Private foundation

[kate]

Hi Brandon,

We began the process with Peter.

I have just completed my 6th email in the setting up process. This is where we have completed the foundations of agreement, the minutes and the NAT3346 form.

Next step is to book and appointment at the bank. I contacted my local Westpac Branch today – it is a small branch out in the country. The lady let me know that they had to seek advice from their Sydney branch and their reply to her was:

– “There is no just walking in now and getting an appointment to open one of these accounts”

– They are “treating all business accounts a bit more carefully” therefore it is about a 3–5-week backlog before we can get an appointment.

– To get the appointment the local branch must make a referral to the head office for one of these business accounts to be opened

– Someone will contact her from the head office and then she will then contact us to organise an appointment.

That’s where we are at how did you go?

Kate

[risingsun]

hey Kate….i am just starting out on foundation process..so any updates/pointers on yr journey appreciated. how much do the foundations cost to set up? i am thinking to use in tandem with trust. offering trade type services to community…do u think that could work…anhyway, as said any pointers appreciated

[kate]

Hi, I am just awaiting confirmation from Westpac to let us know when we can organise an appointment to open the foundation accounts – no word for the last week or two but will keep you posted.

I am using Peter Duff to set up our foundation. While i am waiting i have received letter head and invoice templates from Peter. I am not sure how the process will work as yet as am still in the setting up phase.

I have heard that the foundation is useful for all things but it cannot own a property so will be a good idea to set up a private trust. I have not done this with solutions as yet.

Kate

[risingsun]

thanks…yep keep us posted…i know these things take a little time to set up…look fwd to hearing how you went…cheers

[Brandon-Nicholas]

Hey @kate,

I setup my account about a week ago with ANZ and all went well (just waiting for card to come in mail). Peter gave me the option between Westpac and ANZ and I chose ANZ as I had heard Westpac has been recently making it difficult to operate and open these accounts. If It’s not too late, It may be more beneficial for you to go through the process with ANZ. I would also advise that it may be easier to do it at a bigger branch in or near a city (if you can). Feel free to private message me if you have anymore questions.

[Brandon-Nicholas]

@kate

That being said. I do believe It’s still possible to open these accounts with Westpac, they just don’t make it as easy as they used to (like with anything you do to escape slavery). So if you aren’t in any great hurry just stick with Westpac.