Foreign investment is not allowed in accomodation services of up to 15 rooms
"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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"[...] 2. The Policy
2.1. Government maintains that certain activities that are doable and affordable to the Seychellois investors and businesses shall remain reserved for them.
2.2. This list of activities is as per the Schedule annexed to this policy document and which is mainly derived from Schedule 1 of the current SI 71.
2.3. This policy is to be used alongside the schedules of SI 71 (as revised) when considering applications by non-Seychellois to engage in economic activities in Seychelles.
2.4. Should the said application be for any activity featuring on this reserved list, the application shall immediately be rejected.
2.5. Should the application be for any activity not listed in this policy or in the schedules of the revised SI 71 regulation, it shall be subjected to the Economic Needs Test (ENT).
[...]
Activities Reserved for Seychellois Investors
ECONOMIC ACTIVITIES IN WHICH ONLY SEYCHELLOIS MAY INVEST
Accommodation (hotel, guest house, letting services of furnished accommodation, self-catering establishment, Motel) of 1 to 15 rooms.
Seychelles Investment (Economic Activities) Regulations, 2020
Reserved Economic Activities Policy 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>],[<a href="https://investinseychelles.com/component/edocman/reserved-economic-activities-policy,-april-2020/download">Policy</a>]