Isle of Man Foundations

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Since Foundations have been written into Manx law, they have been used frequently as part of intermediaries’ offshore wealth planning for any number of purposes, but all must conform to the same constitutional principles.

This is the second in a three-part series we have produced on Foundations, building up to a webinar hosted by experts who can help you to meet your clients’ needs. If you would like to read the other articles in this series, please see:

Isle of Man Foundations for Offshore Planning – An Introduction (1 of 3)
When to use an Isle of Man Foundation (3 of 3)
In this article we’ll be discussing the nuts and bolts of an Isle of Man Foundation namibia mobile database (IOM Foundation), to further or refresh your understanding:

What do I need to establish an Isle of Man Foundation?
The Isle of Man Foundation Instrument document
The Isle of Man Foundation Rules document
Isle of Man Foundation legal challenges
What do I need to establish an Isle of Man Foundation?
As required by the Isle of Man Registrar of Foundations (Registrar), and under the Foundations Act 2011 (the Act), the application must be made by an Isle of Man Registered Agent (IOM RA) holding a class 4 license from the Isle of Man Financial Services Authority. The IOM RA will generally also be the Nominated Officer, as defined within the Beneficial Ownership Act 2017.

The IOM RA, typically a Corporate Service Provider like Dixcart, must also make a declaration that:

They will act as Registered Agent on establishment;
The Isle of Man address provided is the business address of the IOM RA;
That the IOM RA is in possession of the Foundation Rules, which have been approved by both the IOM RA and the Founder.
There are several options with regards to the application and its turnaround time, currently: a standard fee of £100 for establishment within 48 hours, £250 within 2 hours if received before 14:30 on a business day, or £500 for a ‘while you wait’ service if received before 16:00 on a business day.

On approval, the Registrar will make note of the names and addresses of the foundation, Council Members and IOM RA, its Objects and provide a Certificate of Establishment and registration number. Once established, the IOM Foundation gains legal personality and, for example, now has the ability to enter into contracts, sue and be sued.