Foundations - Products of Financial Services in Seychelles

The Seychelles Foundation is legally a separate entity. Unique to the Seychelles, legislation clearly stipulates that once assets have been transferred to a foundation, they become the assets of that foundation with full legal and beneficial title and do not form part of the founder’s personal estate on death.

 

The assets of a Seychelles Foundation cannot include any immovable property in Seychelles. A foundation may however hold interests in Seychelles IBCs, Limited Partnerships and entities licensed as a Seychelles mutual fund. The Foundation may also hold an interest or entitlement as a beneficiary under a Seychelles Trust or another Seychelles Foundation. A Seychelles Foundation may be used for a range of purposes, but it is not intended to engage in commercial activities on a daily basis. However, there are no restrictions on the trading activities of companies wholly or partly owned by the Foundation.

 

The beneficiaries of a foundation have no legal or beneficial interest in the foundation’s assets and these do not become the assets of a beneficiary unless distributed in accordance with the Foundation Charter or Regulations.

 

It is permissible for a foundation to appoint a protector; whose role is to oversee the administration of the foundation by the Foundation Council. A founder, beneficiary or councillor may be appointed as a protector, provided that the protector is not the sole councillor or sole beneficiary. The Foundation Council

must consist of one or more persons which may include body corporates.

 

Registration of Foundations with FSA must be handled through a service provider licensed locally to offer foundation services.

 

Key Features:

  • Legal Framework: Foundations Act, 2009.
  • The Foundation Charter establishes the Foundation and administrative provisions may be extended by regulations which are not available for public inspection.
  • A foreign foundation may be continued in the Seychelles.

 

 

 

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