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Checklist: Setting up an ADGM Foundation
Checklist: Setting up an ADGM Foundation
Updated over a week ago
  1. An initial assessment is carried out to confirm the suitability of the Foundation for the proposed purpose.

  2. Consider who will be appointed to the following key roles:

    (a) Founder: sets up Foundation and contributes assets and can be an individual or legal entity.

    (b) Beneficiary: an individual or legal entity who is nominated to benefit from the Foundation assets.

    (c) Councilors (minimum of 2): manages the assets of the Foundation according to Charter and By-laws.

    (d) Designee: appointed as Beneficiary if no other Beneficiaries exist.

    (e) Guardian: overseas the Council but not a compulsory appointment during lifetime of Founder.

  3. Formations prepares Charter, By-laws, Incorporating resolution and ancillary documents for signature by all parties. If customisations to Charter and By-laws are required, this is done in consultation with Clara Partners.

  4. Documents signed electronically by all parties.

  5. Clara Formations completes incorporation application.

  6. ADGM reviews and issues registration documents.

  7. Clara Formations provides original certificate of registration.

  8. Following registration, Clara Formations must be notified of events requiring notification to ADGM (e.g. changes in name or address of key roles as well as changes to the Charter). Clara Formations will contact client prior to the annual renewal of the registration.

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