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Establishing a foundation is not only a step towards achieving socially or economically useful goals, but also a process that requires appropriate knowledge, planning and diligence.
In this step-by-step guide, we will discuss the key aspects to consider when setting up a foundation and how the registration process works.
What is a foundation and who can establish one?
A foundation is a non-governmental organization that aims to implement specific social or economic activities.
It can be established by both a natural person and a legal entity, regardless of citizenship or place of residence. The only requirement is to have a registered office in the Republic of Poland.
Foundation
Foundations are often created at the initiative of private individuals, companies or public institutions that want to actively support specific goals or social initiatives by committing financial and human resources.
Establishing a foundation step by step
Step 1: Determination of the founding capital and foundation deed
The first step in establishing a foundation is to establish a founding fund, i.e. assets earmarked for the implementation of the foundation's goals. Then the founder makes a declaration of intent to establish the foundation through a foundation deed, which should be prepared in the form of a notarial deed.
The founding fund may consist of various property components, including money, securities, movables or real estate. It is important that its value is appropriate for the implementation of the foundation's statutory goals.
Step 2: Drafting the statute
The foundation's statute is a document defining the principles of operation and the goals of the organization. The statute should contain information about the name, headquarters, goals, management bodies and other important provisions. The founder has the option of developing the statute himself or assigning this task to another person.
The value of the statute is to precisely define the foundation's mission, operating principles and organizational structure. It should be consistent with statutory guidelines and ensure clarity and transparency of the foundation's operations.
Step 3: Registering the foundation in the National Court Register
A foundation must be registered in the National Court Register (KRS) to obtain legal personality. The registration procedure varies depending on whether the foundation will conduct business or not. The application for registration must be submitted in paper or electronic form, along with the appropriate documents.
The registration process also includes paying the appropriate court fees and publishing information about the foundation's establishment in the Court and Economic Monitor. After completing the registration process, the foundation receives an entry in the National Court Register and a Tax Identification Number, which allows it to fully function as a legal entity.
Thanks to foundations, it is possible to finance various social, educational, medical and ecological projects, which often contribute to improving the quality of life of people around the world.
Foundation and economic activity
The foundation may conduct business activities, but always for the purpose of achieving its statutory goals. The foundation's business activities may not dominate its statutory activities, and the value of funds allocated for this purpose must be consistent with the statutory assumptions.
In the case of conducting business activities, the foundation is subject to the obligation to keep accounting records and make tax settlements in accordance with applicable law.
Costs of establishing a foundation
Establishing a foundation involves certain costs that must be factored into the budget planning process. These costs may include:
Notary fee for drawing up the foundation deed,
Court fee for registering the foundation in the National Court Register,
Costs related to publishing information about the foundation in the Court and Economic Monitor,
Any costs associated with renting a registered office or premises.
The amount of these costs depends on many factors, such as the amount of the founding fund, the form of business activity and the selection of specific service providers.
Benefits of Virtual Office for Foundations: Optimal Solution for Your Needs
A traditional office can be associated with high maintenance costs, which is why more and more organizations are choosing to use virtual office services. Why might a virtual office be the optimal solution for your foundation?
Costs
One of the main reasons to consider a virtual office for a foundation is the cost. A traditional office would require paying rent, maintenance, utilities, and other costs associated with maintaining a physical space. A virtual office offers significantly lower costs, allowing foundations to save money on their mission.
Flexibility
Another advantage of a virtual office is flexibility. You can rent only the services you need without having to pay for a full office package. This means that if you only need an address to register your foundation and the ability to receive correspondence, you can choose this option without incurring additional costs.
Professionalism
Virtual offices offer a professional address that can be beneficial to your foundation’s image. By having an address in a prestigious location, you build trust with potential donors, business partners, and other organizations.
Additional services
Virtual offices often offer additional services, such as correspondence, telephone support, or conference room rentals for board meetings or foundation events. This gives you access to a full range of services without being tied down to a permanent lease.
Mobility
With a virtual office, you are not tied to one location. You can work from anywhere in the world while having a professional address for your foundation. This is especially useful when the foundation operates on many levels or runs international projects.
Foundation
The Foundation is a philanthropic institution that works for the social good by raising funds and carrying out projects that have a positive impact on the community or environment.
Establishing a foundation is a process that requires proper preparation, understanding procedures, and meeting specific legal requirements. However, remember that a foundation is not only an organizational form, but above all a tool for achieving important social goals and supporting those in need.
If you are planning to set up a foundation or are looking for an alternative to a traditional office, it is worth considering the benefits of virtual office. Take advantage of the virtual office offer Archeion and choose the optimal option for your needs.
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