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.
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It has great flexibility with regard to objects, management, supervision and everything else, enabling it to be tailor-made  to the founder’s plan and circumstances. It has clear advantages over the trust, over the usual “not for profit” company, and over the foundation introduced in other offshore centres.

The incorporation process for a Foundation is the same as that for a traditional exempted company under the Companies Law other than as to certain additional requirements (and existing companies can be converted if they satisfy these same requirements) being that the company:
  1. Is limited by shares or by guarantee, with or without a share capital;

  2. Has a memorandum that:

    1. states that the company is a Foundation;

    2. generally or specifically describes its objects (which may, but need not be, beneficial to other persons);

    3. provides for to whom and how the surplus assets of the Foundation will be disposed of on its winding-up;

    4. prohibits dividends or other distributions of profits to its members or proposed members;

  3. has adopted articles; and

  4. has a secretary who is a qualified person (i.e. a person licensed or permitted under the Companies Management Law (2018 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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Bell Rock Group is a leading provider of Cayman Islands Fund and Corporate Services including the provision of highly experienced directors and governance professionals. We act on the board of many of the leading names in the asset management industry, provide complete solutions for launching investment funds such as hedge fundsventure capital, private equity, real estate, infrastructure funds and also at the forefront of digital asset and blockchain investment funds solutions.

We are licensed and regulated by the Cayman Islands Monetary Authority (CIMA).

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