The Law on Endowments and Foundations (“Law on Foundations”) was adopted in 2010. The law provides for two categories of non-membership non-profit organizations. Both foundations and endowments can be established by natural or legal persons, resident or non-resident: - a Foundation, which is defined as a “not-for-profit, non-membership, and non-governmental legal entity pursuing public interest objectives,”; and - an Endowment, which is defined as a “not-for-profit, non-membership, and non-governmental legal entity whose founder designated specific property to support its public or private interest objectives” (Law on Foundations Article 2). Broadly speaking, a Foundation is similar to the concept of a Public Foundation known in civil law jurisdictions, however there is no provision in Serbian law for a Private Interest Foundation as you could find in, for example, Liechtenstein or Panama. A Serbian Foundation is suitable for those clients looking for a non-profit entity for public interest or philanthropic purposes. There is absolutely no capital requirement to establish a foundation. However it should be specifically noted that a Foundation allows for much less flexibility in its goals than an Association (which allows “mutual benefit” goals as well as public benefit) or an Endowment (which expressly allows Private Interest goals).