Question Recommendations for RAK Foundation Structure

[lagloriacubana]

I see that RAK ICC offers a Foundation Structure, similar to DIFC and ADGM, although the latter two are much stricter (and in the case of DIFC, there's a 5% withholding tax). I'm interested in exploring RAK ICC further as a potential vehicle for holding my investments. https://www.rakicc.com/wp-content/uploads/2021/04/RAK-ICC-Flyer-Generic-1.pdf

However, most advisors seem to lack a clear understanding of the Foundation Structure or how to manage it effectively. Instead, they tend to push generic, cookie-cutter solutions, treating it like an industrial mill.

So, how does one go about finding professionals who truly understand the RAK Foundation Structure and have the necessary experience to provide proper advice? Specifically, I'm looking for experts who can consult on setup, management, and banking for such a structure.

I realize this is likely a complex solution that may require significant deposits for banking purposes. It's precisely to understand what level of complexity is involved and the associated considerations (especially in terms of banking) that I want to explore in depth with someone knowledgeable to see how practical it is.

Last edited: Nov 12, 2024

 

[BeyondBorders]

lagloriacubana said:
I see that RAK ICC offers a Foundation Structure, similar to DIFC and ADGM, although the latter two are much stricter (and in the case of DIFC, there's a 5% withholding tax). I'm interested in exploring RAK ICC further as a potential vehicle for holding my investments. https://www.rakicc.com/wp-content/uploads/2021/04/RAK-ICC-Flyer-Generic-1.pdf

However, most advisors seem to lack a clear understanding of the Foundation Structure or how to manage it effectively. Instead, they tend to push generic, cookie-cutter solutions, treating it like an industrial mill.

So, how does one go about finding professionals who truly understand the RAK Foundation Structure and have the necessary experience to provide proper advice? Specifically, I'm looking for experts who can consult on setup, management, and banking for such a structure.

I realize this is likely a complex solution that may require significant deposits for banking purposes. It's precisely to understand what level of complexity is involved and the associated considerations (especially in terms of banking) that I want to explore in depth with someone knowledgeable to see how practical it is.
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I found that most advisors, including the ones advertising as specialised on DIFC/ADGM foundations, do not even have a deep understanding for these jurisdictions and that there are generally many unknowns in the existing frameworks.

Would look at more established Jurisdictions for this kind of Setups.

 

[Sols]

Unless you have a compelling case, let other people be the lab rats.

If you're confident that you need a sophisticated structure like a foundation and that it's the right structure for you, work with established jurisdictions.

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This is the probably the answer to your question.

 

[lagloriacubana]

A very good friend of mine who is Italian - his family has a LOT of Retail Stores in Africa which are owned by Mauritius Foundation which further invests in Equities and UAE Real Estate . This is the structure they use. Which is what got me researching it.

I want to have additional layer between me and invested money. Which currently and in future will be moved from companies in name of nominees and can be moved to any structure I want.

Last edited: Nov 13, 2024

 

[EliasIT]

lagloriacubana said:
- I am willing to risk the "Crimes I am about to commit" 😛 Seriously though my lawyer here approved the plan so following his advise I am quite confident it is realistic and risks manageable for me.
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It was really foolish to write such a sentence even here and link it to a public thread. You clearly haven't grasped the unwritten rules that apply both here on the forum and in your business life.

Some people are unbelievably foolish and don't understand why they can't find a good solution when they behave that way.

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[lagloriacubana]

It is Mentor Group thread, sir. Both this and the other one - so both should be private.

Edited just in case. I thought more open discussion was allowed inside private forums.

And I guess my sarcasm didn't come through in my writing. Because as per my lawyer it is not criminal and neither do I believe it is criminal considering only wife/child living there while my financial interest not being there and no other criteria qualifies.

Last edited: Nov 13, 2024

 

[alpakiwi]

I have set up one in the past for a client, and so far experience has been good. What exactly would you like to know, happy to help.