8. 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
- Can Founder of a Seychelles Foundation be the sole beneficiary:
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).
- Can the beneficiary of a Seychelles Foundation be the Protector:
Yes, the Protector of a Seychelles Foundation can be a Beneficiary. This is one of the most common ways to structure a Foundation.
- Can the beneficiary of a Seychelles Foundation be a member of Foundation Council:
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.
- How many members required in Foundation Council:
Every Seychelles Foundation shall have council which shall consist of minimum one person. However Founder can not be the sole councilor.
- Can Protector revoke the Seychelles Foundation if it is provided in the Foundation Charter:
- Can Protector a Seychelles Foundation amend beneficiaries:
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.
- Can Founder of a Seychelles Foundation change Protector or can it be restricted:
Yes, this can be restricted.
- Can Protector of a Seychelles Foundation be also authorised attorney given General POA for management of assets of the Foundation:
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 DMCC 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.