Greater flexibility, greater control
Foundations offer an attractive platform for local and international families and family offices to structure their business and succession planning arrangements and ensure the smooth transition from the founding generation to the next.
Key features include:
- No interference of foreign laws and/or heirship rights conferred by foreign laws.
- No recognition/enforcement of foreign judgements.
- No statutory duration limits.
- Possibility for beneficiaries of transferring payment rights.
- Possibility to migrate foundation in and out of UAE (DIFC/ADGM) or Jersey.
- Access to private arbitration in case of disputes.
- Annual audited accounts can be filed with the Registered Agent.
How do Foundations work?
A foundation is an independent legal entity. Its concept is derived from civil law jurisdictions, as opposed to a trust which is a common law concept. In a foundation, the founder bestows assets to the foundation and the latter, being a separate legal entity, will hold those in its own name and separately from the founder’s personal wealth.
The foundation has no members or shareholders but is self-owned. The foundation council manages the assets in accordance with the foundation’s charter and by-laws in support of a cause or a purpose, or for the benefit of beneficiaries.
The most common uses for a foundation are:
- As a vehicle for family wealth/succession planning;
- For philanthropic purposes and charitable causes; and
- For holding structures for underlying businesses and investments.
What we do
Our award-winning team are licensed to offer a full range of establishment and administration services for Jersey and UAE (DIFC and ADGM) Foundations to facilitate tax planning, asset protection and succession planning. Depending on your needs we can also serve on the Foundation Council and, for certain structures, can provide a guardian. Our dedicated and discreet team can help you by:
- Establishing the 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