The Singapore Foundation is a form of non-profit organization that aims to provide funding and resource support for specific philanthropic goals or charitable causes. It is similar to traditional charitable institutions but has some differences.
Advantages:
Tax benefits: Singapore provides favorable tax policies for foundations, such as tax exemptions or reductions. This allows donors to reduce their tax burden to some extent, encouraging more people to participate in philanthropic charitable activities.
Flexibility: Foundations are usually more flexible than traditional charitable institutions and can be established for various purposes such as education, healthcare, culture, and environmental protection. Donors can set up foundations based on their own interests and goals.
Permanence: Foundations generally have long-term existence and are not affected by the lifespan of individuals or organizations. This ensures long-term support and funding for specific charitable causes.
Flexible management: Foundations are usually managed flexibly, either by the donors themselves or by a designated board of directors.
High privacy: Singapore has high confidentiality for foundation information, and the identity and financial information of donors can be kept relatively private.
Our responsible registration process:
Drafting the constitution: Formulate the foundation's constitution, including the foundation's name, purpose, funding sources, operational methods, composition of the board of directors, etc.
Selecting trustees: At least one trustee is required to manage the foundation. This person can be a Singapore resident or non-resident.
Registering the foundation: Submit the registration application to the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. The application should include the constitution, detailed information of the trustees, and other necessary documents.
Opening a bank account: Once the foundation is successfully registered, you need to open a bank account in Singapore for financial transactions and management of donated funds.
Compliance with regulations: Once established, the foundation must comply with Singapore's relevant charity and legal regulations and regularly submit financial reports and other necessary documents to government agencies.