We will need the following items from you to prepare the registration documents and application for your DIFC Foundation
Proposed name: If the name has a particular meaning, this must be disclosed.
Assets: we will need information on the assets to be held or purpose of the Foundation
Foundation Charter: A Foundation must have a Charter which includes the name of the Foundation, the name(s) of the Founder(s), the name of the Registered Agent and a description of the purpose and initial assets of the Foundation. You will form with a model Charter unless you have prepared an amended Charter.
By-laws: A Foundation must also have By-laws which name the Beneficiaries and describes the role of the Foundation Council. The Founder can retain significant control over the assets by including terms in the by-laws around the distribution and management of the assets. You will form with model by-laws unless you have prepared amended by-laws.
Founder: This is the individual who will be contributing property to the Foundation. We will need their KYC.
Guardian: A Guardian is mandatory for a Foundation with a charitable or specified non-charitable purpose. It also becomes mandatory following the death of the Founder. The Guardian oversees the Council and cannot be a Council Member. We will need their KYC.
Council Members: who will be appointed as the Council Members of the Foundation? There must be a minimum of two Council Members who will manage the assets of the Foundation according to the Foundation's By-law and Charter. We will need their KYC.
Beneficiaries: the individual(s) or legal entity who is nominated to benefit from the Foundation assets. We will need their KYC.
Default Recipient: If a Beneficiary is not appointed, the Foundation must appoint a Default Recipient.
Authorised Signatory: who will be appointed as the Authorised Signatory and we will need their KYC.
Banking Authorities: If the Foundation will open and operate a bank account, who will have signing authority?
Financial Records: Clara will maintain the statutory records, but the day-to-day accounts will be held elsewhere. If the address is in the UAE, please provide a PO Box.
Registered Agent and Registered Office Address: A DIFC Foundation must maintain a registered office address in DIFC at all times. When Clara is appointed as the registered agent, we provide the registered office address. Note: If the Foundation intends to hire employees, it must take its own office address in DIFC.