Setting Up a Trust or Foundation in the UAE:
- Understand the Legal Landscape: Familiarize yourself with regulations specific to the emirate where the entity will be established.
- Engage Legal Counsel: Employ a reputable legal firm specializing in UAE trust and foundation laws to guide you through the process.
- Choose Structure: Decide between a trust or foundation based on your asset protection and legacy planning needs.
- Select Jurisdiction: Choose the appropriate jurisdiction within the UAE based on asset nature, purpose, and legal environment.
- Draft Legal Documents: Collaborate with legal counsel to prepare necessary documents such as the trust deed or foundation charter, detailing the entity’s structure, objectives, beneficiaries, and other pertinent information.
- Compliance with Regulatory Authorities: Ensure adherence to regulatory requirements by registering the entity with the relevant regulatory body and obtaining necessary approvals and licenses.
- Appointment of Trustees or Foundation Council: Nominate and appoint individuals to manage and administer the entity in accordance with legal mandates.
- Financial Considerations: Address financial aspects including initial funding, asset management strategies, and tax implications with the guidance of financial advisors.
- Notarization and Registration: Ensure proper notarization and registration of legal documents as required by jurisdictional laws for the entity’s legal validity.
- Ongoing Compliance: Stay abreast of legal and regulatory changes, fulfilling reporting obligations, and ensuring continued compliance with relevant laws and regulations.
- Seek Professional Advice Periodically: Periodically review the entity’s structure and operations, seeking professional advice to adapt to changes in circumstances or legal frameworks.
For specific guidance tailored to your circumstances, consult our team at Maldbury & Co. Talk to Us