We are able to assist with all aspects of setting up a foundation and its ongoing administration. The Foundations (Guernsey) Law 2012 came into effect in January 2013, adding to the existing services on offer from Guernsey-based wealth structuring advisers and trust and company practitioners.
Foundations have some characteristics that are similar to those of a company, as a foundation has a separate legal personality and a management board known as a council. On the other hand, a foundation is entirely independent and has no shares and no members, nor any concept of share capital.
Although there are similarities, a foundation is neither a company, nor is it a trust.
Many refer to the more ‘corporate feel’ of the foundation. It is important to realise, however, that the foundation is not a corporate vehicle and the Guernsey law has been drafted to ensure that it is not a ‘corporate trust’, but a structure that is familiar to the civil law practitioner.
An important distinction is that with foundations there is no separation of legal and beneficial title of property, whilst in trusts there is such separation.