The Isle of Man Department of Economic Development is pleased to announce that Appleby has launched the Appleby Charitable Foundation, the Island’s first Foundation to be approved and established under the new Foundations Act 2011 (“the Act”), which came into effect on 1 January 2012.
A Foundation is an incorporated, self-owning, legal entity which, although having much in common with a trust, has a distinct legal personality, something that is more commonly associated with companies. There will also be a record of all foundations established under the Foundations Act in the Companies Registry.
The Foundation will assume the responsibilities of the existing Appleby Fund for the Community, a charitable scheme created to issue donations across a range of local charities and causes. The process of establishing the Foundation will not affect any of the charities Appleby currently support.
John Rimmer, Local Group Head of Private Client & Trusts and Partner of Appleby (Isle of Man) has been instrumental in the implementation of the Foundations Act and worked with Treasury and the Department of Economic Development to establish the framework needed for the Act to be fully implemented.
Commenting on the Act John said:
'The Isle of Man is home to some of the strongest businesses in the global marketplace and is one of the leading offshore financial centres in the world. By offering a flexible alternative to that of the traditionally used trust, we can retain our position at the forefront of the offshore wealth management industry.'
He went on to say:
'Appleby has already established its first Foundation and it just goes to show how quick and effective the collaboration between Government and private sector on the Isle of Man has become.'
Alan Crowe MLC, Political Member for Isle of Man Department of Economic Development’s Companies Registry, said:
'The introduction of the Foundations Act is a good example of what can be achieved when Government and the private sector work together. The Foundations Act is a new product for the island which will offer an opportunity for local businesses to generate new business.'