Foundations

A foundation does not have any members and aims (with the help of appropriate assets) to achieve a goal stated in its Articles of Incorporation. Moreover, a foundation does not have a profit objective. The foundation is established by notarial deed, which incorporates the articles of association of the foundation. These articles include at least:

• the full name of the foundation, which in all cases must contain “Foundation”;
• the registered office;
• the objectives;
• the manner of appointment and dismissal of the board members;
• the destination of the surplus after liquidation in case of dissolution of the foundation.

Other provisions such as the number of board members, the manner of decision-making, and how the assets are formed also can be included in the articles of association.

If you have additional questions about starting a foundation, we will look forward to assisting you. Please contact us via info@bonairenotaris.com.