A private nonprofit organization with funds and a program managed by its own trustees and directors, established to further social, educational, religious or other charitable activities by making grants. A private foundation receives its funds from, and is subject to control of, an individual family, corporation or other group of limited number.
The Royal Institute Dictionary B.E 2525 (Sixth Edition, B.E. 2539) defines the word “foundation” as “Assets specifically allocated with the objectives to support the public charity, religion, science, literature, education, or any other public interests. Foundation shall not seek for any interest to allocate for its members and the foundation must be a registered juristic person in accordance with the Commercial and Civil Code of Thailand”.
***Please note that Thailand’s rules and regulations are constantly changing and it is vital that you check with the Thai Authorities for updated information.
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