Foundations in Poland are a good way run business in the scope of care for heritage and historical sites. They can be incorporated by both EU and non-EU citizens, and allow you to, for example, collect money from donors, purchase and sell goods and services, commission construction works, purchase real estate (under additional conditions).
The procedure begins with the drafting and conclusion of two documents:
1) the founder’s incorporation of the foundation,
2) the foundation’s articles.
The incorporation: This document contains basic information on the foundation, such as its name, who the founder is, what the foundation will be doing, where it will be registered.
The articles: This document contains more detailed information on how the foundation shall be managed, what the internal structure shall be, how it will be represented etc. This is similar to a company’s articles of association.
The first document must be concluded before a notary (or a foreign consul at a consulate, but this procedure is more complicated and takes longer), therefore it is necessary for the founder of the foundation to be present before the notary himself.
The second document should be concluded in simple paper form.
Keeping things clear:
Costs and fees
There are a number of fees to remember about when establishing a foundation in Poland.
1) notary fee,
2) legal translator fee,
3) registration fees,
4) initial capital provided to the foundation by the founder (this money stays in the foundation),
5) legal fees.
If you would like to know more details about costs or about how to establish your foundation in Poland, feel free to contact me.