Explanation of New Regulations
“Directions Governing Supervision and Management of Incorporated Foundations under Supervision of the FSC” (the “Directions”) and the interpretive rule stipulating the term of “a certain amount” as provided by Article 16 of the Directions were both abolished
2020-08-21
According to Paragraph 1 of Article 10 of the “Foundations Act”, where an application is filed for the Financial Supervisory Commission’s approval to set up a foundation, the following documents should be prepared with 3 copies:
(1) Application form;
(2) Charter of endowment, or a photocopy of the will if the foundation is to be established with property endowed by a will;
(3) List of endowment property and relevant supporting documents;
(4) Roster of directors and, if any, supervisors, with photocopies of their identification documents and specimen of signatures or seals;
(5) Consent statements to serve as directors or supervisors;
(6) Seal of the foundation;
(7) Endower’s letter to undertake to transfer the ownership of the endowment property to the foundation after the establishment is approved and duly registered;
(8) Work plan;
(9) Anti-money laundering and combating financing of terrorism plan if the place of branch office is located in high-risk countries or areas of money laundering and financing of terrorism; and
(10) Other documents required by the competent authority.
(1) Application form;
(2) Charter of endowment, or a photocopy of the will if the foundation is to be established with property endowed by a will;
(3) List of endowment property and relevant supporting documents;
(4) Roster of directors and, if any, supervisors, with photocopies of their identification documents and specimen of signatures or seals;
(5) Consent statements to serve as directors or supervisors;
(6) Seal of the foundation;
(7) Endower’s letter to undertake to transfer the ownership of the endowment property to the foundation after the establishment is approved and duly registered;
(8) Work plan;
(9) Anti-money laundering and combating financing of terrorism plan if the place of branch office is located in high-risk countries or areas of money laundering and financing of terrorism; and
(10) Other documents required by the competent authority.
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- Update： 2020-12-17
