Story
Supported the incorporation of an educational charity foundation as a Company Limited by Guarantee in Sri Lanka. The charitable institution was established to advance educational opportunities for underserved communities in Central Sri Lanka. We advised the founding members who are residing outside Sri Lanka on the most appropriate legal structure for a charitable entity and guided them on the corporate income tax and capital gains tax implications applicable to charitable institutions under the Inland Revenue Act.
As part of the incorporation process, we customized the Articles of Association to reflect the practical needs of non-resident founding members and directors. This included enabling the use of remote annual general meetings and resolutions in lieu of meetings, as well as drafting provisions to allow the appointment of authorized representatives to act with third parties, such as banks.
We help our clients establish and structure their charitable institutions from the ground up—advising on legal setup, customizing constitutional documents, and ensuring compliance with the Companies Act and Voluntary Social Services Organization Act—so they can focus on their mission with a solid legal foundation in place.
Results
Advised on legal structure suited for charitable purposes, including tax considerations
License obtained to omit “Limited” from the foundation’s name, for public trust and donor appeal.
Customized Articles of Association to support flexible governance, including virtual meetings and resolutions in lieu of meetings
Enabled founders residing overseas to legally operate and manage the foundation remotely
Drafted provisions allowing appointment of authorized representatives to interact with third parties
Successfully incorporated a not-for-profit foundation as a Company Limited by Guarantee in Sri Lanka
Registered company secretary services to enable incorporation process and ensure post-incorporation compliance
Authorized representative appointed in Sri Lanka to act with local banks and institutions, enabling swift operational setup.
Corporate bank account was opened within 2 business days of incorporation.
Founders launched the foundation’s first educational support initiative within one month of incorporation.
