Foreign investment in activites not referenced in the First Schedule ("ECONOMIC ACTIVITIES IN WHICH NON-SEYCHELLOIS MAY INVEST") or in the Second Schedule [List of economic activities with a financial limit up to which a non-Seychellois may invest], the Reserved Economic Activity Policy or any other investment regulation shall be subjected to the Economic Needs Test.
"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.
[...]
FIRST SHEDULE [Regulation 3(1)]
ECONOMIC ACTIVITIES IN WHICH NON-SEYCHELLOIS MAY INVEST
[see list in the linked attachment]

SECOND SCHEDULE [Regulation 3(2)]
ECONOMIC ACTIVITIES IN WHICH NON-SEYCHELLOIS MAY INVEST [subject to a financial limit up to which a nonSeychellois may invest] [...]
[see list in the linked attachment]"(Seychelles Investment (Economic Activities) Regulations, 2020)
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"The Economic Needs Test (ENT)
1 What is the Economic Needs Test?
The ENT process evaluates and determines whether the proposed economic activities are able to fill a gap in a particular sector, by allowing foreign investments.
2 The ENT Committee
The ENT process is administered by the ENT Committee.
The ENT Committee does not approve economic activities, but rather evaluates and makes recommendations on their suitability to the local economy, as well as the merits of being undertaken by a foreigner. These are based on the ENT criteria.
It is to be noted that while the ENT Committee assesses the merits of an economic activity, the investor will be required to follow the appropriate licensing and certification processes.
The Seychelles Investment Board (SIB) acts as the Secretariat to the ENT Committee, to process applications, compile statistics, keep records and convey the decisions of the Committee to the foreign investor.
[...]
4 The ENT Criteria
Your Project Memorandum will be evaluated based on the following criteria and scored. The pass mark is 75%.
Provision of new services or products
• Does the product or service have good international repute, with the potential of bringing brand recognition to Seychelles? Is the product or service considered a novelty; that is, it is currently not available locally?
Innovativeness of the services or products
• How innovative is the product or service? Does it bring better solutions that meet existing or new market requirements? E.g., Online payment platforms.
Economic and environmental sustainability
• Does the product or service bring substantial benefit to Seychelles? What is the value of the investment and what is its impact on the economy? What is the investor’s educational background in relation to the proposed economic activity? Does the economic activity have a positive environmental impact?
Introduction of technology
• Does the economic activity promote the use of science and technology, leading to improved technological know-how (e.g. online stock control system), efficiency and productivity?
Employment opportunities
• Does the economic activity have the potential to create employment and attract skilled labour?
Capital requirement
• There is a capital investment criterion. Points are applied based on the amount to be invested e.g. 0 point for SCR 0- 1,000,000.
Points are given for each criterion and the pass mark is 75%." (Economic Needs Test, Seychelles Investment Board, website)
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"[...] Interpretation
2. In this Act, unless the context otherwise requires [...]
"non Seychellois" means -
(a) an individual who is not a citizen of Seychelles;
(b) a foreign State or the Government of a foreign State;
(c) a body corporate incorporated or established under the laws of a country or jurisdiction other than Seychelles;
(d) a body of persons unincorporated of which any of its members - (i) is not a citizen of Seychelles; or (ii) is a State or Government or body or company referred to in paragraph (b), paragraph (c), paragraph (e), paragraph (f), paragraph (g) or paragraph (h);
(e) in relation to a company limited by shares incorporated under the laws of Seychelles, a company of which - (i) any of its directors is not a citizen of Seychelles, not being a company under the absolute control of the Government; (ii) any of its shares, not being a share which entitles its holder to a right to participate in any distribution by way of dividends only, is held by or under the control, whether actual or ultimate, of a person or State or Government or body or company referred to in paragraph (a), paragraph (b), paragraph (c), paragraph (d), subparagraph (i) or subparagraph (iii) of this paragraph, paragraph (f), paragraph (g), paragraph (h) or paragraph (i); (iii) the aggregate amount of the nominal value of the company’s debentures, charges or other indebtedness held by a person or State or Government or body or company, other than a financial institution, referred to in paragraph (a) paragraph (b), paragraph (c), paragraph (d), subparagraph (i) or subparagraph (ii) of this paragraph, paragraph (f), paragraph (g), paragraph (h) or paragraph (i) exceeds an amount corresponding to 5% of the issued share capital of the company;         
(f) in relation to an unlimited company incorporated under the laws of Seychelles, a company of which - (i) any of its members is a person or State or Government or body or company referred to in paragraph (a), paragraph (b), paragraph (c), paragraph (d), paragraph (e), subparagraph (ii) of this paragraph, paragraph (g), paragraph (h) or paragraph (i); (ii) 5% or more of the aggregate nominal value of the company’s debentures, charges or other indebtedness is held by a person or State or Government or body or company, other than a financial institution, referred to in paragraph (a), paragraph (b), paragraph (c), paragraph (d),  paragraph (e) of this subparagraph (i) of this paragraph, paragraph (g), paragraph (h) or paragraph (i);
(g) a corporation established under the laws of Seychelles by a specific written law which is not under the absolute control of the Government and any shares of which is ultimate, of a person or State or Government or body or company referred to in paragraph (a), paragraph (b), paragraph (c), paragraph (d),  paragraph (e) paragraph (f) paragraph (h) or paragraph (i); [...]" (Immovable Property (Transfer Restriction) Act, 1963 (Cap 95))
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"In exercise of the powers conferred by section 30 of the Seychelles Investment Act, 2010, the Minister of Finance, Trade and Investment hereby makes the following regulations —
1. These regulations may be cited as the Seychelles Investment (Economic Activities) Regulations, 2014.
2. In these regulations, unless the context otherwise requires —
“foreigner” means a person who is not a citizen of Seychelles;
“Seychellois” means a person who is a citizen of Seychelles.
