Charitable and Non-Charitable activities
A Foundation is an incorporated entity established as an alternative to trusts for charitable, non-charitable or private wealth management purposes.
A Foundation, unlike a company, does not have shareholders, and holds assets in its own name on behalf of beneficiaries, or particular purposes, or both, and it operates in accordance with its Constitution comprising of a Charter and a Set of rules (By-Laws).
TYPICAL USEs OF FOUNDATION:
Foundations may be stablished to serve the following uses:
Charitable and Philanthropic giving;
Public interest purposes;
Wealth Management and Preservation;
Family succession planning;
Real Estate Planning;
Non-profit Incorporated Organization
A Non-Profit Incorporated Organisation is a company which can conduct only an Authorised Activities.
Authorised Activities are the following:
professional and financial services activities, except so far as the activities are activities declared by the Rules not to be authorised activities;
activities related to the promotion and development of financial services, so far as the activities are approved at discretion of the Registrar of Companies in relation to the Incorporated Organisation, a class of Incorporated Organisations or Incorporated Organisations generally;
any activity, whether or not of a kind mentioned above, declared to be an authorised activity under the Rules adopted by the Board of Directors of the AFSA.