Seychelles Offshore Foundation Formation
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Seychelles Foundation Overview
A Seychelles Foundation is governed by the The Seychelles Foundation Act of 2009 and governed by the Seychelles Financial Services Authority and was influenced by similar pieces of legislation found in Panama and Liechtenstein having many of the same features yet with the added benefits and rights, more flexibility and stronger protection.
There is a large degree of flexibility as a single Foundation can take the form of a Charitable Foundation, Private Interest Foundation, Private Foundation or a specific Purpose Foundation. Assets that are transferred to the Foundation are under protection of that foundation and are no longer considered assets associated with the person or company from which the asset were transferred.
Table of Contents:
- Seychelles Foundation Overview
- Advantages of a Seychelles Foundation
- Top Uses
- Key Corporate Features
- Seychelles Foundation Details
A Seychelles Foundation is made up of a Founder, Beneficiary, and is managed by a Foundation Council. A Foundation may have what is termed a “Protector” who has the powers to oversee activities, add or remove members of the Foundation Council. The Seychelles Foundation is a superb offshore structure because of the laws supporting the Foundations ability to hold all assets entitled to the beneficiaries without the beneficiaries holding any legal connection.
This gives the Founders and Beneficiaries an added level of security protecting themselves and their assets.
For more information on Seychelles:
- Seychelles Special Licence Company (CSL)
- Seychelles as a tax haven
- Seychelles offshore company (IBC)
Advantages
- Complete Foreign ownership
- No Taxation
- Foundation can act as a Private, Private Interest or Charitable Foundation
- Flexible in its operating structure
- Low fees and quick formation
- Strong Foundation laws supporting the offshore structure
- Complete asset protection of founders and beneficiaries
- Names of members and founders are not on public records
- Tax deferral opportunities
- Succession Planning benefits
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Top Uses
The Seychelles Foundation has many uses, some of which are:
- Corporation
- Estate planning
- Asset Holding (banks accounts, brokerage, mutual funds, special license)
- Real Estate
- Interests or shares in other companies, foundations or trusts
Key Corporate Features
| Seychelles Foundation | Corporate Details |
| General | |
| Type of Entity | Foundation |
| Type of Law | English Common Law |
| Governed by | Seychelles Foundation Act 2009 |
| Registered Office in Seychelles | Yes |
| Shelf company availability | Yes |
| Our time to establish a new company | 1-3 Business days |
| Minimum government fees (excluding taxation) | USD 200 |
| Corporate Taxation | Nil |
| Access to Double Taxation Treaties | No |
| Founders | |
| Minimum number | Two |
| Local required | No |
| Publicly accessible records | No |
| Location of meetings | N/A |
| Corporate directorship allowed | Yes |
| Foundation Council | |
| Minimum number | One |
| Publicly accessible records | No |
| Corporate shareholder allowed | Yes |
| Location of meetings | N/A |
| Company Secretary | |
| Required | No |
| Local or qualified | No |
| Accounts | |
| Requirements to prepare | Yes |
| Audit requirements | No |
| Requirements to file accounts | No |
| Publicly accessible accounts | No |
| Recurring Government Costs | |
| Minimum Annual Tax / License Fee | USD 200 |
| Annual Return Filing Fee | N/A |
| Other | |
| Requirement to file annual return | No |
| Migration of domicile permitted | Yes |
Foundation Details
Anonymity, Confidentiality and Disclosure
A Seychelles Foundation is separate legal entity in its own right such that neither the Founder nor the Beneficiaries have any ownership interest in the Foundation assets.
There are no public disclosure requirements nor to file any returns or documents so the Protector and Beneficiaries name do not need to be associated with the Foundation.
The Founder can be either an individual or corporate entity and may use nominee services for added confidentiality.
Foundation Structure
The Foundation’s Regulations are also known as its bylaws, which designate the foundations council members, beneficiaries, and assets.
A founder is the person establishing the Foundation, and can be a person or corporate entity.
Council members are used as a means to govern the Foundation, and can be a Seychelles registered agent.
And a beneficiary is the person who stands to gain from the assets held into the Foundation but who is not legally responsible or tied to the assets at any point until after the Foundation releases those assets.
There is also the possibility of appointing a specific Protector who oversees the affairs of the Foundation Council.
The Founder, council member, or a beneficiary may be appointed as the Protector.
Financial Statements Required
It is required that a Foundation prepares and keeps a financial record, however it does not need to be filed and is not open to the public.
Founder
Foundation Founder is the person who establishes the Foundation and is generally the one who places assets within the Foundation.
The Founder can either retain power over the Foundation, can assign rights to another third party, use nominee founders, or employ an IBC to act as the Managing Director.
The Founder would have the right to remove of replace beneficiaries as well as appoint or change foundation council members.
Company Secretary
Not Required
Company Meetings
Not Required
Principal Corporate Legislation
The Seychelles Foundation was created through the Seychelles Foundation Act 2009
Type of Law
English Common Law
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Foundation Council Members
A Seychelles Foundation employs council members who can be individuals or legal entities who manages the affairs of the Foundation.
A founder can be a council member but not the only member.
The Charter is the document that lays out the council members and their duties. Public records are not available for the council members.
Language of Legislation and Corporate Documents
English or French or any other language but must have English translation
Registered Office Required
A local registered office is required, and can be the office of the registered agent
Local Presence
There is no local presence required and can be completely controlled and owned by a non resident
Audit Requirements
There are no audit requirements of any kind
Annual Reporting
There are no annual reporting requirements for the Seychelles Foundation
Shelf Companies Available
Shelf Companies are readily available
Time Required to Form Offshore Company
1-3 Business Days
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