Succession Planning & Family Governance
Ensuring a smooth succession and planning for future generations is integral to the long-term viability of Legacy Management and the family it serves.
Developing a succession plan
We help families structure formal succession plans, governance and decision-making frameworks.
Families who develop a shared vision for wealth are much more successful than others at passing on the legacy for future generations.
Implementing the succession plan
We provide the framework, resources, systems and experience to ensure the succession plan is effectively and harmoniously implemented to the benefit of all family members.
Prepare next generation training and education
We usually seek to engage with the next generation as early as appropriate, to help them become familiar with their circumstances and responsibilities.
Much of this revolves around the education of the next generation on issues such as wealth management, financial literacy, getting accustomed
to their lifestyle and family values as well as economic matters.
The RAKICC was formed pursuant to Decree 12/2015 and Decree 4/2016, by way of the merger of two existing offshore registries in Ras Al Khaimah:
• RAK International Companies, part of the RAK Free Trade Zone Authority (RAKFTZ)
As such, existing and new IBCs will now be governed by the newly introduced RAKICC regulations of 2016.
Apart from the incorporation of a company limited by shares as in the former regime, the RAKICC now offers the possibility of new types of business vehicle, some of which are borrowed from other offshore jurisdictions, as described below:
This vehicle can be used for:
- Investment funds;
- Collective investment schemes; and
- Holding different assets in a single company
he RAKICC regulations introduce the concept of the re-domiciliation of foreign companies into the RAKICC. Thus, a foreign company can migrate and continue as a RAKICC company, provided that the laws of the jurisdiction in which it is registered allow it to continue in another jurisdiction. The registrar will issue a certificate of continuation and the company will be considered incorporated in the RAKICC under the name designated in its memorandum of agreement on the date specified in the certificate of continuation.
This solution permits a company to transfer its domicile to the United Arab Emirates easily, to take advantage of the tax neutral environment while maintaining the same legal identity, its history and without affecting its assets, obligations and liabilities.