The Foundation is a non-governmental organization which is formed by one or more persons who assign a heritage in order to achieve a general purpose or, if necessary, of certain collectivities.

Initially to be assigned to the property is at least required consideration of 100 gross minimum wages on economy. Except from those foundations whose aim is fundraising operations, which are to be offered to other associations and foundations, in which case the initial assets must be at least the equivalent of 20 minimum salaries gross on the economy.

After acquiring legal personality, the initial Heritage Foundation’s cash can be transferred to the current account, where it will be used for payments in the interest of the Foundation.

The necessary documents for the incorporation of the Foundation are:

  • Copy the Identity Card/Passport of founding members;
  • Copy of Contract of the headquarters of the Foundation;
  • Identification data of (co) owners;
  • Record of each tax founding member;
  • The name of the Foundation.

The time limit for lodging a Foundation is 45 days – at which point the Foundation will be fully functional. Getting the court decision concerning the disposition of registration in the register of associations and foundations is made in 21 days, but because of the procedures that must be met in order for it to remain a final ruling; the term gets to 45 days.