In Thailand, a foundation is consists of property specially appropriated to public charity, religion, arts, science, literature, education or other purposes for the public benefit and not for sharing profit and has been registered under the provisions of the Civil and Commercial Code.
The property of a foundation must be managed for implementing the objects of that foundation and not for seeking interest of any person. Hence, a foundation must have its regulations and must have a Committee, consisting of at least three persons, to conduct businesses of the foundation according to the law and the regulations of the foundation. Such regulations of the foundation must at least have the following particulars:
1) The name of the foundation
2) Its objectives
3) Addresses of its head office and all its branch offices.
4) Its property at the time of creation.
5) Rules for the Committee of the foundation, i.e. number of the directors, appointment of the directors, term of office of the directors, retirement of office of the directors and meetings of the Committee.
6) Rules for the management of the foundation, the management of the property and the keeping of accounts of the foundation.
Interested in setting up a foundation in Thailand, consult with ThaiLawyers for further assistance.