Key Characteristics of a Non-Profit Foundation:
The board committee consists of at least 3 people
It solely operates on a non-profit basis
It has been established to provide services that benefit the public.
Advantages of Registering a Non Profit-Foundation
The registration of a foundation provides key advantages. Once registered, foundations can enter into legal agreements with other organizations. Furthermore, raising funds and seeking donations become a lot easier with a registered entity. Donors find it more trustworthy to transfer money to a legally registered non-profit organization.
Requirements for Approval
The official name for the organization must include the word foundation
The foundation must have a registered office
The foundation must have clear and realistic bylaws
The non-profit organization must not endanger national security and cannot be contrary to the law
The application must be sent to the registrar office along with all required documents including name, address and profession of the committee board members, the foundation’s bylaws, the foundation’s assets and the foundation’s ownership or lease documents of the registered business address. Once approved by the Ministry of Interior, the foundation is permitted to start its activities. The registration process might take up to 12 month.