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Tynwald this week announced that it has received Royal Assent for new legislation in the form of The Foundations Act. Foundations are an interesting alternative to trusts particularly for clients in civil law jurisdictions to whom the trust concept is not as familiar.
Whilst a Foundation has many features of a trust it also has a corporate feel to it in that it has a legal personality of its own and can therefore hold assets in its own name, unlike a trust.
Welcoming the announcement IQE Managing Director David Karran commented,
The Isle of Man has to remain dynamic, forward thinking and flexible and the Foundations Act is a welcome piece of legislation that will facilitate new business opportunities.

We have the expertise to assist with multi-jurisdictional fiduciary services for international structures

I confirm that I have worked with IQE Limited (“IQE”) indirectly and directly since 2009. Throughout our association IQE has provided company secretarial and administrative services of the highest standard not only for Redefine International P.L.C. but also for its many Isle of Man subsidiaries. IQE has at all times provided services at a very high level in a friendly and efficient manner and it has never been too much trouble for IQE to help us achieve our goals.

Redefine International Property Management Limited and IQE have developed a great working relationship and I would not hesitate to recommend their services." Michael Watters, CEO, Redefine International Group

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