1. How do I form a Private Foundation?
A Private Foundation is established by the registration of an extract of particulars derived from a deed of endowment. Please contact any Regional Office for detailed information and assistance.
2. Is a deed of endowment included in the public record?
The Memorandum of Endowment does not form a part of the public record. Only the basic information extracted from the Memorandum of Endowment is recorded with the Liberian Registry.
3. What is the minimum value of initial assets?
The initial assets must be cash or equivalent to US$10,000. Assets transferred to the foundation cannot be withdrawn by the donor.
4. Who manages the Private Foundation?
The management of the Private Foundation is performed by its officers. The Private Foundation must have a minimum of three (3) officers – at least two (2) must be individuals. There are no residency or nationality requirements.
5. Can a donor or a beneficiary be an officer of the Private Foundation?
The donor and the beneficiaries cannot be an officer. However both can be members of the supervisory board.
6. What documents need to be filed with the Registry after registration?
A Private Foundation is required to file an annual return confirming that information already in the public record is accurate, or advising of any changes, if necessary. Any changes of the particulars filed with the Registrar have to be filed with the Liberian Corporate Registry in a form of an Amendment of the Particulars.