What is a foundation?
A foundation is a hybrid of a Trust and a Company which enables perpetual succession and allows control to be exercised by the founder, as member of the council. The foundation also offers the founder with the option of being sole beneficiary.
How can a foundation be set up?
A foundation may be set up by means of a will or by constitutive document referred to as a charter.
What type of business activity can a foundation carry out?
A foundation may carry out both charitable and non-charitable activity.
The foundation is managed by whom?
The foundation is managed and administered by a council being the equivalent of a board of directors.
Does a Foundation have a lifetime?
A Foundation is successive in nature but may have a lifetime and must be disclosed in the charter.
What is a charter?
The charter is the constitutive document used for registration and for the management of the Foundation.
Can the Founder be a body corporate?
The founder can be a body corporate but must not be in the process of winding up or insolvent.