RAK ICC FOUNDATION

RAK ICC Foundation has been introduced in 2019 by RAK ICC to offer a newly adaptable framework for investors to protect and manage their wealth. The RAK ICC Foundations Regulations 2019 cater for the legal framework for RAK ICC Foundations.

A RAK ICC Foundation is a corporate body created with a legal personality with that of its Founder(s) registered with RAK ICC. A foundation is established by a founder to hold assets for the benefit of the recipient and is govern by its charter and by laws and managed by a foundation council.

Foundations like trusts are commonly used in common law jurisdictions and are quite similar. However, a foundation has a legal personality as a company compared to a trust. A foundation continues its existence even after the death of the founder and is managed by council member and/or guardian as appointed.

Use of RAK ICC Foundation

RAK ICC foundation is usually used for a variety of reasons:

Wealth structuring, succession and estate planning
Assets protection (forced heirship rules and creditors)
Part of holding structure for long term vision
To own specific assets of a family wealth
Charity and/or philanthropic purposes

Key Features of RAK ICC Foundation

The key features of a RAK ICC Foundation are as follows:

Requirements for setting up a RAK ICC Foundation

Passport copy of founder
Bank reference letter (not older than 3 months)
Details of beneficiaries/recipients
Passport copies of beneficiaries/recipients
Passport copies of council members
Proof of address of council members
Passport copy of guardian, if any
Proof of address of guardian, if any
Other documents may be required on a case to case basis.

Example of structure of a foundation

Premier Global Fiduciary Services DMCC is an approved Registered Agent of RAK ICC and is here to advise you how best to establish a Foundation in UAE and discuss all support services required. If you are interested in establishing a Foundation or for guidance and additional information, please feel free to contact us on contact@premier-dubai.com or call us on +97144696707. Know more about our Services.