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Ras Al Khaimah - foundations

The Ras Al Khaimah International Corporate Centre (RAK ICC) has launched its own foundation regime providing families with an additional vehicle to consider for holding their wealth, protecting their assets and succession planning.
18th May, 2020

Foundations are mainly used for private wealth and charitable purposes although there is no reason why they cannot be used in a commercial context.

Foundations are structures to which legal ownership of property, money, shares, gift, land or encumbrance is transferred. They are hybrid in nature, containing features of a company (legal personality) and a trust (created for a purpose or benefit) making them particularly popular as an asset management and tax planning tool but in fact they are multi-purpose. They are regarded as one of the most robust vehicles for holding assets and eventually delivering them to their intended destination.

Advantages:
• Flexibility with beneficial class
• Possibility to migrate to RAK ICC from overseas
• Governance
• Perpetual concept
• Strategic location for the Middle East and North Africa (MENA) region and emerging high growth markets
• Cost effective
• The Registrar is not open for public inspection. Limited information related to the management of the foundation is available to "Person(s) with Sufficient Interest" upon request to the Registrar.

ILS World is a global provider of independent fiduciary services with experience in successfully advising private clients including individuals, trustees and family offices. We act in their long term interests and pay careful attention to the quality and personal service we deliver.

Our private client team works hard to create professional, long-term relationships by being approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with senior members of the team. Our staff have diverse backgrounds, skills and interests and their specialist experience, together with their "can-do" attitude, means they understand wealth and business is inextricably linked.

Our private clients often require an international strategy and as a global business with offices in a number of key jurisdictions we are well placed to provide a cohesive service. Our network includes the British Virgin Islands, Dubai, Hong Kong, Isle of Man, London and Portugal.

A RAKICC foundation will require a registered agent - ILS World has been operating in the region since 2005 and is fully licensed. For further information please contact Nadine Daoud nadine.daoud@ils-world.com

Please note: ILS World does not offer tax advice. If you are not professionally qualified to give tax advice we will be happy to make an appropriate introduction.