Foundation can be opened on the basis of voluntary payments of citizens and (or) legal persons. It is considered to be a company that doesn’t have membership and have social, cultural, charity, educational or other public benefit goals.
Foundation is established by the founder’s decision. Unlike NGO the foundation can be established by one person.
First, founders have to decide, who are the beneficiaries and which are the aims of their activity, as after registering the right to make changes in this points will belong only to the court, on the basis of the application from the Fund's bodies, one of the founders or trusteeship, which is a rather long and complicated process.
Foundation must also have name, which must be different from other foundation names, included foundation names which were dissolved during a recent year.
When making a decision on establishing the foundation, the founders must approve the charter unanimously and appoint the temporary Acting Head of the Executive Body of the Fund.
As the foundation registration process is much more complex and lasting, than registration of any other commercial organization, in order to avoid problems and unnecessary refusals of registration, you can apply to our lawyers, who will assist you during the whole procedure