The establishment and subsequent operation of a Seychelles Foundation is governed by the Foundations Act, 2009. The main constitutive document of a Foundation is its Charter which is subject to filing. The main confidential information is written in the Foundation’s Regulations which are not public. It is the Regulations that contain the details and rights of the beneficiaries, as well as other operating rules of a Foundation.
A Seychelles Foundation can be an effective asset protection and estate planning tool since it offers the following advantages:
Foundations incorporated under Seychelles Foundations Act, 2009 are not subject to tax in the Seychelles.
On 9th of April1 2020 Amendment Act to Seychelles Foundations Act, 2009 came into effect in the Seychelles, introducing among other things an obligation to maintain and keep a register of beneficial owners of a company at the company’s registered office provided by the registered agent. The register is NOT accessible to public.
A Foundation shall prepare an annual financial summary* to be kept at its registered office in Seychelles within 6 months from the end of the Foundation's financial year.
Besides, a Foundation shall lodge, not less than on a 6-months basis, the accounting records (bank statements, contracts, invoices and other documentation) to the registered agent in Seychelles. If so requested, a Foundation must be able to provide these documents to the Seychelles authorities on request.
*For more information about obligation to prepare accounting documents please ask your Consultant.
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CRITERIA
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FOUNDATION (SEYCHELLES)
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Governed by
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Seychelles Foundations Act, 2009.
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Registered agent in the country of registration
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Yes.
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Type of licence
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Foundation services under the International Corporate Service Providers Act, 2003.
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Possibility of transferring assets by gift or sale
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Yes.
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Objects. What goals achieves?
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Asset protection. Estate planning.
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What activity can carry out?
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- Charitable;
- Commercial; - Managing and distributing assets to beneficiaries, or achieving a prescribed goal; - May not carry on any business in Seychelles. |
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Constitutive documents
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Charter – mandatory, public document.
Regulations – optional, non-public document, but always used in practice to achieve confidentiality because it is not subject to filing. |
Founder: Founder
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Number
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At least one (can be two or more co-founders).
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Residence
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No requirements.
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Individuals / legal entities permitted
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Yes.
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Nominee services permitted
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Yes.
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Whether can act in other capacity
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Can act as protector or one of the beneficiaries (but not the sole beneficiary).
Can be a councillor, but not the ‘sole’ councillor. |
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Details available to third parties in the country of registration
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Yes.
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Executive body: Foundation council, councillor(s).
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Number
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At least one.
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Residence
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No requirements.
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Individuals / legal entities permitted
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Yes.
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Nominee services permitted
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Yes.
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Whether can act in other capacity
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Founder and/or protector can act as councillor provided he is not the ‘sole’ councillor.
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Details available to third parties in the country of registration
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No (unless specified in the Charter).
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Protector
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Number
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One or more.
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Residence
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No requirements.
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Individuals / legal entities permitted
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Yes.
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Nominee services permitted
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Yes, but there is no point.
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Whether can act in other capacity
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Founder, beneficiary, or councillor can act as protector, but a sole councillor or a sole beneficiary cannot.
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Details available to third parties in the country of registration
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No.
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Beneficiary
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Number
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At least one.
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Residence
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No requirements.
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Individuals / legal entities permitted
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Only individuals.
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Nominee services permitted
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No.
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Whether can act in other capacity
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Founder can be one of the beneficiaries, but not the sole beneficiary.
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Details available to third parties in the country of registration
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No.
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Services
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Fees (USD)
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Establishing a Seychelles Foundation, including government fee, registered agent and registered office for the first year
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2 500
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Drafting the Foundation’s Charter (depending on complexity)
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200 / hour
(from 2 000) |
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Drafting the Foundation’s Regulations (depending on complexity)
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200 / hour
(from 2 000) |
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Annual maintenance (from second year), including government fee, registered agent and registered office
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1 640 / year
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Councillor (executive body) annual fees, not including signing or preparation of documents additionally requested by the client
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from 1 250 / year
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Preparing a power of attorney signed by a councillor (without apostille)
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250
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Professional founder fees (if needed)
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1 350 / year
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Bank account opening for a Foundation
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from 1 500
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Compliance fee
To be paid in the following cases: |
250 (standard rate – includes checking of 1 individual)
+ 150 for each additional individual (director, shareholder, beneficiary, investor) or legal entity (director, shareholder, investor), if the legal entity is a client of GSL + 200 for each additional legal entity (director, shareholder, investor), if the legal entity is not a client of GSL 350 (rate for High-risk companies – includes checking of 1 individual) 100 (signing of documents by GSL Councillor / Founder) |
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Accounting records keeping (active company) – for 1 financial year
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450
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Accounting records keeping (dormant and holding company) – for 1 financial year
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390
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*The fees are valid as at September 2023.