Acquisition of shelf charitable foundation: will it be faster?

In October 2019 our firm received a request from a Client who wanted to perform activities associated with the charity work. According to him, he can help the village schools in the distant corners of the country where there are difficulties with computer equipment and learning support materials.

He had several foreign partners who were ready to supply computers free of charge, though not of the latest models, but in good technical condition. The Client was interested in how he could set up a charity organization and wondered how quickly would it be possible to accept computer equipment for its turn over to schools.

The question "How quickly can a charitable foundation be set up in Ukraine?"  was of interest not only to him alone, so today we will discuss this issue and offer several options for the quick start of charity work.

Related article: Helped a Client to become an owner of a charity organization within strict deadlines

Set up a new charity foundation: possible delays

Registering a new charity is - not a problem. Our specialists, after receiving data from the Client about the name of the future organization, its address and other source data, will only need a power of attorney.

All actions for registration of the organization are carried out within 1-2 days.

However, it is recommended to place any property on the books only after obtaining the status of non-profitability.

Now newly set-up organizations are considered unprofitable from the date of state registration. However, if the documents for obtaining this status were submitted within 10 days from the date of registration, relevant information will appear in the electronic register of the traffic police only from the moment a decision is made to include the organization in this register.

Therefore, until the organization is listed in the electronic register of nonprofit organizations, no one will see whether it is included in it or not. And this can be important when setting up a bank account. Sometimes they may ask for a paper copy of the Decision to include non-profit organizations in the register. In practice, it takes about one and a half weeks from the moment documents are submitted to the tax office and until the paper Decision to include non-profit organizations in the register is received.

Related article: How to register a children's charitable foundation?

Become the owner of an “off-the-shelf” charity foundation

If it is possible now to accept charitable donations and forward them to beneficiaries, you can buy an “off-the-shelf”charitable organization.

A change in the composition of participants and the chairman takes place one day after the signing of the documents.

Of course, if you want to change everything in this organization - from the name to the legal address, you can do it. This will not cause the status of non-profitability to become null and void and you will not have to receive it again. You will receive a charity foundation that is completely ready for operation.

The only thing you will have to keep in mind when changing the name or address is that you will receive documents with the new data immediately, but you will have to wait 1-2 weeks for decisions to include non-profit organizations in the register. It turns out that for some time you will have valid documents in your hands, but with different names. Which, again, will not interfere with your activities.

You can find out how to become the owner of an “off-the-shelf” charity foundation from our employees.

What did the Client decide about starting a charity?

Since the Client wanted to start his activities as quickly as possible, he took advantage of the offer to purchase an “off-the-shelf” charity foundation, and became his new (and only) participant and manager in one working day.

If you are interested in setting up a charitable organization or need an “off-the-shelf” charity foundation, please get in touch with our staff for further details.