The Guernsey foundation is an incorporated entity with a separate legal personality. Unlike a company, it does not have shareholders to whom the board are accountable. Instead, the foundation holds assets (in its own name) on behalf of beneficiaries, particular purposes, or both, and in accordance with the foundation’s constitution. As such, although it looks similar to a company, its operation is more akin to that of a trust. However, a foundation is neither.
Gavin Ferguson, Siena Gold
