New foundations regime, intended to assist with wealth management, succession planning, and achieving charitable objectives.
1. A Foundation is a body corporate with a legal personality separate from that of its Founder(s) and any other Person.
2. A Foundation shall at all times have a registered office in the AIFC to which all communications and notices may be delivered.
3. Constitution consists of a Charter and By-laws
4. A Foundation may be established for:
(a) objects which are exclusively charitable; and/or
(b) one or more of the following:
(i) objects which are not exclusively charitable; or
(ii) objects to benefit Persons by name, category or class.
5. May have charitable objects, or be intended to benefit specific person
6. A Foundation may not carry out any commercial activities, except those necessary for, and ancillary or incidental to, its objects.
7. Must have Council to administer property and carry out objects.
8. Must have Guardian to provide oversight if Foundation has charitable objects or specified non-charitable objects.
Registration fee 1000 USD.
Below you can find blank forms: