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Foundation Formation
A foundation company can be used for private, commercial or philanthropic purposes. It has the well-known advantages of being a company and it is subject to long-established legislation. We have set up many foundation companies for blockchain decentralized autonomous organizations (DAOs) plus ongoing support services.
The incorporation process for a Foundation is the same as that for a traditional exempted company under the Companies Act other than as to certain additional requirements (and existing companies can be converted if they satisfy these same requirements) being that the company:
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Is limited by shares or by guarantee, with or without a share capital;
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Has a memorandum that:
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states that the company is a Foundation;
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generally or specifically describes its objects (which may, but need not be, beneficial to other persons);
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provides for to whom and how the surplus assets of the Foundation will be disposed of on its winding-up;
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prohibits dividends or other distributions of profits to its members or proposed members;
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has adopted articles; and
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has a secretary who is a qualified person (i.e. a person licensed or permitted under the Companies Management Act (Revision) to provide company management services, such as Bell Rock).
Bell Rock would be delighted to assist with the formation and on-going support for your Cayman Foundation, so please contact us to discuss.
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