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

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

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• Wealth structuring, succession and estate planning

• Asset 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

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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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Key Features of RAK ICC Foundation

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

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