Foundations are governed by a choice of common law jurisdictions:

• The Courts of the Abu Dhabi Global Market
• The Courts of the Dubai International Financial Centre

The official language is English.

A RAK ICC Foundation is highly versatile and can hold a wide range of assets, including:

• Real estate (subject to local land registry requirements)
• Shares in companies
• Intellectual property (patents, trademarks, copyrights)
• Investment portfolios (stocks, bonds, funds)
• Bank accounts and other financial instruments
• Art, yachts, and other movable luxury assets

The RAK ICC Foundation is governed by the Council Members in accordance with the Charter & By-Laws, as appropriate, which are private documents. The Council must have a minimum of 2 Members, who can be the Founder, Family Members, Trusted Advisors, or Professional Advisers. A Guardian (if appointed) supervises the Council Members to ensure compliance with the By-Laws.

To register, you need:

• A Founder (Individual or Body Corporate)
• Council Members (Individual or Body Corporate)
• A Registered Agent
• A UAE registered office (Office of the Registered Agent can be considered)

If the Foundation has a charitable or specified non-charitable object, a Guardian (Individual or Body Corporate) must be appointed. The process involves completing and submitting an Application Form signed by the Founder to the Registrar, which includes details along with the Charter and By-Laws as appropriate.

The minimum capital is USD 100 (or its equivalent in any other currency). Additional property can be contributed later.

The registered agent is responsible for maintaining accounting records at the registered office. These accounting records are not subject to public disclosure.

No, The Registrar maintains a RAK ICC Foundations Register containing basic details such as the Foundation's name, date of registration, and details of the Founder, Council Members, and Registered Agent. All other information is private and will not be disclosed unless required by relevant authorities.

Yes, migration of a Foundation into or from the RAK ICC is allowed, subject to certain conditions.

The process for changing or adding beneficiaries is typically outlined in the Foundation's By-Laws. Generally, this involves a resolution by the Council Members, potentially with the Guardian's approval (if appointed), and subsequent updates to the Foundation's records. Your registered agent would facilitate this process.

Dispute resolution mechanisms should ideally be outlined within the Foundation's By-Laws. These can include mediation or arbitration clauses, and procedures for removing or appointing Council Members or Guardians. In the absence of clear internal provisions, disputes would fall under the governing jurisdiction chosen for the Foundation (e.g., ADGM Courts or DIFC Courts).

RAK ICC foundations are primarily suited to family foundations. While they may have a philanthropic element, it is not possible for RAK ICC to register a purely charitable foundation.

Yes, absolutely. RAK ICC embraces remarkable flexibility, allowing corporate entities to act as founders and/or council members. This feature provides a robust and efficient structure for international businesses, sophisticated vehicles, and complex structures, making it an ideal choice for diverse global business needs.

A founder cannot be added or changed after a foundation is registered

Council member cannot be appointed as Guardian, however Council member maybe a qualified recipient.