To create a Foundation, it is necessary to have an initial foundational endowment of at least 30,000 euros, which can be monetary or non-monetary.
- If the endowment is monetary, 25% of the 30,000 euros must be contributed, and the rest within five years.
What if the initial endowment is less than 30,000 euros? The founder must justify the amount by presenting an action program and an economic study that accredits viability.
- If the endowment is not in cash, it can be in assets or rights of another nature.
Attention: if you are going to create a foundation, you must know how to transfer part of your assets and rights to the foundation, the profits of which you must reinvest in the foundation.
The capital you must contribute comes from your assets without the capacity to recover by reinvesting the profits for the same purpose.
Once you have the capital, the steps to create a foundation are as follows:
- Draw up the primary statute.
- Submit the draft to the Register of Foundations.
- Apply for negative certification from the Register of Foundations.
- Deposit the final endowment.
- Application for the provisional NIF and settlement of the ITP and AJD.
- Execution of the public deed of incorporation.
- Registration in the Register of Foundations.
Remember that you can count on Leialta as your consultancy to help you set up a Foundation.