governanceframeworks
Emirates 24/7
28-07-2025
- Business
- Emirates 24/7
Dubai Centre for Family Businesses launches first Family Business Advisors Directory in Dubai
The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has announced the launch of the first comprehensive directory of family business advisors in Dubai. The initiative seeks to empower family-owned businesses to effectively and efficiently access specialised consultancy services across a wide range of administrative and operational areas. The directory serves as an effective tool for connecting family businesses with 56 trusted advisors. The curated list features a diverse group of experienced family business advisors, categorised into two groups: those with extensive practical expertise in advising family enterprises, and certified consultants who have completed the Certified Family Business Advisor (CFBA) and Certified Family Wealth Advisor (CFWA) programmes delivered by the centre in partnership with the Family Firm Institute (FFI). Family businesses seeking expert consultancy support can use the directory to identify the most suitable advisors across a wide range of management disciplines and sectors. These include the development of governance frameworks (both family and corporate), restructuring, succession planning, mergers and acquisitions, mediation, and commercial dispute resolution. Each advisor featured in the directory has a dedicated profile outlining their professional background, relevant certifications related to family business advisory, and areas of specialisation, together with direct contact information. The centre launched its Family Business Advisor Certification Programme in 2023 in collaboration with the Family Firm Institute (FFI), the world's leading organisation for research, education, and thought leadership on family enterprises. The programme offers professional certifications for qualified advisors whose expertise can enhance the competitiveness and sustainability of family businesses. Developed in collaboration with FFI, the certification framework aims to create a trusted pool of accredited advisors that family businesses can confidently engage with. Through this partnership, family businesses also gain access to a wide range of resources and publications, as well as the opportunity to enrol in FFI's Global Education Network (GEN) certification programmes, which include the CFBA and CFWA programmes. Participants benefit from comprehensive skills development opportunities to better serve their family business clients.
Forbes
16-07-2025
- Business
- Forbes
Wealthy Indian Families Seek Hong Kong For Long-Term Legacy Planning
Indian family businesses are choosing Hong Kong for its established experience in legacy planning, global market access and robust governance frameworks. For many Indian families who have built multi-generational businesses, the question of where and how to manage their legacy is becoming increasingly pressing. As they seek jurisdictions that offer a stable, trusted and well-regulated environment to grow and preserve their wealth, Hong Kong is emerging as a compelling destination, particularly for those looking to establish family offices. With over a century of experience in family wealth management, Hong Kong has long supported multi-generational families in building and preserving their legacies. The city offers families a robust support system—comprising legal experts, financial advisors and experienced private banks—to help implement succession and wealth strategies. These resources are particularly important for families navigating the strategic transition from founders to second- and third-generation family leaders. Two long-established Indian-origin families, the Harilelas and the KGK Group, offer unified examples of how Hong Kong has not only enabled them to grow their businesses, but also strengthen the governance and planning needs of their extended families. Dr. Aron Harilela, Chairman and CEO of Harilela Hotels, draws on nearly a century of family presence in Hong Kong to strengthen corporate governance and guide the next generation in legacy planning. Dr. Aron Harilela, Chairman and CEO of Harilela Hotels, represents a family that has been in Hong Kong since the 1930s. Over the course of nearly a century, the Harilela business has evolved from a tailoring enterprise into a respected hospitality group. The journey, however, has not been without challenges. As the family grew to over 100 members, the ability to build consensus became harder with each generation. In Harilela's words, 'the only way to make decisions work and to implement those decisions is by good corporate governance.' 'We had to take away all the family issues out of the boardroom. Implementing good corporate governance at a board and corporate level is the key to creating harmonization and dealing with the challenges of an intergenerational change. And we have adopted this in Hong Kong,' he explains. Sanjay Kothari, Vice Chairman of the KGK Group, represents a new generation of Indian entrepreneurs using Hong Kong as a strategic base to grow global investments. Sanjay Kothari, Vice Chairman of the KGK Group, who is the fourth generation of the Kothari family, moved to Hong Kong in 1990 and started expanding the family business there. The family-run global enterprise has a strong presence in Hong Kong, using the city as a central base for its operations and investment strategy. 'We place great emphasis on wealth planning to ensure continuity and sustainability across generations,' Kothari says. 'Hong Kong's legal and financial systems have provided us with effective tools for structuring inheritance and succession planning. This framework allows us to maintain the integrity of our family's business and assets while fostering future growth.' Beyond succession, many Indian families are looking for investment destinations that offer both opportunity and predictability. As Asia's top cross-border asset and wealth management center, Hong Kong provides access to a wide array of investment classes, from stocks and bonds to art, real estate, green finance and private capital. 'Hong Kong has been instrumental in growing and safeguarding our family's investments. Its sophisticated financial market offers a wide range of opportunities, allowing us to diversify our portfolio with confidence,' says Kothari. Robert Buchbauer, Vice Chairman of Swarovski International Holding, sees similar value. 'Hong Kong offers stability, predictability and an environment that is business-friendly—key elements for any family office seeking a solid foundation for long-term growth.' In the digital asset space, Hong Kong has taken a clear and pragmatic regulatory approach. With 11 licensed virtual asset firms and evolving rules around stablecoins, tokenization and blockchain applications, the city is positioning itself as a global leader in digital asset governance, providing predictability in a sector where many jurisdictions, including India, still face uncertainty. This clarity allows Indian family offices to navigate digital assets with greater confidence. While regulatory hurdles in India, such as those under the Foreign Exchange Management (Overseas Investment) Rules, 2022, continue to hinder cross-border diversification for Indian family offices, Hong Kong offers open capital markets and unrestricted cross-border flows. Families can allocate wealth freely into diversified investment products, ranging from public markets to alternative assets, and channel capital not just into Hong Kong, but also into other global financial centers. As a free port with no capital controls, Hong Kong imposes no restrictions on foreign exchange transactions, inward or outward investments, or the repatriation of funds. The city's stock market is one of the most liquid in the world, recording an average daily turnover of HK$274.7 billion (US$35 billion) in April 2025, and supports a broad range of products, from equities and bonds to structured and alternative instruments. This open and frictionless capital environment is reinforced by Hong Kong's status as the world's freest economy, a title it has consistently held for over two decades according to international rankings such as the Fraser Institute's Economic Freedom of the World index. This freedom gives Indian family offices full flexibility to pursue global portfolio strategies without dealing with excessive red tape or unexpected changes to policy. 'As a global financial hub, Hong Kong provides seamless access to both local and international markets, enabling efficient and secure operations, making it the prime choice for high net worth individuals,' Kothari says. As a global financial hub, Hong Kong provides seamless access to both local and international markets. Hong Kong also makes it straightforward to establish a family office. For single-family offices that do not engage in regulated financial activities, no licensing is required. Families benefit from a robust common law system, an independent judiciary and alignment with international legal standards, advantages reinforced by Hong Kong's 'One Country, Two Systems' framework that ensures the city's legal and regulatory independence. The city is also home to over 267,000 financial professionals, providing deep expertise across wealth planning, governance, tax and succession. As Indian families look to secure their legacies for generations to come, Hong Kong's combination of experience, infrastructure and freedom makes it a natural partner.
