Article 15 — Establishing a Single Family Office

15.1 An applicant seeking to establish a Single Family Office in the QFC must:
(a) apply to the QFC Authority for a Licence to carry on SFO Activities in accordance with Article 15.2; and
(b) apply to the CRO to incorporate a Company in accordance with Article 15.4 and register such Company as a Single Family Office in accordance with Article 16.
15.2 An application to the QFC Authority for a Licence to conduct SFO Activities must be accompanied by:
(a) a letter from an Eligible Firm complying with the requirements set out in Article 18 of these Regulations; and
(b) a statement signed by the applicant or its Designated Representative containing the information set out in Article 15.5 .
15.3 In considering an application for a Licence to conduct SFO Activities, any matter concerning the integrity or the reputation of the QFC will be considered. The QFC Authority may, in its absolute discretion, decline to grant a Licence to a Single Family Office; or may grant such a Licence subject to conditions, restrictions or requirements as it considers appropriate; or may take action as specified under Article 23 of the QFC Authority Regulations after the grant of a Licence.
15.4 An applicant seeking to incorporate a Company as a Single Family Office in the QFC must:
(a) comply with the formalities for incorporation, formation and registration set out in the Companies Regulations; and
(b) comply with Article 19.1 of these Regulations in respect of the proposed Articles of Association of the Company.
15.5 The statement referred to in 15.2(b) must contain the following particulars:
(a) the name of the common ancestor in relation to the Single Family and sufficient information to prove that the family in question will qualify as a Single Family as defined in Article 8;
(b) a description of the source of the assets of the Single Family that will be subject to the management of the Single Family Office;
(c) full details of who controls the Single Family Office and procedures for reaching and communicating decisions relating to the assets of the Single Family that will be subject to the management of the Single Family Office;
(d) full details of the legal and beneficial owners of the Single Family Office;
(e) confirmation of the total number of Family Members to be served by the Single Family Office;
(f) the SFO Activities to be carried on and services to be provided by the Single Family Office;
(g) a description of the arrangements to be made by the Single Family Office regarding its procedures for:
(i) the terms on which it will act for and provide services to Single Family Office Clients;
(ii) the procedures that it will follow to establish that an individual is a member of the Single Family within the meaning of these Regulations and that an entity is a Family Fiduciary Structure or a Family Entity within the meanings given to the respective term in these Regulations;
(iii) the documentary records that the Single Family Office will maintain to record the interests and entitlements of individual Single Family Office Clients to investments and other assets that are under the management of the Single Family Office;
(iv) opening and operating client money accounts that record the interests and entitlements of individual Single Family Office Clients to money that is under the management of the Single Family Office;
(v) carrying out the obligations of the Single Family Office under and maintaining the records that the Single Family Office is required to hold by the AML/CFT Law, and the AML/CFT Rules; and
(vi) the general administration of the Single Family Office and its communications with Single Family Office Clients.
(h) proof of identity of the Designated Representative and confirmation of his background, qualifications and suitability for performing the function of Designated Representative for the Single Family Office; and
(i) confirmation that the Single Family Office Clients are aware that the Single Family Office is not regulated by the Regulatory Authority and may not engage in Regulated Activities unless authorised to do so by the Regulatory Authority.