How to establish a foundation?

A foundation is a legal entity with no membership, whose purpose is to manage specific assets in the public interest or for charitable purposes.

The founders of the foundation do not have to be citizens of Bosnia and Herzegovina, nor legal entities registered in Bosnia and Herzegovina.

A foundation may be established by a unilateral declaration of intent, by contract, by will, by legacy or by any other appropriate legal act.

The foundation's founding act contains:

The foundation's founding act contains:

a) the name and surname, or the name and legal form of the founder and their place of residence, or registered office;

b) the name of the foundation;

c) the registered office and address of the foundation;

d) the aims and activities of the foundation;

e) the amount of cash or other assets to be contributed by the founder, which shall not be less than two thousand convertible marks;

f) the name and address of the person authorised to carry out the tasks of registration in the Register;

g) the first name, surname and signature of the founder;

h) the number and date of the founding act.

The decision to establish the foundation is signed by the founder and bears the date and protocol number; if the foundation's founder is a legal entity, the decision is signed by the person authorised to represent that entity.

The foundation's statutes contain:

a) the name, any abbreviated name if applicable, and the registered office of the foundation;

b) the aims and activities of the foundation;

c) the foundation's bodies, the manner in which they are elected, the powers they have, quorum and voting rules, the duration of their term of office, the person authorised to convene the board of directors, the conditions and manner of dissolution, or cessation of activities;

d) rules for the management and use of the foundation's assets;

potential beneficiaries of the foundation's funds;

e) procedures for the amendment and supplementation of the statutes, as well as the authorisation and procedures for the adoption of other general acts;

f) the conditions and procedure for the merger and division or dissolution of the foundation, including any voting rules requiring a special quorum or a qualified majority;

g) criteria for the disposal of the foundation's assets in the event of its dissolution; and

h) description of the shape and content of the foundation's seal and emblem

The foundation's statute is adopted by the Board of Directors of the foundation and is signed by the Chair of the Board of Directors of the foundation. The statute contains the date and protocol number.