How to create a donation fund in Ukraine?
A charitable foundation is a non-governmental, non-profit organization, the purpose of which is to carry out charitable activities related to the interests of society or certain categories of people.
Registration of a charitable foundation in Ukraine is a standard service for our company, as well as assistance with the registration of other types of non-profit organizations. In this publication, we will describe the algorithm of actions for setting up a fund, as well as note all the subtle aspects of the procedure, which are important to be prepared for in advance
If you still have any questions or you want to start to create a donation fund, please contact our specialists.
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How to start the procedure for registering a donation fund in Ukraine?
Both a physical and legal person, either Ukrainian or foreign, can start a donation fund in Ukraine.
We conventionally divide the whole process of starting a charitable foundation into three stages:
1. Preparation of documents and meeting of the founders of the donation fund.
To properly prepare all documents, which are needed to register the donation fund, our lawyers help to arrange a meeting of founders, at which the decision to establish a fund shall be made.
In addition, at the meeting the founders shall adopt the creation of the Charter of the donation fund and management bodies of the fund.
When preparing the the Charter of the donation fund, you need to take into account the following points:
Specify a unique name for the donation fund. We have seen cases where the founders of the donation fund have chosen very unusual names, including obscene language. Find more information about the procedure for registering a fund with a non-standard name here.
Specify the purposes of the charitable foundation. All charitable assistance coming to the account of the foundation shall be aimed at achieving the objectives of the foundation (as a non-profit organization), so the objectives and mission of the foundation shall be correctly formulated and initially enshrined in the Charter.
Specify the composition and procedure for creating the management bodies of the fund. It is necessary to provide for the procedure of suspension or liquidation of management bodies.
The Charter shall also specify the sources of formation of the fund’s assets. We have already written about the risks of reimbursable financial assistance for a charitable foundation here. Our lawyers can advise you on the possible sources of assets, their safety and accounting procedures.
The Charter must contain the provisions necessary to obtain a non-profit status.
2. State registration of the donation fund.
State registration of the donation fund can be done at the registrar or notary by submitting the following documents:
Minutes of the meeting the fund founders;
Application for registration of the donation fund;
Constituent documents of the donation fund;
Documents confirming the identity of the donation fund founders.
Note: if the founder of the donation fund is a foreign company, it will be necessary to provide a document confirming its registration in the country of location.
The donation fund registration procedure, in the absence of errors in the documents, takes 24 hours.
3. Registration with the tax authorities and obtaining a non-profit status.
The non-profit status for a donation fund can’t be obtained automatically. To get it, you need to apply to the tax office with an application after the registration of the fund.
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Our company deals not only with establishment, but also with support of charitable organizations in Ukraine. Therefore, we can answer any questions you may have at the stage of starting your donation fund.
Do you want to register a donations fund in Ukraine? Don’t hesitate to call us! We will help you with all the preparatory work and take care of all registration stages!
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