Foundations have features of both a Trust and a Company. Foundations can provide an alternative option for wealth management and succession planning.
A Foundation is established through Will or a Foundation Charter and is managed by a Council, which can include the founder.
The Foundation can be used to own shares and interests in private companies for charitable and non charitable purposes: Succession Planning, Tax & Estate Planning, Asset financing and Assistance to charities.
Foundations are mostly used by clients from non common law jurisdictions who are not familiar with Trusts or those who wish to use a legal entity for their activities while retaining the advantages and flexibility of a Trust.
A Foundation can apply for a Global Business Licence (“GBL”), entitling it to all requirements and benefits of being resident in Mauritius
Foundations are exempt from income tax in Mauritius when:
the Founder is a non-resident or holds a GBL; and
the Beneficiary is non-resident or holds a GBL.
Ashton Financial Partners will provide Council members, Accounting and Secretarial services along with Registered Office for the good functioning of the Foundation in line with the Charter.