It is possible to open a foundation in Seychelles for various purposes, including philanthropic, charitable, and personal financial management. Even though foundations in Seychelles are not primarily intended for daily commercial activities, they can engage in such activities if they align with the foundation’s primary objectives. Our specialists in company formation in Seychelles can explain more about the characteristics of foundations and assist in registering them.
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How to open a foundation in Seychelles
The Seychelles Foundation Act of 2009 is the primary legal document governing the foundations’ establishment and operations. The Financial Services Authority (FSA) is responsible for overseeing the foundations.
A registered agent is required to open a foundation in Seychelles. This person or entity is responsible for handling the legal and administrative tasks on behalf of the foundation. Our specialists in company incorporation in Seychelles are qualified to act as a registered agent.
To be registered, a foundation must have initial assets valued at no less than USD 1 or its equivalent in another currency.
The process of incorporation starts with creating a formal document known as a charter. This document must be written and signed by the founder(s). It is then submitted to the Seychelles Company Registrar. The foundation is officially established when the authority issues a certificate of registration.
The charter itself must include specific details, including:
- the name of the foundation,
- the names and addresses of the founder(s),
- the name and address of the registered agent,
- the purpose or objective for which founder(s) decide to set up a foundation in Seychelles,
- the initial assets that will be transferred to the foundation.
The charter may include other provisions for the foundation’s operation, such as:
- How additional assets can be added to the foundation;
- How the council will make decisions;
- How beneficiaries will be appointed or removed;
- The appointment of protectors, auditors, or other supervisory roles.
The charter also needs to establish a council that will manage the foundation in Seychelles. The charter must be written or translated into English or French.
Our team can help you open a company in Seychelles or a foundation, according to your needs.
Regulations for foundation in Seychelles
A foundation in Seychelles can be charitable, non-charitable, or both. The foundation must manage its assets and income according to the charter.
A foundation cannot engage in activities that are illegal, immoral, or against public policy in Seychelles. Foundations are allowed to open a bank account, hire employees, or rent an office space if these activities are necessary for their operations. If the foundation intends to conduct activities within Seychelles that require a license or authorization, it must have obtained such licenses.
The assets of a foundation in Seychelles can include interests or shares in entities such as in Seychelles IBCs, partnerships, trusts, or mutual funds. Foundations are not allowed to own real estate located in Seychelles. However, they are allowed to lease properties if it serves an administrate matter. Foundations in Seychelles are also not allowed to own shares or interests in entities incorporated or registered in Seychelles. Our team can help manage the shares in a Seychelles offshore company for your foundation.
Foundations can have their own set of regulations, different from the charter, which will provide detailed rules and procedures for the internal operation of the foundation. These regulations must be documented in writing and signed by the founders or by the council members.
Statistics about assets in Seychelles
In the context of setting up foundations in Seychelles, our team has gathered some statistics about the distribution and management of assets within the country:
- The total domestic assets in Seychelles were valued at approximately SCR 15.6 billion as of June 2024;
- Seychelles had a net foreign asset balance of SCR 20,788.68 million as of June 2024;
- In July 2024, the net foreign asset balance amounted to SCR 10,551.02 million, a significant decrease from the previous month.
Our team handles the incorporation of Seychelles offshore entities.
Please contact our team for assistance regarding setting up a foundation in Seychelles.