Appleby, the offshore legal, fiduciary and administration services firm, has launched the Appleby Charitable Foundation on the Isle of Man, the first foundation in the UK Crown Dependency.

The foundation has yet to be approved and established under the Foundations Act 2011, which came into effect on 1 January.

"The Foundations Act is a new product for the island which will offer an opportunity for local businesses to generate new business," said Alan Crowe, who is a member of the Isle of Man Department of Economic Development’s companies registry. 

The new foundation will assume the responsibilities of the existing Appleby Fund for the Community, a scheme created to issue donations across a range of local charities and causes. 

“By offering a flexible alternative to that of the traditionally used trust, we can retain our position at the forefront of the offshore wealth management industry,” John Rimmer, local group head and partner, said in a statement.