Do you want to donate or give money in your will to a particular non-profit, humanitarian, social or other purpose? Do you want to transfer the rights to your assets to a foundation and its purpose? If so, a foundation may be the most appropriate organisational form for you.
All foundations must be registered with the Brønnøysund Register Centre. The supervisory authority for foundations is the Norwegian Gaming and Foundation Authority. A foundation can be either an ordinary foundation or a commercial foundation. See Section 4 of the Foundation Act for definitions of these foundations. Independent trust funds, institutions and funds established by private individuals are also considered to be foundations.
At the time of establishment, foundations must have registered capital of at least NOK 100,000. For commercial foundations, the minimum registered capital is NOK 200,000.
Foundations must have a board. The board represents the foundation externally and is responsible for ensuring that the foundation and what it concerns are managed in a satisfactory manner. The articles of association of a foundation may stipulate that the foundation must also have other bodies. Foundations are subject to the accounting obligation and are obliged to have an auditor.