Foundations Solutions
Foundations
Karamazou provides solutions for private foundations which can be used for charitable or non-charitable purposes, inheritance, estate planning and wealth management.
A foundation is formed by a person known as the founder (who may be either an individual or corporate body) who provides (through an “endowment”) the assets to be administered by the foundation. The foundation’s assets are to be administered through contractual, rather than proprietary, principles. Unlike a trust, a foundation is a separate legal entity. It is managed by a council of members. A foundation can hold assets, enter into agreements with third parties and can sue or be sued in its own name. On the face of it a foundation is similar to a corporation. However, unlike a corporation, a foundation does not have any shareholders. A foundation can have beneficiaries, similar to a trust, or it can have purely charitable purposes. Contrary to trust beneficiaries, who have equitable rights, the beneficiaries of a foundation have contractual rights in relation to the assets of the foundation.A founder may retain some control over the foundation’s assets through reserving certain powers under its rules. Powers that are commonly reserved include powers relating to the investment strategy of the foundation and the appointment or removal of beneficiaries. The founder may also be given the power to revoke the foundation.An incorporation of your business assists you with working together over a worldwide premise with no issues, forming holding company is totally convenient. At Eurofinanzza, our committed staff ensures that you get the best incorporation services to form holding company
Foundation's Purpose
Foundations can be created for charitable or non-charitable purposes; or for no purpose other than to benefit a beneficiary or the founder. A foundation may be created with no beneficiaries as long as there is a clear specific purpose as described in the foundation’s charter. Setting up holding company? Register and create a company to get the best benefits of business incorporation and simplicity of working together. You can get all the facilities for company registration from our accomplished benefits.
Foundation's Multi-Purpose Application
Foundations can be used for multi-purpose including;
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Protection from creditors.
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Foundation stands independent from the founder’s personal circumstances. The foundation cannot be void or voidable in the event of the founder’s bankruptcy, insolvency, or liquidation.
Advantages of Foundations
Foundations have a number of advantages including the following;
(i) Asset Protection
A foundation, in most of the cases, provides complete worldwide asset protection. The foundation owns all of the assets transferred from the founder. As a separate legal entity, the foundation isolates the assets from the founder and the beneficiaries.
(ii) Privacy
In most of the jurisdictions where a foundation is registered, the names of the founder, beneficiaries, and protector are not included in the public records.
(iii) No Taxation
Depending on where the foundation is registered and on the on the incomes generated, most of the foundations are full tax exempted.
(iv) No Minimum Capital
There is no minimum capital requirement for foundations.
(v) Total Foreign Ownership
Founder, beneficiaries and assets can all be from overseas.
(vi) Estate Planning
The founder and the beneficiaries do not own any of the assets and the foundation maintains total control regarding the distribution of the assets to the beneficiaries. The foundation can own the assets for generations and distribute income to the beneficiaries and their heirs for many generations.