The process of creating a family foundation requires going through several stages, from preparation necessary documentation and contributing the founding fund to the formal registration of the family foundation in the register of family foundations. Below we will present step by step how to establish a family foundation. Although this process seems complex with the support of experts at each of its stages, it should run smoothly and effectively so that the Founder and his family can enjoy the solutions offered by the institution of a family foundation as soon as possible.
The process of establishing a family foundation can be divided into the following stages:
- Submission by founder declarations on the establishment of a family foundation in the articles of association or in the will (notarial deed) – most often you will submit such a declaration together with the drawing up of the articles of association during one visit to the Notary;
- Preparation of the statute (notarial deed) and inventory of property – the statute is the basic and most important document within the Family Foundation, which regulates its organization and functioning, therefore, the support of experts is necessary, especially when drafting it, so that the will of the Founder can be fully implemented through its provisions;
- Establishment of the bodies of the family foundation (the statute itself) – a Family Foundation has obligatory bodies such as: the management board and the meeting of beneficiaries, as well as an optional body, which is the supervisory board, which becomes obligatory if the number of beneficiaries exceeds five people; the statute may already list the people who will be members of the first composition of the Foundation's bodies, or they may be appointed later, i.e. their names and surnames may not be entered in the statute;
- Obtaining a Tax Identification Number and National Business Registry Number – you can apply for a Tax Identification Number and National Business Registry Number immediately after drawing up the articles of association – at that moment, the company is established. Family Foundation in an organization that has legal capacity;
- Setting up a bank account – we know from experience that the procedure for setting up a bank account for a Family Foundation in an organisation is not at all simple, so you need to be patient, although more and more banks already have such an offer in their products, which may suggest that the process will be streamlined;
- The next step will be to contribute the founding fund before entering it in the register of family foundations in the case of establishing a family foundation in the founding act or to contribute the founding fund within two years from the date of entering the family foundation in the register of family foundations in the case of establishing a family foundation in a will – the minimum founding fund is PLN 100,000. To cover the founding fund, the founders contribute the following property:
- in monetary and non-monetary form;
- only in cash;
- only in non-monetary form.
- Opening the accounts of a family foundation – the decisive moment for this activity will be the performance of the first economic operation affecting the state of assets and liabilities or revenues and costs, and therefore most often the contribution of property by the founder to cover the founding fund;
8. Even before submitting an application for registration, it will be necessary to submit an application to the National Criminal Register for a certificate of no criminal record for each member of the management board - you can obtain a certificate of no criminal record via the Internet, by mail or by submitting a form at the information point; and the provision of information from the National Criminal Register is subject to a fee of: PLN 30;
9. One of the last steps will be to register the family foundation in the register of family foundations kept by the District Court in Piotrków Trybunalski:
- the application is subject to a court fee of PLN 500;
- an application for entry in the register of family foundations is submitted on an official form, the template of which is specified in the regulation of the Minister of Justice of 22 May 2023 on the specification of official templates of application forms for entry in the register of family foundations and the method and place of making them available (Journal of Laws of 2023, item 974);
10. after being entered into the register of family foundations kept by the District Court in Piotrków Trybunalski, the next necessary step will be to register the Family Foundation in the Central Register of Beneficial Owners (CRBR), and then update the data in the register regarding the NIP and REGON of the Family Foundation.
The procedure for establishing and registering a family foundation is complex and requires interdisciplinary knowledge in the field of law and finance, which is why it is worth using the knowledge of experts who they will offer support at each stage, they will suggest what aspects to pay special attention to, also in terms of asset audit in terms of contributing the founding fund, help in developing a business concept for the family foundation, and prepare the necessary documentation and guide the founder or founders through the entire registration process.
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