Wealth structuring – Foundation
Foundations in Mauritius are governed by the Foundations Act 2012 and are administered and regulated by the Registrar of Companies (ROC). There are several reasons why you might consider structuring your wealth through a Mauritius Foundation.
The following are the primary characteristics of a foundation:
A Foundation, like trusts and limited partnerships, is an appropriate vehicle for wealth management, succession planning, charitable and non-charitable activities, or commercial purposes;
Foundations must keep appropriate books of accounts and keep its records at its registered office in Mauritius.
A Foundation, like a trust, possesses both the characteristics of a trust and the legal personality of a corporation. According to the terms of the Charter, it may also have beneficiaries (similar to a trust).
A Council manages the Foundation's affairs and administers its assets, much like a board of directors does for a corporation;
In addition, a Foundation can be established to achieve both charitable and non-charitable goals, can benefit a specific person or group of people, or carry out specific purposes outlined in the Charter.
Wealth structuring through a foundation is appealing to clients who live in civil law countries and are unfamiliar with the concept of trust.