5 Ongoing Responsibilities of a RAK ICC Foundation


A RAK ICC Foundation can be used for asset holding, family wealth planning, and succession. However, its responsibilities do not end when registration is complete.

Here are five areas that founders and families should keep in mind.

1. Maintain Proper Governance

The Foundation's Council should act according to its Charter and By-laws. Decisions should be documented, and the Foundation should continue to operate in line with its stated objectives.

2. Keep Records Accurate

Relevant foundation records, including governance and ownership information, should be kept up to date. Changes should be reported to the appropriate parties or authorities where required.

3. Meet Annual Filing Requirements

Annual returns and other ongoing obligations should be tracked according to the rules that apply to the Foundation. Missing a deadline may lead to compliance issues.

4. Pay Attention to AML and Beneficial Ownership

Foundations must follow applicable anti-money laundering requirements and beneficial ownership rules. The registered agent can help with relevant regulatory processes, but the Foundation's responsibilities should still be understood.

5. Review Tax and Wealth Planning Needs

Tax treatment depends on the Foundation's circumstances and the applicable rules. Families should review their arrangements as their assets, beneficiaries, or investment plans change.

If you are considering RAK ICC Foundation setup, it is worth understanding the ongoing duties before incorporation.

A Foundation may also be part of a broader succession plan. Read about foundations in RAK ICC for family office and succession planning.

A well-planned Foundation needs more than a suitable legal structure. Good records, clear governance, and regular compliance reviews are important throughout its life. 

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