1. WHAT IS A TRUST FOUNDATION UNDER BHEUU?
A Trust Foundation under the Legal Affairs Division (BHEUU) is a legal entity established in Malaysia for the purpose of managing assets or funds for charitable, educational, religious, or other social causes in a trust structure. BHEUU oversees and ensures these foundations operate in accordance with Malaysian law.
2. HOW DO I ESTABLISH A TRUST FOUNDATION UNDER BHEUU?
To establish a Trust Foundation, you may appoint a lawyer to submit an application to BHEUU along with the proposed trust deed, outlining the foundation's objectives, governance structure, and management plan. BHEUU will review the application to ensure it meets legal requirements and serves the public interest.
3. WHAT ARE THE MAIN RESPONSIBILITIES OF A TRUST FOUNDATION UNDER BHEUU?
The main responsibilities include managing the trust's assets responsibly, ensuring that funds are used strictly for the stated objectives, maintaining transparency and accountability in operations, and complying with reporting requirements as mandated by BHEUU.
4. ARE THERE ANY SPECIFIC FINANCIAL REQUIREMENTS FOR SETTING UP A TRUST FOUNDATION UNDER BHEUU?
While BHEUU does not mandate a specific amount of capital for establishing a Trust Foundation, it is essential that the foundation has sufficient assets or funds to effectively pursue its stated objectives. The financial plan should be detailed in the trust deed.
5. HOW DOES BHEUU OVERSEE THE ACTIVITIES OF TRUST FOUNDATIONS?
BHEUU monitors the activities of Trust Foundations to ensure compliance with the trust deed and relevant laws. This includes reviewing annual reports and financial statements, and conducting audits or investigations if necessary to ensure that the foundation's activities align with its objectives and legal obligations.
These FAQs provide a basic overview, and it is advisable to consult with legal experts for detailed guidance specific to your situation on setting up the Trust Foundation as well as drafting all relevant documentation above. Kindly contact us for further information.