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(Q&A) on Foundations
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- What is a foundation according to Armenian legislation?
- Who are the beneficiaries of the foundation?
- Is the foundation allowed to participate in entrepreneurial activities in Armenia?
- Who can be the founders of a foundation according to Armenian legislation?
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- Citizens of the Republic of Armenia.
- Foreign citizens.
- Persons without citizenship.
- Legal entities of the Republic of Armenia.
- Foreign legal entities.
- Republic of Armenia.
- State or local self-government bodies cannot be founders of the fund.
- How is a foundation established according to Armenian legislation?
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- Application for state registration signed by the head of executive body or the temporary acting head of the executive body of the foundation.
- At least two copies of the foundation’s charter.
- Decision on establishing the foundation.
- Receipt of payment of the state duty.
- Are there specific requirements for a decision to establish a foundation in Armenia?
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- approve the charter of the foundation.
- appoint the head of the executive body of the foundation or the temporary acting head of the executive body.
- What are the specific requirements outlined for the foundation charter according to Armenian law?
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- The name of the foundation
- The location of the foundation.
- The goals of the foundation.
- List of the types of entrepreneurial activities that the foundation may engage in.
- Information about the founder (founders):
- For natural persons: citizenship, first name, last name, passport information, address of residence or registration,
- For legal persons: country of incorporation, full name (company name), state registration data, location address,
- for the community: the full name of the community,
- for the state: the full name of the state, the full name of the authorized body.
- the manner of management and governance of the foundation’s property.
- Beneficiaries of the foundation.
- the period of activity of the foundation if it was established for a certain period.
- Manner of formation of the foundation bodies, the quantitative composition of the board of trustees, the powers of the foundation’s bodies, the procedure for their decision-making, including the issues on which decisions are taken unanimously or by a qualified majority of votes.
- Procedure for liquidating the foundation.
- Other provisions.
- What are the timeframes for establishing a foundation in Armenia?
- Are there any grounds upon which the establishment of the foundation can be rejected?
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- the procedure for establishing the foundation established by the Law is violated.
- The charter of the foundation contradicts the Law.
- The name of the foundation coincides with the name of another previously registered foundation.
- All documents required for state registration, defined by the Law, have not been submitted.
- What are the bodies associated with the foundation?
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- Board of trustees of the foundation.
- The head of the executive body of the foundation (Hereinafter referred to as the “Manager”).
- What legal rights does the foundation possess according to Armenian law?
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- To disseminate information about its activities without restraint.
- To establish press and other mass media means.
- To receive information, necessary for the accomplishment of its statutory purposes, from state and local self-government bodies.
- To create separated subdivisions (branches, representations) and institutions.
- To create commercial organizations or to participate in them.
- To implement other activities not forbidden by the law.
- What are the duties and obligations of the foundation?
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- To keep records and accounting in the manner stipulated by the Law.
- To present information and reports to state bodies in cases and in the m
- To submit information and reports to state bodies in cases and according to the law.
- To present information and reports to state bodies in cases and in the manner stipulated by the Law.
- Perform other duties defined by the Law and other laws.