A foundation usually refers to a non-profit legal person established for the purpose of engaging in public welfare undertakings by using the property donated by natural persons, legal persons or other organizations in accordance with the provisions of this Ordinance. Foundations are divided into those that raise funds for the public and those that are not allowed to raise funds for the public.
According to the Regulations on the Administration of Foundations, foundations must be registered with the civil affairs department before they can operate legally. The foundation needs certain conditions, such as being established for a specific public welfare purpose; Having a standardized name, articles of association, organizational structure and full-time personnel suitable for its activities; Have a fixed residence, etc.
The materials that an applicant shall submit to the registration authority for establishing a foundation include an application; Draft articles of association, capital verification certificate and residence certificate; List of directors, identity certificates and resumes of the proposed chairman, vice-chairman and secretary-general; Documents approved by the competent business unit, etc.