A foundation is a legal entity established by a founder, whereby assets are transferred to the foundation to be managed and distributed to specified beneficiaries according to the wishes of its founder. Foundations are managed by a foundation council, with or without the supervision of the founder or a protector.
Foundations are rapidly becoming an attractive alternative to trusts for the preservation and transfer of wealth from one generation to another, for their flexibility and reasonable costs. As opposed to a trust, a foundation permits its founder to retain control over the foundation assets during his lifetime. In addition, foundations are effective vehicles for the protection of wealth, as the foundation assets cannot be seized or attached for claims against its founder, members of the foundation council or its beneficiaries. Foundation assets are not subject to forced heirship rules.
At ARIFA Corporate Services, we offer you full foundation services, including, assistance with:
- Setting up your foundation
- Transactions involving your foundation
- Provision of council members and domiciliation services for your foundation
- Transfer of the administration of your foundation to us