Seychelles Foundation
About Seychelles Foundation
Seychelles is an archipelago of 115 islands in the Indian Ocean near East Africa and is famous for its beautiful beaches and pristine waters. Seychelles is one of the smallest countries in the world with influences of European, African, and Asian culture.
Seychelles is a growing economy offering political and economic stability. It has become a popular destination for offshore services due to the modern banking and financial services, efficient tax planning codes, and asset protection laws. Inspired by Lichtenstein and Panama legislation, Seychelles introduced The Seychelles Foundation Act of 2009 allowing for foreign investors to set up international trusts. The Seychelles foundation comes with an array of benefits including the flexibility of taking the form of a charitable foundation, private interest foundation, private foundation, or a specific purpose foundation.
Prime Minister:
Wavel Ramkalawan
Government:
Unitary republic with multi-party democracy
Economy:
Seychelles rupee, with Euro being widely accepted
Currency:
US Dollar, Panamanian Balboa
Capital City:
Victoria
Population:
Less than 100,000
Language:
Seychellois Creole (Seselwa) English, French
Tax system:
Territorial Tax System
Members of:
Organization of African, Caribbean, and Pacific Group of States, United Nations, Commonwealth
Benefits
A private foundation is a unique legal structure that encompasses the benefits of a corporation as well as the asset protection features of a trust. It is a separate legal entity where the founder transfers the legal ownership of the assets to the foundation. The council manages the assets in accordance with the by-laws set by the founder while the protector controls and oversees the foundation. A unique feature of the foundation is that it does not have shareholders and instead lists beneficiaries who will then benefit from the assets held in the foundation.
Characteristics
Process
1. While many offshore jurisdictions offer similar advantages and benefits, there is no one-jurisdiction-fits-all. Our advisors will discuss your needs and goals and ask you the right questions to help determine which jurisdictions are right for you.
2. Defining the objectives of the foundation will help establish which legal structure is right for you. Our advisors will assist in setting up the foundation charter in accordance with the founder´s wishes.
3. Choosing a local resident agent is key in establishing a well-defined foundation that adheres to local laws and offers the foundation the most protection and privacy. As this is an ongoing relationship, it is advisable to set up an offshore foundation with a reputable and trusted firm.
4. Each jurisdiction will have its own setup process and set of due diligence processes. Seychelles requires clients to fulfill KYC (Know Your Client) by proving their identity with proof of address, as well as completing a simple form to provide the necessary information to draft the foundation charter and regulations.
5. Once the required documentation is received, the provider can then file the charter at the Seychelles Financial Services Authority, creating a legal entity in the public registry. The regulations of the foundation or letter of wishes are then privately issued.
6. The founder´s assets are transferred to the foundation thereby transferring legal ownership of the assets to the foundation.
7. The protector controls the foundation along with the assets and oversees the affairs of the foundation. The council manages and fulfills any duties in accordance with the by-laws of the foundation.
8. Expenses including annual maintenance fees as well as any tax expenses incurred by the assets must be paid and maintained. Financial statements are required to be maintained, though filing of the statements is not required.
Choose your jurisdiction
While many offshore jurisdictions offer similar advantages and benefits, there is no one-jurisdiction-fits-all. Our advisors will discuss your needs and goals and ask you the right questions to help determine which jurisdictions are right for you.
Choose the legal structure
Defining the objectives of the foundation will help establish which legal structure is right for you. Our advisors will assist in setting up the foundation charter in accordance with the founder´s wishes.
Choose your professional provider
Choosing a local resident agent is key in establishing a well-defined foundation that adheres to local laws and offers the foundation the most protection and privacy. As this is an ongoing relationship, it is advisable to set up an offshore foundation with a reputable and trusted firm.
Fulfill due diligence
Each jurisdiction will have its own setup process and set of due diligence processes. Seychelles requires clients to fulfill KYC (Know Your Client) by proving their identity with proof of address, as well as completing a simple form to provide the necessary information to draft the foundation charter and regulations.
Draft and execution
Once the required documentation is received, the provider can then file the charter at the Seychelles Financial Services Authority, creating a legal entity in the public registry. The regulations of the foundation or letter of wishes are then privately issued.
Transfer of assets
The founder´s assets are transferred to the foundation thereby transferring legal ownership of the assets to the foundation.
Duties & Responsibilities
The protector controls the foundation along with the assets and oversees the affairs of the foundation. The council manages and fulfills any duties in accordance with the by-laws of the foundation.
Maintenance of Foundation
Expenses including annual maintenance fees as well as any tax expenses incurred by the assets must be paid and maintained. Financial statements are required to be maintained, though filing of the statements is not required.
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