To date, Atlas Wealth has received ‘in-principle approval’ from the Dubai Financial Services Authority (DFSA) and is working with the regulator to finalise the last remaining requirements to be granted a full licence.
The office will provide on the ground services for Australian expats located across the wider Gulf region, where an estimated 35,000 Australians are currently living.
Why the DIFC?
Brett Evans, Atlas Wealth’s managing director (Emea), told International Adviser that “it was quite a simple choice to set up in the DIFC”.
“It operates on a very similar compliance regime to that of Australia, which meant that a lot of our internal systems and procedures required very little amendments in order to apply for a licence in the DIFC.
“This means that we are able to operate in a jurisdiction that is very similar to what we are already used to, and it is an ideal environment for us to be able to bring specialised Australian expat financial advice to the 35,000 Australia expats located in the Gulf region.”
Boots on the ground
Atlas Wealth already has clients located in the UAE, Saudi Arabia, Bahrain and Qatar, so “the Gulf region has always been a significant jurisdiction” for the firm, Evans said.
“We are looking forward to getting boots on the ground the ensure that Australian expats are able to access compliant and customised financial advice that is specifically designed for Australians in the region,” he said.
Evans will manage the Dubai office, with James Ridley taking over as managing director (Apac) of the Australian office in Southport, Queensland, which lies just south of Brisbane.
Ridley said: “With Australian and global regulations increasing at a rapid pace, it is imperative that we position Atlas Wealth Management so that Australian expats can receive the specialised advice that they require to navigate the maze of financial requirements that have been thrust upon them.”