foundation is a system that is different from any other legal entity and registers its particulars in a public registry. A foundation doesn’t require any shareholders instead it will have Founding Members and a Foundation Council. A Foundation will have assets in its own name for the resolutions set out in its constitutional documents. Its administration and operation are supported based on contractual rather than fiduciary principles. Foundations are usually setup for charitable purposes. Once after a Foundation is set up, an entity is formed that stands on its own. The assets will be retained by the Foundation and no one else can proclaim on them any longer and the assets are protected with Foundation Council.
On successful setting up your foundation, you will be the sole decision-maker on how the foundation will manage your assets. This is the flawless means for you to choose who will be the upcoming beneficiaries of your hard-earned wealth.
A Foundation delivers strong advantages for international tax and estate planning, providing the subsequent privacy and protection to the beneficiaries. The Foundation may have a founder, protector, beneficiary and council members. As there are no title-holders of a foundation, everyday business is maintained by the foundation council.
To stipulate about the foundation assets usage, a founder can make a “Letter of Wishes” giving instructions on how the assets should be used before and after his demise. And the protector allocated will implement these wishes.
A Foundation can make available Asset Protection by possessing the shares of subsidiary corporation, thereby separating lawful ownership from beneficiary rights. It can be used for Estate Planning whereby the founder can transfer title of his assets to the foundation and transfers his wealth according to his wishes.
Foundation formation can be predominantly convenient if you have assets in diverse places. Considering the inconvenience your beneficiaries might have to go through to access your assets, when they have to deal with certification procedures in a lot of different countries.
Besides we can offer you with the end-to-end set of services in administrating and maintaining your Foundation, such as Bank account opening and many more.