A foundation, also known as a fund, is an aggregate of property that has been set aside for the achievement of a goal specified by the founder which shall not have a profit-making nature.

• A foundation is a legal person.
• It is established by one or more persons.
• A foundation is classified in accordance with the classification of fields of activity of associations and foundations, approved by Cabinet regulations, which includes 23 fields of activity.
• A foundation may determine and apply for several fields of activity simultaneously.

In order to achieve its objectives and ensure its operation, a foundation is entitled to carry out economic activity as a complementary activity.