Foreign investment in fishing activities is restricted to joint-venture (minority foreign-owned) and seychelles (fully foreign-owned) fishing vessels, which can only be registered and licensed for fishing tuna and tuna-like species, and other species as per condition of the licence. Other fishing activities are reserved to "local fishing vessels" (fully Seychellois-owned), which can be licensed to all fishing activities subject to technical requirements. The Fisheries Act does not specify any activity condition/limitation for "local fishing vessels".
Section 3: Interpretation
In this Act, unless the context otherwise require-[...]
"foreign fishing vessel" means "a vessel not registered in Seychelles"; [...].
 "joint-venture fishing vessel means a fishing vessel which-
(a) Is registered in Seychelles under the Merchant Shipping Act; (b) Exceeds 18m in length overall; (c) Is to be licensed for tuna and tuna-like species, and other species as per condition of the license; (d) Is wholly beneficially owned by a company established under any written law of which at least 51 per cent of the actual effective shares are beneficially owned by a citizen of Seychelles and having a place of business in Seychelles.[...]
"local fishing vessel" means a fishing vessel which is - (a) registered or identified as such under the Merchant Shipping Act; and (b) wholly beneficially owned by one or more citizens Of Seychelles or by a company established under any written laws of which all of the shares are beneficially owned by citizens of Seychelles;[...]
"Seychelles fishing vessel" means any fishing vessel which is – (a) registered in Seychelles under the Merchant Shipping Act;  (b) to be licensed for tuna and tuna-like species; and other species as per condition of the license; and  (c)  wholly beneficially owned by one or more foreign citizens only or by a company established under the written laws of Seychelles of which all of the shares are beneficially owned by foreign citizens.
[...]
Sub-Part 2 Special arrangements
9.(1) The Minister may enter into agreements with other states, intergovernmental organisations or associations representing foreign fishing vessel owners, allocating fishing rights in Seychelles waters to vessels of those states, organisations or associations.
[...]
PART III - LICENSING REQUIREMENTS
Sub-Part 1 Foreign fishing vessel licence
11. (1) A foreign fishing vessel shall not be used for fishing or any fishing related activity in Seychelles waters or for sedentary species on the continental shelf, except under and in accordance with a licence granted by the Authority.[...]
12. A foreign fishing vessel licence shall not be granted under section 11,unless-
(a) there is an agreement in force between the Republic of Seychelles and an intergovernmental organisation to which a member State of the organisation in which the vessel is registered has delegated the power to negotiate fishing agreements;
(b) there is an agreement in force between the Republic of Seychelles and an association representing foreign fishing vessel owners of. which the owner of the fishing vessel is a member;
(c) there is an agreement entered into under section 9; or 
(d) the Minister determines that an agreement under section 9 is not practical and the applicant provides sufficient financial and other guarantees for the fulfilment of all obligations under this Act asthe Minister may determine.
[...]
Sub-Part 3 Fishing vessel licence or permit
16.(1) A joint venture fishing vessel, a local fishing vessel or a Seychelles fishing vessel shall not be used for fishing or any fishing related activity in Seychelles waters except under and in accordance with a licence granted by the Authority. [...]" (FISHERIES ACT No 20 of 2014)
FISHERIES ACT No 20 of 2014
[<a href="https://seylii.org/sc/sc/legislation/Act%2020%20of%202014%20Fisheries%20Act%2C%202014.pdf">Act</a>]