Abu Dhabi Global Market Launches 1st Foundations Regime in The UAESource: www.export-egypt.com 8/16/2017, Location: Middle East |
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Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, has announced the launch the first-of-its-kind Foundations regime in support of more effective structures for wealth preservation and wealth management.
The ADGM Foundations regime provides a strategic platform for financial planning and structuring, serving as an alternative to trusts and corporate vehicles. The local, private and corporate community can now deploy these structures for a variety of services, including family succession planning, tax planning, asset protection, wealth management and corporate structuring, without relying on foreign regimes and practices. Foundations, like trusts, are utilised for a variety of purposes and are a suitable vehicle for wealth management across generations. Unlike trusts, however, Foundations are incorporated as a legal entity with their own distinct attributes and legal personality. In this respect, Foundations are similar to companies but without shareholders. Private Banks have positively endorsed to the opportunity to use Foundations in ADGM as a core component of their structuring for clients without having to continue to rely on vehicles from outside the region. Speaking on the launch, Dhaher Bin Dhaher Al Mheiri, Chief Executive Officer, Registration Authority of ADGM, said, "ADGM has been working closely with local and international stakeholders and market panel of experts to understand their needs and develop a Foundations regime that addresses the unique requirements of families and asset owners in Abu Dhabi, regionally and globally. The new foundations regime, together with the existing world-class legislative and regulatory framework, adds to ADGM’s extensive corporate and legal structure offerings. This is part of ADGM’s ongoing commitment to enhance its ecosystem and serve the needs of its stakeholders by introducing innovative and efficient business solutions" The newly enacted Foundations Regulations follow international best practices and ensure an appropriate balance between preserving client confidentiality and maintaining high standards of transparency under the ADGM’s internationally recognised legislative environment. |
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