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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.

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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.

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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.

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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:

RAK ICC Fndn features.png

Requirements for setting up a RAK ICC Foundation

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  • 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.

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Example of structure of a foundation

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RAK ICC FNTN - Typical Structure.png

 

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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.

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