Seychelles Foundations

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 (the ‘Foundations Act’) and managed by the Foundation Council which carries out the objectives and purposes of a Foundation.

Why a Seychelles Foundation?

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.

Steps for the setting up of a Seychelles Foundation include:

• Name Reservation
• Completing our Seychelles Foundation Application Form
• Drafting and execution of the Foundation’s constitutive document –‘the Foundation Charter’ and ‘the Foundations Regulations (optional)’
• Transfer of the Initial Trust Fund to the Trustee
• Filing and Registration of the Foundation Charter with the Registrar

Foundation Migration

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

Foundation Registration

A Seychelles Foundation is required to be registered and issued with a certificate of registration and allocated with a registration number by the Registrar.

Registered Office

Every Seychelles Foundation shall have a Registered Office in Seychelles to which all communications and notices shall be addressed. The Registered Office shall be the place described as such in the Foundation Charter.

Foundation Council

The Foundation Council is the most important administrative organ of a Foundation. The Councillors 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 Foundation Councillors have no shareholders or equivalent body of investors to whom they are answerable.

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

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

The Foundation assets can consist of:

• Real estate (commercial or residential), outside of Seychelles
• Shares in companies, funds, unit trusts
• Investments
• Insurance policies
• Other assets

A Protector: do you need one?

Under the Foundations Act, a Protector can also be appointed to oversee certain decisions of the Council.

Key features of a Seychelles Foundation

Every Seychelles Foundation shall have:

• A Registered Agent at all times in Seychelles, which shall be licensed under the International Corporate Service Providers Act.
• 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.
• A Foundation Council 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.

A Trust created in Seychelles allows for, inter alia:

• 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

Taxation

A Seychelles Foundation is exempted from tax in Seychelles.

UHY Premier as Registered Agent and Foundation Council

A Seychelles Foundation is required to have a Registered Agent resident in Seychelles duly licensed under the International Corporate Service Providers Act. UHY Premier can also act as Councillor.

UHY Premier’s teams is made up of experienced and dynamic members, most of which are qualified in the field of Economics, Accountancy, Law and International Taxation and are members of Professional Bodies such as the Society of Trust and Estate Practitioners (STEP) and the Association of Chartered Certified Accountants (ACCA).

UHY Premier offers its services to high net worth individuals, private companies, multinationals and listed entities across the globe. We provide you with tailor-made and flexible solutions to suit your requirements, including tax minimization, reduction of global operating cost, and assets protection.

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.

If you require a Seychelles Company or need advice for your needs, please call our Expert Team who will assist you with your requirements. You are invited to call us at + 248 430 3777 / 430 3771. You may send your enquiries by email: contact@premier-seychelles.com or by fax at +248 432 5616.