A foundation, also referred to as a fund, is an aggregate of property set aside to achieve a purpose determined by the founder, which is not of a profit‑making nature.

• A foundation is a legal entity.
• It may be established by one or more persons.
• Foundations are classified in accordance with the classification of fields of activity of associations and foundations approved by Cabinet of Ministers regulations, which comprises 23 fields of activity.
• A foundation may determine and declare several fields of activity simultaneously.

For the purpose of achieving its objectives and ensuring its operation, a foundation is entitled to engage in economic activity as a supplementary activity.