A foundation is broadly defined as a legal entity without members and with its own organisation, the ownership of which is to achieve a certain specific purpose by means of endowment made. It comes into existence when ownership of assets is transferred to the foundation by the Founder. A Foundation enjoys legal personality which fulfills similar functions as those of a trust, but with the administrative flexibility of a company.

A Seychelles Foundation provides a legitimate means to protect one’s assets against personal liability, high taxes, exchange controls or risk of confiscation. It could be the preferred vehicle for those from civil law jurisdictions and why not common law countries.

Foundations in Seychelles are governed by the Seychelles Foundations Act 2009, as amended (the “Foundations Act”).

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Why Seychelles Foundation

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A Seychelles Foundation gives the Founder the requisite protection and comfort for a long term wealth management. Family assets are preserved over generations with most tax efficiency, succession laws, forced heirship rules, probate and other hurdles are avoided. A Seychelles Foundation may additionally have a “Protector” similar to a trust.

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Steps for the setting up of a Seychelles Foundation include:

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• Completing Seychelles Foundation Application Form

• Provide KYC documents on all the parties (Founder, Protector and Beneficiaries)

• Drafting and execution of the Foundation’s constitutive document - the ‘Foundation Charter’.

• Filing and Registration of the Foundation Charter with Seychelles International Business Authority.

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Migration of Foundations

A Foundation established under the laws of another State may be redomiciled in Seychelles.

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Foundation Registration

A Seychelles Foundation is required to be registered and issued with a certificate of registration by the Seychelles International Business Authority.

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Registered Office

A Seychelles Foundation must at all times have a registered agent and office in Seychelles provided by a licensed International Foundation Services Provider.

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Foundation Council

The Council of Foundation is the most important administrative organ of a Foundation. Members of council of Foundations have no personal title to a Foundation’s property, either as individuals or jointly as a body, and with no personal liability in the absence of fraud or negligence for any breach of that Foundation’s obligations. These features appear to make the Foundation Council similar to Board of Directors of a registered company but Council of Foundation members have no shareholders or equivalent body of investors to whom they are answerable.

The Foundations Act requires every Seychelles Foundation to have a Council of foundations to administer the property of the Foundation and carry out the objects of the foundation. 

The Foundations Act further requires Council of foundation to have a minimum of one councillor who may be natural persons or legal entities. Founder may be a councilor but not the sole councilor and the councilors may be of any nationality and reside anywhere in the world.

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Foundation assets: What can be held in a Seychelles Foundation?

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The Foundation assets can consist of:

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• Real estate (commercial or residential)

• Shares in companies, funds, unit trusts

• Investments

• Insurance policies

• Other assets

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A Protector: do you need one?

If so required in the charter or Regulations the Foundation my appoint a Protector. A founder, councilor or beneficiary may be appointed as the protector except that a sole councilor or sole beneficiary shall not act as a protector.

Key features of a Seychelles Foundation

Every Seychelles Foundation shall have:

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• A Registered Office in Seychelles to which all communications and notices shall be addressed and which shall constitute the address for service of legal proceedings on the Foundation.

• Council of foundations which shall administer the property of the Foundation and carry out the objects of the Foundation.

• A name ending with the word “Foundation” or a word in a foreign language which has the same meaning as the word “Foundation.

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A Foundation created in Seychelles allows for, inter alia:

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• Wealth protection

• Holding assets which can be passed on from one generation to the next (estate planning)

• Minimizing estate taxes or other inheritance taxes

• Avoidance of forced heirship rules

• Maintenance of corporate control

• Separation of voting and economic benefits

• Charitable purposes

• Employee benefit plans, retirement and stock option schemes, insurance plans and special financing arrangements

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Accounts and Accounting Records

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• Accounting records are to be lodged on a bi-annual basis at its Registered office in Seychelles

• Accounts are prepared and are required to be filed with the Registered Agent within six months

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Taxation

Income and Distributions to beneficiaries are completely exempt from taxation in Seychelles even if  managed and controlled” by a Foundation Council from Seychelles.

Premier as Secretary and Member of the Foundation Council

We take pride in our reputation of providing punctual and cost effective services with highest ethical standards. Client confidentiality, discretion and protection of your assets are our priority.

Our Fees

Our fees are flexible and are based upon the complexity and value of the asset housed under the Foundation. 

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