Your Company Custom Built For You.
Adil Zone (ADZ)
Foundations are used for –
- Family wealth/succession planning;
- Philanthropic purposes and charitable causes; and
- For holding structures for underlying businesses and investments
In the UAE, succession planning provisions for the significant expat population (approx. 80%) living and working here were only introduced in 2015, with the Dubai International Financial Centre (DIFC) Will. With many expats increasingly acquiring property and/or businesses and making the UAE their primary center of interest, the DIFC Will allows non-Muslims to register an English Will to govern the succession of Dubai assets free of the constraints of Sharia law. Without the DIFC Will, assets would have to be secured through long and costly probate and legal proceedings.
The unprecedented move, however, came into effect in August 2017 with the introduction of the Abu Dhabi Global Market (ADGM) Foundation and then in March 2018, the DIFC Foundation, and most recently, in January 2020, the Ras Al Khaimah International Corporate Centre (RAK ICC) Foundation. Their introduction provides both expats and UAE nationals with a local solution to protect their assets and make succession planning arrangements. For example, in the case of family businesses, a UAE foundation enables the business to transcend generations while retaining core values and principles initially outlined by the founder.
Our firm assists with the following –
- Establishing foundation
- Providing a business address
- Providing Council members
- Maintaining statutory records and executing statutory obligations
- Handling accounting and financial reporting
- Providing cash management, compliance services, and FATCA and CRS services