About Ras Al Khaimah:
Ras Al Khaimah(RAK) is a fast developing city and emirate, situated against the backdrop of the Al Hajar Mountain Range, in the north of the UAE. It offers very attractive and secure tax and legal environment for international business. RAK International Corporate Centre (RAK ICC) is a United Arab Emirates Corporate Registry operating in Ras Al Khaimah. RAKICC is responsible for the registration and incorporation of International Business Companies as well as providing a full suite of Registry services related to International Business company activity.
What is RAK ICC Foundation:
The Ras Al Khaimah International Corporate Centre (RAK ICC) has announced the launch of its Foundation regime and has finalized the details in the RAK ICC Foundations Regulations 2019. These regulations make provisions for the registration of a Foundation established by a founder to dedicate certain assets towards specified charitable or non-charitable purposes. The Foundation will have a separate legal personality, and the regulations are the result of global bench-marking to ensure they meet the appropriate international standards and market requirements.
Purpose of RAK ICC Foundation:
- Financial structuring
- Succession and tax planning
- Private wealth management and preservation
- Asset protection
Advantages of RAK ICC Foundation:
- Distinct legal personality that separates liability whilst maintaining control of assets
- Have perpetual existence after the lifetime of the founders.
- Provide a robust governance structure
- Removal of assets from the ownership of the founder in connection with potential liability in the future.
- Flexibility with beneficial class
- Suitable for inheritance planning and holding of family assets
Characteristics of the RAK ICC Foundation:
- The minimum initial capital to register a RAK ICC Foundation is USD 100 or its equivalent in any currency. Additional property may be subsequently contributed to the Foundation by a Contributor.
- The Founder is the one who creates and funds the Foundation and can be an individual or a corporate body.
- The Council is comprised of a minimum 2 Members who could be either the Founder, Family Members, Trusted Advisors, Professional Advisers and can be an individual or a corporate body.
- The guardian supervises the Council Members and ensures strict compliance with the By-Laws of the Foundation at all time
- The guardian supervises the Council Members and ensures strict compliance with the By-Laws of the Foundation at all time
- The Designee is recipient to whom all property of a Foundation for which provision has not otherwise been made shall pass in the event of the termination thereof.
- The Registrar shall maintain a Foundations Register which shall contain basic details of each Foundation (name and date of registration, details of the Founder, Council Members, and Registered Agent). All other information is treated as private and shall not be disclosed unless so required by relevant authority.
- The Accounting Records shall be maintained by the Registered Agent at the Registered Office and are not subject to public disclosure.
- Renewals for RAK ICC Foundation falls every anniversary date of incorporation.
Documents required:
- Filled Application form
- Notarized Passport copy with photo & signature of the Founder
- Bank reference in English Language and not older than 3 months
- Professional Reference in English Language and not older than 3 months
- Details of designee and qualified recipients, their share & passport copies
- Names of Foundation Council Members, their powers, passport copies & address proof.
- Name of Guardian, passport copies, their proof of existence / address.
- Duly filled Fatca Form
- Notarized US Declaration (for US citizen)
RAKICC Foundation Incorporation fee is AED 750/- excluding Professional Fees and Annual registered agent fees.
Timeline in Setting up RAK ICC Foundation:
Company Registration 5-7 working days after submission of application documents to the authority
How can GBS help?
Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.
For more information on setting up RAK ICC, do get in touch with us on +971 55 564 3058 or email us at info@gbsei.com
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions. We also suggest that independent legal, tax, professional advice be obtained by the user of this information before proceeding with incorporation.
