Typically, a Foundation is mid-way between a Trust and a company. Unlike a Trust, a Foundation, governed by the Foundation Act of 2012 has a legal personality of its own.
A Foundation can hold assets, conduct business, and make charitable donations, all while maintaining a separate legal identity from its founders. Foundations are appealing to clients from civil law countries who may not be familiar with the concept of trust.
A Foundation can have one or more beneficiaries, who can be individuals or charities, and is managed by council members (Councillors), guided by a Foundation Charter, and Foundation Articles (optional). There must be at least one resident Councillor and a resident qualified Secretary at all times.
Foundations are not required to have a minimum amount of assets or capital and can be established for both private and public purposes.
It is also possible to migrate a migration established abroad to Mauritius and vice versa. Upon winding-up, the assets of a Foundation are transferred to the Beneficiaries as provided in its Charter or Articles.
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