There are two ways to establish a foundation, by a deed of foundation and by a will. The process includes two stages: firstly, apply for permission for establishment from the National Board of Patents and Registration of Finland (NBPR); then, notify the Register of Foundations after getting permission.
"Anyone wishing to donate property for the establishment of an independent foundation shall draw up a deed of foundation. The establishment of an independent foundation after the death of the founder shall be provided for in a will." (Section 1 of Foundations Act, see reference database of Finnish legislation FINLEX.)
As stated above, a foundation can be established by either a deed of foundation or a written will. This document must state the purpose of the foundation and the property to be endowed to it. The deed of foundation must be dated, signed by the founder(s), and attested by two other persons. The Code of Inheritance applies to making a will and to its formal requirements.
The purpose of a foundation must be beneficial. Thus, permission for establishment cannot be granted if the aim is to carry out business, or if the main purpose is evidently to bring financial gain to the founder or a functionary of the foundation. Furthermore, permission cannot be given if the value of the property endowed is less than 25,000 euros, or so disproportionate to the purpose of the foundation that no prerequisites for establishment are fulfilled.
Both permission to establish a foundation and the confirmation of its by-laws are requested from the NBPR in a written, informal application. The application with enclosures should be submitted to National Board of Patents and Registration, P.O.Box 1150, FI-00101 Helsinki.
The NBPR will send the decision to the foundation by post.
The NBPR has drawn up model documents, which you can use as a guide when preparing the papers to be submitted to the Register of Foundations. Please note that using the model by-laws is voluntary.
the original deed of foundation or an officially certified copy
the by-laws adopted by the foundation
a certified copy of the minutes of a meeting of that body which ― under the law governing the organisation in question ― has the right to decide on the establishment and the property to be endowed to the foundation. It must appear from the minutes that the organisation has decided to establish a foundation, to endow to it the property referred to in the deed of foundation, and has approved both the deed of foundation and the by-laws
if necessary, evidence that the decision to establish a foundation has legal force, which means that no one has brought an action objecting to it within the prescribed time limit
the consent of a party to take up the membership, if the by-laws state that a party other than the founder(s) has the right to elect members into the bodies of the foundation
an estimate by an impartial expert of the property value, if the property consists of something other than money ― unless the value is generally known
an informal operating and financing plan, if the foundation is established with the minimum allowed capital
evidence that the will was served under the provisions of the Code of Inheritance
evidence that the will has legal force
a certified copy of the deed of estate inventory including a genealogy
a certified copy of the deed of estate distribution, if it is necessary in order to establish what the property consists of
the consent of a party to take up the membership, if the by-laws state that a party other than the founder(s) has the right to elect members into the bodies of the foundation ― unless the consent is given in other documents attached to the application for permission to establish a foundation