RAK ICC Foundation Set-Up: All You Need To Know
In Brief
A RAK Foundation is a corporate entity registered at RAK ICC, as per RAK ICC Foundations Regulations 2019 which meet international standards, with a legal personality different from that of its Founder(s). It is established by a founder to endow assets towards specified charitable or non-charitable purposes and it is administered by its council, which carry out its objects as per the founder(s)’ wishes. We set up RAK ICC Foundations in the UAE at the lowest fees & advise on the most effective structuring. UAE Foundations. RAK ICC Foundation Structures UAE. Estate Planning. Create your optimal family business structure and achieve your estate planning goals with Wincore.
1. Why Choose to Establish A RAK ICC Foundation?
- Protection of your estate
- Protection of privacy and confidentiality
- Save estate duty
- Avoiding probate
- Mitigating forced heirship rights
- Limiting Sharia Law reach or applying Sharia Law principles
- Protection from creditors
- Tax Mitigation
- Charitable purposes
- Reflects your wishes ad literam.
- Wealth planning & inter-generational legacy structuring
- Long term holding structure of income generating assets (businesses, real estate portfolios)
- Asset protection (forced heirship rules, creditors, divorce, hostile takeovers)
- Charitable and non-charitable purposes
“Foundation is to be the go to structure to fulfill needs of HNWIs & business owners to mitigate uncertainty & protect Wealth”
2. Purposes of a Foundation
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- Flexible Succession Planning through letter(s) of wishes appointing the beneficiaries
- Financial and Tax Planning
- Private wealth preservation and management
- Asset Protection against creditors, divorce and Bankruptcy procedures, forced heirship rights
- Confidentiality protection
- Governance Planning through a perpetual existence (after lifetime of Founder(s)) and a Guardian’s control / oversight
- Separate legal personality that isolate assets & liabilities whilst maintaining control of assets
- Charitable or non-charitable purposes.
3. Mechanism
- The Founder will transfer his property into the Foundation by endowing his properties into the Foundation. The Foundation will hold and manage it for the benefit of the beneficiaries by holding the legal ownership over the property called the endowment.
- The Beneficiaries will receive distributions from the Foundations and enjoy all the profits and benefits of the Foundation. A guardian (founder himself, a family member, a trusted advisor…) could be appointed to protect and watch over the Council of the Foundation.
4. Possible RAK ICC Foundation Structure
Find out how we can help you with setting up a RAK ICC Foundation
If you wish to discuss the many benefits of setting up a RAK ICC Foundation, or any other legal entity, feel free to contact us.
For Support and assistance on setting up RAK ICC Foundation Get in Touch with our Corporate Team Today on +971 4 443 6694 or contact@wincoreadvisory.com.
Wincore specializes in Tax, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.
Wincore Advisory Group’s full range of services on : CRS (AEOI) – OECD exchange of information ; Economic Substance Regulations; Trust & Foundation; Asset protection, Estate & Tax Planning UAE; Corporate Services; Sophisticated UAE Sponsorship Planning; Debt Collection Services in UAE; Residency & Citizenship Services ( Foreign second passports).