3. (1) The economic activities listed in the First Schedule appended to these regulations are the activities in which any investment may be made by a Seychellois only.
(2) The economic activities listed under column (1) of the Second Schedule appended to these regulations are the activities in which a foreigner may be allowed to invest to the extent of the financial limit specified in the corresponding entry under column (2) of that Schedule.
(3) The economic activities listed in the Third Schedule are the activities in which a foreigner may be allowed to invest, based on the need keeping in view the development of the economic activity in Seychelles, to the extent it may be considered appropriate in the interest of the economic activity.
[...]
FIRST SHEDULE [Regulation 3(1)]
ECONOMIC ACTIVITIES IN WHICH ONLY SEYCHELLOIS MAY INVEST
[see list in the linked attachment]

SECOND SCHEDULE [Regulation 3(2)]
ECONOMIC ACTIVITIES IN WHICH FOREIGNER MAY INVEST
THIRD SCHEDULE [Regulation 3(3)]
[see list in the linked attachment]" (Seychelles Investment (Economic Activities) Regulations, 2014)
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"Section 2. Interpretation
In this Act— [...]
"investor" —
a. means any person carrying on or who intends to carry on any investment; and
b. includes
i. a person who is not a citizen of Seychelles; or
ii. a body of persons, whether corporate or unincorporate, the control or management of which is vested in persons who are not citizens of Seychelles, and registered as an investor under this Act;
[...]
Section 10. Assistance of the Seychelles Investment Board
1) An investor may request the Seychelles Investment Board for its assistance to obtain the support and cooperation of public sector agencies to facilitate and implement the investments.
2) The provisions of this Act shall apply to all Exclusion of investments made in Seychelles prior to or after the prior claims commencement of this Act, except that the Act shall not apply to a claim arising out of any decision taken by a public sector agency prior to that date.
[...]
Section 14. Establishment of the Seychelles Investment Board
1) There shall be a Seychelles Investment Board.
2) The Seychelles Investment Board shall be a body corporate.
Section 15. Objectives
The objectives of the Seychelles Investment Board shall be—
a. to stimulate the development, expansion and growth of the economy by promoting Seychelles as an international investment, business and service centre;
b. to promote and facilitate the development of investment and business activities;
c. to formulate investment promotion policies, plans and marketing strategies and undertake promotional activities to attract foreign and local investments; and
d. to advise the Government on strategies for investment policies, national investment marketing and investment after care and economic and industrial planning.
Section 16. Functions
1) The functions of the Seychelles Investment Board Functions are to ensure that necessary steps are taken to most effectively—
a. improve investment and business environment and undertake such other activities as may be necessary to promote Seychelles as an attractive base for investments and as an international financial centre;
b. prepare, fund, implement and monitor programmes relating to strategies for promoting investments in Seychelles;
c. conduct research and studies for identifying investment opportunities;
d. maximise opportunities and arrangements for the development of investments and business activities in Seychelles;
e. highlight policy issues and make policy recommendations to the Government on increasing investments and attaining Government's economic objectives;
f. co-ordinate investment-related promotional and marketing activities of Seychelles;
g. provide support services to investors, including assistance to procure a relevant permit for establishing and operating enterprises and leasing or purchasing real estate for their activities;
h. ensure co-ordination and cooperation between the public sector and the private sector on matters relating to investment and policy decisions impacting on investments;
i. provide information to potential investors on matters relating to investments; and
j. carry out periodic surveys to assess the socio¬economic impact of investments and the general investment climate prevailing in Seychelles;
k. act as the Government's representative in coordinating, facilitating and implementing public-private partnership projects;
l. set up such technical committees as it deems fit to assist it in the discharge of its functions under this Act; and
m. do all such other things as are incidental or conducive to the fulfilment of its objectives.
[...]
Section 22. Powers of the Minister
1) The Minister may, in relation to the exercise by the Seychelles Investment Board of any of its powers under this Act, after consultation with the Board of Directors give such directions of a general character to the Seychelles Investment Board as the Minister considers necessary in the public interest, and the Seychelles Investment Board shall comply with those directions.
2) The Seychelles Investment Board shall furnish to the Minister such information with respect to its activities as the Minister may require." (Seychelles Investment Act, 2010)
Seychelles Investment (Economic Activities) Regulations, 2020
Immovable Property (Transfer Restriction) Act, 1963 (Cap 95)
Seychelles Investment (Economic Activities) Regulations, 2014
Seychelles Investment Act, 2010
[<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>],[<a href="https://greybook.seylii.org/w/se/CAP95">Act</a>],[<a href="https://investinseychelles.com/investors-guide/investor-resources/economic-needs-test">Website</a>],[<a href="https://www.wto.org/english/thewto_e/acc_e/syc_e/wtaccsyc61_leg_4.pdf">Reg</a>],[<a href="https://investmentpolicy.unctad.org/investment-laws/laws/69/seychelles-investment-act">Act</a>],[<a href="https://unctad.org/system/files/official-document/diaepcb2020d1_en_0.pdf">Other</a>]