The Isle of Man Foundations Act 2011 provides an alternative to more traditional Isle of Man trust structure, particularly for clients in non-common law jurisdictions. The uses of Isle of Man foundations include succession planning, charitable and philanthropic purposes, and asset holding vehicles (for example, commercial assets such as private jets) for non-charitable purposes. Sovereign can assist with all aspects of setting up and registering an Isle of Man Foundation and can act as a council member, an enforcer and a registered agent. Sovereign is also able to provide full administrative services enabling a Foundation to perform including the preparation of financial statements, accounts, the completion and filing of tax returns and the opening and maintaining of bank accounts.