A foundation, is a legal entity with hybrid features of a company and a trust. A foundation benefits from the administrative flexibility of a company. A foundation may be set up by a charter or will, which specifies its beneficiaries, purposes and objects. A foundation is governed by the foundation act 2012. A Foundation is an alternative vehicle to a Trust and is convenient for succession planning and private wealth management.

The major uses of foundations are:

  • Succession and estate planning
  • Accumulation and preservation of wealth
  • International tax planning
  • Charitable purposes
  • Asset protection