Local incorporation not required for mutual fund and fund management companies. However, all licensees under the International Corporate Service Providers Act, 2003 (the regulatory legislation for the issuance of international corporate services, international trustee services and foundation services licences) are required to be a company incorporated in Seychelles under the Companies Act, 1972.
PART 2 - LICENSING OF FUNDS
Licensing
3. (l) No mutual fund shall, unless exempted under subsection (14), operate in or from Seychelles except under the authority of, and in accordance with, a fund licence.
(2) A fund licence may be granted to—
(a) a company incorporated in Seychelles or a recognised jurisdiction, including without limitation, a company incorporated under the International Business Companies Act, 1994, a company incorporated under the Companies Act, 1972, including a company incorporated in accordance with the Companies (Special License) Act, 2003 or a company incorporated under the Protected Cell Companies Act, 2003;
(b) a limited partnership registered in Seychelles or a recognised jurisdiction including, without limitation, a limited partnership registered under the Limited Partnership Act, 2003;
(c) a unit trust registered in Seychelles or a recognised jurisdiction, including, without limitation, a unit trust registered under the International Trusts Act, 1994.
[..]
Special requirements, accounts and other duties
6. (1) A licensed fund which is not incorporated or otherwise established in Seychelles shall have an agent for service in Seychelles, which agent shall be a person licensed under the International Corporate Service Providers Act, 2003 or under the Financial Institutions Act,
2004 or otherwise approved in writing by the Authority.
[...]
Fund Administrator's licence application
10. An application for a Seychelles fund administrator's licence or a restricted Seychelles fund administrator's licence shall be in such form as the Authority shall provide, shall state the particulars as required by Schedule 8, and shall be accompanied by—[...]
Power to grant licence
11. (1) Upon receiving an application under section 10, the Authority may, at its discretion, grant or refuse to grant —
(a) a Seychelles fund administrator's licence; or (b) a restricted Seychelles fund administrator's licence, as the case may be.[...]
(4) The Authority shall not grant a licence under this section unless it is satisfied that—
(a) the applicant has, in the case of a Seychelles fund administrator's licence, either its registered office or a principal place of business in Seychelles;
(b) in the case of an applicant which is not incorporated in Seychelles, the applicant has an agent for service in Seychelles, which agent is licensed under the International Corporate Service Providers Act, 2003 or the Financial Institutions Act, 2004 or is otherwise approved in writing by the Authority; [...]" (THE MUTUAL FUND AND HEDGE FUND ACT No 10 of 2008, as amended)
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"[...]Interpretation
2. (1) In this Act —[...]
"foundation services" means any of the following services provided in or from within Seychelles —
(a) services connected with the formation, registration, management or administration of a foundation;[...]
"international corporate services" means the following services provided in or from Seychelles:
(a) services connected with the formation management or administration of a specified entity; [...]
"trustee services" means the following services provided in or from Seychelles:
(a) services connected with the formation registration or administration of a trust; [...]
"specified entity" means —
(a) an international business company;
(b) a company incorporated in accordance with the Companies (Special Licences) Act;
(c) a limited partnership established under the Limited Partnerships Act; or
(d) such other corporate body as may be prescribed.
[...]
(2) An application for a licence to provide international corporate services or trustee services or foundation services may be made to the Authority —
(a) by a company incorporated under the Companies Act, 1972;
(b) in the form provided by the Authority and accompanied by such information and documents as the Authority may specify.[...]" (INTERNATIONAL CORPORATE SERVICE PROVIDERS ACT No 10 of 2003, as amended)

THE MUTUAL FUND AND HEDGE FUND ACT No 10 of 2008, as amended
INTERNATIONAL CORPORATE SERVICE PROVIDERS ACT No 10 of 2003, as amended
[<a href="https://fsaseychelles.sc/component/edocman/consolidated-mutual-fund-and-hedge-fund-act-2007-to-31st-january-2020/download?Itemid=0">Act</a>],[<a href="https://fsaseychelles.sc/component/edocman/consolidated-international-corporate-service-providers-act-2003-to-6th-august-2021/download?Itemid=0">Act</a>]