Foundations at the Abu Dhabi Global Market (ADGM)
The ADGM Foundations Regimeprovides an alternative to trusts for financial planning and structuring.ADGM Foundations allow the HighNet Worth Individual (HNWI), Family and corporate community to locally access a much sought-after product from a world-class international financial center for the first time in the United Arab Emirates.
Key feature:
Establishing a foundation can offer a higher degree of certainty and comfort that assets will be distributed in accordance with the Founder’s wishes, with the life of the foundation continuing perpetually after the Founder’s death.
Benefits of Foundations:
- Operates like a common-law Trust yet has features similar to a company with a distinct legal personality
- Robust governance mechanisms
- Separation of liability whilst maintaining control of assets
- Firewall provisions designed to assist in the protection of assets
Documents required:
- Details of Councillor, Guardians, Beneficiariesand Founder
- Copies of ID documents and evidence of appointment
- Details of the registered office address in ADGM
- Details of the Registered Agent
- Details of the Designee(only where there are no beneficiaries)
- Foundation Charter
- As an integral part of the application, certain declarations must be made in relation to each including the Founder, Councillor and Guardian
