Foundations:
Seychelles jurisdiction adds another versatile investment vehicle to its financial
services product portfolio ‘FOUNDATION’. A Seychelles foundation is formed by a
charter, signed by one or more persons as Founders as defined under Foundations
Act 2009, and this entity is governed by SIBA. Foundation can carry its business
outside Seychelles and is totally exempt from tax on its total world wide income.
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Authority
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Governing authority is SIBA |
Minimum initial assets required |
USD 1 |
Founder |
Founder can be a natural or legal person.
Founder can reserve rights for himself/others by mentioning in the Charter/Regulations |
Councillor |
Minimum 1 councilor required
Councilor can be natural or legal person.
Can be appointed by founder or as mentioned in charter
Founder can be a councilor but not sole councillor
Councillor names are not required to mention in charter
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Protector |
Appointment of a protector is optional
A founder, beneficiary or councillor of a foundation can be appointed as a protector
A sole councillor or a sole beneficiary may not act as a protector
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Beneficiary |
Minimum one beneficiary required
A founder can be a beneficiary but not sole beneficiary
It can access to the information of foundation
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Duration of Foundation |
It can be formed for indefinite period
Or as mentioned in charter
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Advantages of foundation |
Separate Legal entity
Asset protection
Can be used for charitable, scientific research, philanthropic purposes etc
Tax minimization
Family and succession planning
Anti heir ship rules apply
Founder can reserve rights in the foundation
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Taxation |
Fully tax exempt in Seychelles on income derived for period of 20 years
|
Annual Requirement |
Require to maintain books of accounts (not available to public)
Filling of accounts is not required
Annual audit not required
Filling of annual returns not required
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Local Requirement |
Registered agent
Registered office
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Nominee Service |
Nominee founder allowed
(Nominee Councillor not permitted)
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Restrictions on Foundation/Trade |
Can not carry business in Seychelles
Holding of Local immovable property not allowed
It can not include shares & debentures of domestic company registered in Seychelles.
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Meetings |
No requirement to hold annual meeting
If meetings are held, required to maintain minutes of meetings.
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Re-domicilation |
Permitted
|
DTAA Access |
Nil
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