A QFC Foundation is a legal entity set up by any one or more individual or body corporate. Except as provided in the QFC Foundation Regulations, a Foundation has the capacity, rights and privileges of a natural person and, without limitation, may enter into contracts, sue and be sued and own assets of all types.
Foundations are advisable for Individuals looking for asset protection and confidentiality or a solution for estate and succession planning whereby the Founder can retain control of the assets.
QFC Foundations are required to be registered and licensed. The Foundation must be registered with a name acceptable to the CRO, which must end with the expression "Foundation". A Foundation may only carry on activities within the scope of its Licence. The Application to register a Foundation must be made by the person who will become the Registered Representative of the Foundation on its establishment.
The Registered Representative of a Foundation, must be a QFC Licensed Firm with permission to carry on one or more of the following activities under Part 2 of Schedule 3 of the QFC Law:
In addition, it must be a firm designated as DNFBP (Designated Non-Financial Business and Professions) under the AML/CFTR Rules.
A Foundation must have a Constitution that complies with the QFC Foundation Regulations and QFC Foundation Rules. The QFC Authority will not make the Constitution of the Foundation available to the public, except in cases where there is either a statutory obligation or an order of the QFC Court to disclose the Constitution.
The Council of the Foundation is its governing body. The Founder can be a Member of the Council and can exercise control over the assets of the Foundation and instruct the Council of Members. Foundations must appoint an Enforcer, appointed in accordance with its Constitution, who is required to take all reasonable steps to ensure that the Council of the Foundation carries out its functions and acts in the best interests of the Foundation.
The Foundation must have its own Registered Office in any of the QFC designated premises, or may use the office of its Registered Representative in a QFC designated premises.
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