Foreign shareholding in companies undertaking aquaculture activities in the inshore zone is limited to 49%.
"2. In these regulations, unless the context otherwise requires — 
(a) “Act” means the Fisheries Act, 2014 (Act 20 of 2014);[...]
(c) the following words and expressions shall have the following meanings —[…]
“inshore zone” means the area seaward of the high water mark of the spring tide to a distance of 2 [nautical] kilometres;
“land-based zone” means any area of land, including any area landward of the high water mark of the spring tide;[...]
“offshore zone” means the area beyond the inshore zone; and
[...]
Part III - Licences
9.(1) No person may engage in aquaculture without, and otherwise than in accordance with —
(a) a licence granted by the Authority under section 34(2) of the Act, in accordance with these regulations;
[...]
24.(1) Aquaculture licence application within the inshore zone shall be reserved to local investors only.
(2) For the purpose of subregulation (1), “local investor” means —
(a) a citizen of Seychelles; or
(b) a company registered in Seychelles of which at least 51 per cent of the actual effective shares are beneficially owned by one or more citizens of Seychelles.
25.(1) Aquaculture products that have been produced under licence in the offshore zone may not be sold in Seychelles except with the written permission of, and under such terms and conditions as may be determined by, the Authority.
(2) The Authority may only grant permission under subregulation (1) where it is satisfied, after consulting the Committee, that the sale of such products —
(a) will contribute to food security in Seychelles; and
(b) will not disproportionately affect the domestic market.[...]" (Fisheries (Aquaculture) Regulations, 2020)
Fisheries (Aquaculture) Regulations, 2020
[<a href="https://www.gazette.sc/sites/default/files/2020-12/SI 160 2020 - Fisheries %28Aquaculture%29 Regulations 2020.pdf">Reg</a>]