To open a foundation in Jersey, founders observe the Foundations (Jersey) Law of 2009 on their creation and management. The foundation can be set up for the benefit of a person or a category of persons and our experts in company formation in Jersey can also help those interested in the creation thereof.
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The Jersey foundation: a definition
A foundation is a non-governmental entity set up as a charitable trust or as a non-profit organisation, which will be used to offer grants to either individuals or other entities, most commonly other charitable organisations or institutions.
Once it is registered, the Jersey foundation will:
- Operate to the benefit of a person or a category of persons;
- Have a specific purpose which can be charitable, non-charitable, or both;
- Be set up for a fixed term, for example, 20 years;
- Have a council and provide specific information for its council members in terms of appointment, term, removal, and remuneration, among other details.
Those who wish to engage in charitable work can open a foundation in Jersey by observing the general incorporation steps, as listed below by our agents specialising in company formation in Jersey.
Those who open a foundation in Jersey will not be able to engage in commercial or trade activity through this entity. Moreover, they will not be able to acquire property through the foundation.
If you are looking for different solutions, including how to set up a trust, our team can be of assistance.
The main steps required to open a foundation in Jersey
A Jersey foundation is created via registration with the authorities. The following steps are relevant for those who want to incorporate one:
- Choose a name for the foundation – it must be reserved online;
- Decide on the foundation’s particulars – select the beneficial owner, the controller, the council member for the foundation;
- Prepare the documents – these include the incorporation application form and the foundation’s charter, among others;
- Pay the fees required to set up the foundation (see below for more details).
When making the required submission for registration, there is also an option to have the foundation established as a recognised entity. Our team can give you more details.
Regardless of the purposes for which it will be set up, the foundation will not require licensing.
Those interested should note that the process to open a foundation in Jersey is not quite the same as that to set up this same kind of entity in Guernsey, although they are both part of the Channel Islands.
The set up process for a foundation includes certain steps that are also required to open a company in Jersey. For example, choosing and verifying the name are required in both bases.
Fees for those who set up a foundation in Jersey
Like in the case of those who set up a company in Jersey, certain fees are due by those who create a foundation.
The fees set by the Jersey Financial Services Commission are briefly listed below. Please keep in mind that these can be subject to change and that they are not the only costs required to open a foundation in Jersey:
- Registration within 5 days: £200;
- 2-day registration: £375;
- 1-day registration: £520;
- Fast track registration, in 2 hours: £820;
- Out-of-hours registration (only by agreement: £1,480 minimum.
The fees listed above apply to the receipt of documents by the Registrar, for issuing a registration number and to include the foundation’s name in the register.
Contact us if you require assistance to open a foundation in Jersey or if you have other questions about trusts or businesses in Jersey.