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Foundations can used for charitable and non-charitable purposes, including wealth management and succession.
Foundations may be used for a variety of reasons, which may include:
- Asset Protection
- Charitable Purposes
- Flexibility / Migration
- Reservation of Powers
- Succession Planning
- Wealth Preservation
Sterling Trust Limited is licensed to act as Foundation services provider by the Isle of Man Financial Services Authority:
- Foundation Establishment
- Acting as Foundation Council
- Acting as Registered Agent
- Acting as Enforcer
A foundation can be designed for a specific purpose however, in contrast to a trust it need not have beneficiaries and unlike a company does not have shareholders. It also has its own legal personality and the ability to enter into contracts in its own right. A foundation is run, in accordance with its regulations, by a council as opposed to directors or trustees.
Among other things, this is designed to appeal to clients and practitioners in civil law jurisdictions.
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