Seychelles Foundation
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15+ Years Of Experience
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10+ Dedicated Team
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1000+ Happy Customer
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1000+ Companies Formed (in UAE and worldwide)
General Benefits of a Seychelles Foundation
- Confidentiality.
- Removal of assets from the ownership of the founder in connection with potential liability in the future.
- Anonymity and complete discretion.
- Avoids the legal testamentary regulation that implies bureaucratic time and money.
- Centralization and administration of the assets and patrimony
- Tax exemption and a recommended vehicle for international tax planning.
- Avoid problem of international succession related to the domicile of the Founder since Seychelles law is applied.
- Low costs in inheritance planning.
- Convenient control of the assets and maintaining indirect influence of the total administration
- Forced heirship rules of other countries are not applicable to Seychelles Foundations.
Key Features of Seychelles Foundation
- Foundation is a legal entity hence can sue and be sued in its name. This is a fundamental difference between Foundations and Trusts.
- Seychelles Foundation can be formed with a minimum capital of USD 1. Additions to the foundation fund can also be made at later date. Assets of foundation can include
- Any interest/ entitlement as a beneficiary of another foundation/ trust
- Any shares/debentures/interest in a company (can be IBC, CSL, PCC, MF)
- Any interest in partnership
- Any funds in account of a bank licensed under Financial Institutions Act.
- Assets transferred or otherwise vested in a Seychelles Foundation confer full legal and beneficial title on foundation.
- Statutory protection is provided to assets of a Seychelles Foundation:
- Protection against foreign rules of forced heir ship (Section 72(2))
- Founders bankruptcy / liquidation / other action proceedings by any creditor, unless the founder was insolvent or intended to defraud his creditors
- In event of non-recognition of Foundation or arguments relating to lack of capacity of the person endowing the Foundation
- A nominee founder is permitted in a Seychelles Foundation. The person who endows the foundation need not be the founder. Founder has power to assign his rights, powers and obligations to another person who will be treated as founder (through a written notice to council and registered agent)
- Founder can reserve rights in the Seychelles Foundation as provided in section 27 of the Act:
- Investment activities of the Foundation;
- Amendment of the charter or regulations;
- Appointment or removal of a councilor;
- Appointment or removal of any supervisory person;
- Rights, entitlements and restrictions of a beneficiary;
- Addition or exclusion of a beneficiary;
- Proposed continuation of the Foundation as a foundation registered or otherwise established under the written laws of a jurisdiction other than Seychelles:
- Dissolution of the Foundation.
- Foreign Foundations can be continued in Seychelles and vice versa. It involves very simple procedure. Seychelles Foundation can be merged / consolidated with other Foundations.
- Renewals for Seychelles Foundation falls every anniversary date of incorporation. Failure to do so results in penalties and could result in the striking-off of the foundation from the Foundation Registry.
Latest valid passport copy and recent utility for address proof of Protector, Foundation Council Members and Beneficiaries are required to be submitted every renewal of the Foundation as a part of enhanced due diligence.
Requirements in Setting Up a Seychelles Foundation
- Duly filled application form
- Notarized Passport copy with photo & signature
- Bank reference
- Professional Reference
- Details of beneficiaries, their share & passport copies
- Names of Foundation Council Members, their powers, passport copies & address proof.
- Name of Protector, Auditor etc and their proof of existence / address.
- Duly filled Fatca Form
- Notarized US Declaration (if US Person)
FAQ’s on Seychelles Foundation
Yes, the “real Founder” (ie. the Beneficial Owner) can be the sole Beneficiary. We indicate “real Founder” as the name of the Founder is matter of public record, generally our clients request the services of “nominee Founder”. In this regards, the “real Founder” can be the sole Beneficiary, nonetheless the “nominee Founder” will never be a Beneficiary as agent is the “nominee Founder”.
Another matter to take into consideration is the fact that we recommend to clients to always name additional Beneficiaries to the Foundation. They can be named as Secondary Beneficiaries and only have access to the Foundation’s patrimony after the death of the first Beneficiary (the BO).
Yes, the Protector of a Seychelles Foundation can be a Beneficiary. This is one of the most common ways to structure a Foundation.
Yes, a Beneficiary of a Seychelles Foundation can be a member of the Foundation Council. Nonetheless this is not recommended as the name of the Foundation Council is of public record. Thus, the name of the Beneficiary will be publicly linked to the Foundation.
Every Seychelles Foundation shall have council which shall consist of minimum one person. However Founder can not be the sole councilor.
Yes.
Yes, the Protector a Seychelles Foundation can include or exclude Beneficiaries. It can also indicate conditions for the Beneficiaries to enjoy the Foundation’s patrimony. We can also limit that only the First Protector of the Foundation has the before-mentioned faculties, and that Alternate or Secondary Protectors cannot include or exclude Beneficiaries.
Yes, this can be restricted.
Yes, the Foundation can issue a General Power of Attorney in favor of the Protector.
Incorporation of a Seychelles Foundation begins from USD 3,475/-
Global Business Services FZCO has helped many individuals and corporate entities to set up a Seychelles Foundation. Our Company acts as a one stop solution for Seychelles Foundation incorporation services.
If you are looking for Seychelles Foundation set up, please get in touch with us for professional assistance.
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