The RAK ICC Foundation is a corporate body created with a legal personality separate from that of its Founder(s) registered at RAK ICC. The Foundation acts through its council to administer its assets and carry out its objectives. Offshore foundations are commonly used as a vehicle for asset protection, estate planning, as well as wealth management. Such foundations have many advantages and the Foundation has been set up in a jurisdiction governed by offshore legislation.
The key benefits and advantages of the RAK ICC Foundation are:
- Enhanced succession planning and asset protection
- Robust governance structure
- Guardian oversight
- Distinct legal personality that separates liability whilst maintaining control of assets and have perpetual existence after the lifetime of the Founder