1) These regulations may be cited as the RAK ICC Foundations Regulations 2019 or (“these Regulations”). These Regulations came into force on the Commencement Date with effect from 15 December 2019.
2) These Regulations make provisions for Foundations registered with Ras Al Khaimah International Corporate Centre.
3) These Regulations are made by the board of directors of RAK ICC pursuant to Ras Al Khaimah Decree No. 4 of 2016.
These Regulations apply to:
a) any Foundation established in accordance with these Regulations;
b) any Foreign Foundation which is established in another jurisdiction which has transferred its registration to RAK ICC in accordance with these Regulations.
In these Regulations, unless the context otherwise requires:
Accounting Records: records and underlying documents comprising initial and other accounting entries and associated supporting documents, such as cheques, records of electronic funds transfers, invoices, contracts, the general and subsidiary ledgers, journal entries and other adjustments...