The Appleby Charitable Foundation is the first Foundation to be approved under the Isle of Man's new Foundation Act introduced at the beginning of 2012.
The Isle of Man’s new Foundations Act 2011 came into effect on 1st January 2012.
A Foundation is an incorporated, self-owning, legal entity. While Foundations look and act in similar ways to a trust, they differ significantly in that they have a distinct legal personality, a feature that is more commonly associated with companies.
Appleby says its Foundation will assume the responsibilities of the existing Appleby Fund for the Community, a charitable scheme created to issue donations across a range of local charities and causes. The process of establishing the Foundation will not affect any of the charities Appleby currently support.
John Rimmer as Local Group Head of Private Client & Trusts and Partner of Appleby, is the man who has been instrumental in the implementation of the Foundations Act and worked with the Island’s Treasury and the Department of Economic Development to establish the framework needed for the Act to be fully implemented.
“The Isle of Man is home to some of the strongest businesses in the global marketplace and is one of the leading offshore financial centres in the world. By offering a flexible alternative to that of the traditionally used trust, we can retain our position at the forefront of the offshore wealth management industry,” says Rimmer.
Alan Crowe speaking for the Isle of Man Department of Economic Development’s Companies Registry, added, “The introduction of the Foundations Act is a good example of what can be achieved when Government and the private sector work together. The Foundations Act is a new product for the island which will offer an opportunity for local businesses to generate new business.”
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