Foundations In The Sun - The Seychelles’ Foundations Act 2009

Another jurisdiction which has recently entered into the foundations market is the Seychelles, which enacted the Foundations Act 2009 (the "Act") in December of that year. We have briefly considered below certain key aspects of the Seychelles' law which differentiate it from some of the other offshore offerings in this field, particularly the Jersey foundation which is growing rapidly in popularity.

Incorporation

As is commonly the case, a Seychelles foundation must submit a written charter to the relevant regulatory authority (in this case the Seychelles International Business Authority ("SIBA") together with a prescribed fee, and SIBA will in turn issue a certificate of registration in relation to the new foundation. In the case of a Seychelles foundation (unlike a Jersey foundation), the charter must include the names and addresses of each founder of the foundation and details of its initial assets, as well as the name and address of the mandatory registered