Foreign shareholding in restaurants with fewer than 21 covers, as well as in tour operator services (excluding travel agents services) are limited to 49%.
"2. In these regulations, unless the context otherwise requires — 
"Economic Needs Test" means a process by which the Economic Needs Test (ENT) committee carry out an assessment to evaluate applications by nonSeychellois to carry out activities, in which a nonSeychellois may wish to invest, based on a needs test, keeping in view the development of the economic activity in Seychelles, to the extent it may be considered in the interest of the domestic economy and consumers;[...]
"Non-Seychellois" shall have the same meaning assigned to it in the Immovable (Transfer Restriction) Act, 1963 (Cap 95);[...]
"Reserved Economic Activity" means the list of activities prepared as per the Reserved Economic Activity Policy in which any investment may be made only by a Seychellois;
"Seychellois" means —
(a) a person who is a citizen of Seychelles; and
(b) a body of persons whether corporate or unincorporated, which is beneficially owned by and under which the control and management whether actual or ultimate, is vested in persons who are citizens of Seychelles.'
3. Open and restricted economic activities
(1) The economic activities listed in the First Schedule appended to these regulations are the activities in which investment may be made by both a Seychellois and a NonSeychellois.
(2) The economic activities listed under column (1) of the Second Schedule appended to these regulations are the activities in which a Non-Seychellois may invest to the extent of the limit specified in the corresponding entry under column (2) of that Schedule.
(3) Any economic activity not listed in First Schedule and Second Schedule of these regulations, the Reserved Economic Activity Policy or any other investment regulation shall be subjected to the Economic Needs Test.
[...]
SECOND SCHEDULE [Regulation 3(2)]
ECONOMIC ACTIVITIES IN WHICH NON-SEYCHELLOIS MAY INVEST [...]
6. Restaurants fewer than 21 covers: foreign equity limited to 49%;
7. Tour operator services excluding travel agents: foreign equity limited to 49%[...] (Seychelles Investment (Economic Activities) Regulations, 2020)
Seychelles Investment (Economic Activities) Regulations, 2020
[<a href="https://www.gazette.sc/sites/default/files/2020-12/SI%20148%202020%20-%20Seychelles%20Investment%20%28Economic%20Activities%29%20Regulations.pdf">Reg</a>]