Andreas M. Koumenides, Director

SEYCHELLES GENERAL INFORMATION

The Seychelles is a group of about 100 islands in the Indian Ocean, most being situated between four and five degrees south of the equator.

The largest island is Mahé.  Seychelles  has a population of around 80,000, descended primarily from French settlers, Africans, British sailors, and traders from the east.

Seychelles is an independent republic within the British Commonwealth.

Seychelles started modern constitutional changes in 1960.

The Head of State is the President and a National Assembly of directly elected Members heads the legislative side of Government.

Seychelles is an independent republic within the British Commonwealth.

The Seychelles economy is primarily based on tourism and fishing.

The rapidly expanding financial sector, linked to the establishment of the Seychelles International Business Authority and a suite of progressive laws facilitating the establishment of offshore structures while encouraging inward investment, is now a significant element of the economy.

An ever-increasing number of international banks and insurance companies have established either branches or subsidiaries that, together with local management, accounting, and legal firms provide clients with support.

The Seychelles International Airport is one of the finest in the Indian Ocean region.

In addition to the national flag carrier, Air Seychelles, the airport is served by a number of other international airlines.

National and international telecommunications are provided by Cable and Wireless (Seychelles) Limited, part of Cable and Wireless PLC, London.

The official languages are English, French, and Creole with English being the main language of business.

Local currency: Seychelles Rupee. Exchange controls do not apply to ‘offshore’ business.

The legal system of Seychelles is based on English Common Law and French Civil Law.

There is no exchange control.

Law is based on English Common Law and French Civil Law.

Seychelles Company Description:

Seychelles IBCs, which are based on the British Virgin Islands IBC Model, offer the most attractive privacy characteristics currently on offer by any other jurisdiction in the world.  Unlike the historically popular Caribbean and Channel Islands IBC Centers most of which, as former British Colonial territories, are facing enormous pressure to bring their privacy characteristics and tax rates in line with European countries, Seychelles is a politically stable, independent republic not touched by such pressures.

Type of Company for International Trade and Investment: The Seychelles International Business Company (IBC).

Restrictions on Trading:  Cannot trade within the Seychelles or own real estate there. Furthermore they cannot be involved in the business of banking, insurance, assurance, reinsurance, fund management, and asset management (other than the company’s own assets). A Seychelles IBC cannot provide registered office facilities in the Seychelles, or sell its shares to the public.

A Seychelles incorporated Company has the same powers as a natural person.

Features of the Seychelles IBCs include:

Unparalleled Privacy:   There is no public register of Shareholders or Directors in Seychelles and there is no way that a Seychelles IBC can be made to ever disclose to the Registry details of the IBC’s underlying “beneficial” owner/s.

Nominee Shareholders and Directors are permitted:  A Nominee may act as the Shareholder and/or Director of a Seychelles IBC.

Other Offshore Companies can act as Nominee:  As a further safeguard to your privacy another Offshore Company can be engaged to act as Nominee Shareholder or Director of your Seychelles IBC thereby doubling your IBC’s privacy protection!

No Accounting Costs: There is no requirement to file Accounts or Annual Company Returns for Seychelles IBCs.  This results in less cost per year in real terms and added privacy as the Company’s asset holdings and financial records remain secret.

Zero Taxes:  Seychelles IBCs pay no taxes in Seychelles and there is no stamp duty or other taxes levied when shares in a Seychelles IBC are transferred or sold.

Cost Effective Litigation Insurance: As it is nearly impossible to determine the owners of a Seychelles IBC (or whether the IBC owns any assets) there is very little incentive or reason to ever sue a Seychelles IBC.

Secure Offshore Banking: As Seychelles IBCs are permitted to open their own Offshore Bank Accounts anywhere in the world.

No USA or EU tax interference:  Seychelles has no economic ties with the USA or the EU and, has NOT signed any information sharing agreements with the USA or the EU tax authrities.

Convenient Time Zone: At + 4 GMT time zone Seychelles is extremely convenient to clients based in the UK, Europe and the major Asian Business Centers.

GENERAL CHARACTERISTICS:

Type of Company: IBC

Political Stability: Good

Common or Civil Law: Hybrid

Disclosure of Beneficial Owner: No

Migration of Domicile Permitted: Yes

Tax on Offshore Profits:  Nil

Language of Name: Latin alphabet

CORPORATE REQUIREMENTS

Minimum Number of Shareholders / Members: One

Minimum Number of Directors / Managers:  One

Bearer Shares Allowed:  Yes, but not available

Corporate Directors / Managers Permitted:  Yes

Company Secretary Required:  Yes

LOCAL REQUIREMENTS

Registered Office/Agent:  Yes

Company Secretary:  No

Local Directors:  No

Local Meetings:  No

Government Register of Directors / Managers:  No

Government Register of Shareholders /Members:  No

ANNUAL REQUIREMENTS

Annual Return: No

Submit Accounts:  No

RECURRING GOVERNMENT COSTS

Minimum Annual Tax/License Fee “: US$ 100

Annual Return Filing Fee:  N/A

PROCEDURE TO INCORPORATE

Filing of Memorandum of Incorporation at the Registry. The Articles of Association can be filed either at the same time or within 30 days of incorporation.

RESTRICTIONS ON TRADING

Cannot trade within the Seychelles or own real estate there. Cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, asset management (other than the company’s own assets) or any other activity that would suggest an association with the banking and insurance industries. A Seychelles IBC cannot provide registered office facilities in the Seychelles, or sell its shares to the public.

POWERS OF COMPANY

A Seychelles incorporated Company has the same powers as a natural person.

LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS

English or French. If any other language is used it must be accompanied by a translation in either English or French.

REGISTERED OFFICE REQUIRED

Yes, must be maintained in the Seychelles at the office of a licensed management company.

SHELF COMPANIES AVAILABLE

Yes.

TIME TO INCORPORATE

Same day, but allow five days for delivery of documentation.

NAME RESTRICTIONS

Anything identical or similar to a company already incorporated. Anything that implies patronage of the Seychelles, or any other government, insurance, royal, imperial or any other name that may imply that a company intends to undertake a licensable or undesirable activity.

LANGUAGE OF NAME

The name can be in any language, but must be accompanied by a translation in English or French. The documentation will either be in English, or it is possible to have bilingual documentation in English and Chinese or any other language accompanied by a translation in English or French.

SUFFIXES TO DENOTE LIMITED LIABILITY

Limited, Corporation, Incorporated, Société Anonyme or their abbreviations. Other suffixes such as BV, GmbH, and SARL may also be used.

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES

No.

TAXATION

An International Company is exempted from local taxation.

FINANCIAL STATEMENT REQUIREMENTS

There is no requirement to file financial statements, but a company must keep records to reflect its financial position.

DIRECTORS

The minimum number of directors is one, who may be a natural person or a body corporate. They may be of any nationality and need not be resident in the Seychelles.

COMPANY SECRETARY

A Seychelles IBC need not appoint a company secretary, although it is customary to do so. The secretary may be a natural person or body corporate, be of any nationality and need not be resident in the Seychelles.

SHAREHOLDERS

The minimum number of shareholders is one.

OTHER FACILITIES AVAILABLE IN THE SEYCHELLES

In addition to a modern suite of corporate legislation the Seychelles benefits from a range of other facilities including:

  • Trust legislation.
  • Efficient aircraft and shipping registries.
  • Provision for the formation and domiciliation of mutual funds and captive insurance companies.
  • An Industrial Trade Zone for manufacturing and service companies, benefiting from zero taxation, streamlined application procedures and the ready availability of work and resident permits.