SHANDA CONSULT

Seychelles

Important note: if requested, Shanda Consult and its local cooperation partners are able to fulfil all prerequisites for Seychelles companies that are listed in the following text and can offer the necessary services required, including bookkeeping and similar services.

On the Seychelles, two company structures are applicable for foreigners: International Business Companies (IBC) and Company Special Licenses (CSL).

Please kindly continue to read about information on IBCs further below.

Special features of the CSLs, compared to an IBC:

  • CSLs are entitled to benefit from double taxation treaties of the Seychelles (see Download Centre),

  • CSLs adhere to the standards prescribed by the OECD, information on beneficial owners, directors etc. will be passed on in case of an official request by authorities (such information is however, generally not publicly accessible),

  • Corporate tax rate of CSLs stands at only 1.5%,

  • CSLs are required to have two directors ( natural persons) who have to be residents outside of the Seychelles,

  • CSLs need to appoint a company secretary who is resident in the Seychelles, 

  • CSLs have to submit book keeping documents and financial statements (these are however, not publicly accessible).

The Seychelles are comprised of 115 islands, which are dispersed on an area of around 400.000 km2 
The capital is Mahé , the population is around 87.000 people.  The originally uninhabited islands were, as far as it is known, discovered by the Portuguese in the 16th century and ceded to France around 250 years later.  As a result of the conflict between France and Britain, the islands were ceded to the United Kingdom. Since 1976 the Seychelles have been independent.

 

General information

Legal system:

The legal system of the Seychelles is based on Common Law as well as on French Civil Law.

Economy:

Main sectors of the economy are tourism and fishing. Since a few years the Seychelles have been making efforts to set up themselves as an international financial centre.

Currency:

SCR (Seychelles-Rupee)

Language:

English, French and Creole are official languages of the country with English being the most common.

Time zones:

GMT+4 hrs

General Information about Seychelles IBCs (International Business Companies)

Type of company:

International Business Company (IBC)

Company law:

International Business Companies (IBC) Act, 1994 (as amended).

Obligatory Requirements of Seychelles companies:

Offshore companies must have a Registered Office and Registered Agent in the Seychelles and cannot conduct its business activity on the territory of Seychelles.

Minumum capital of a Seychelles Company:

There is no requirement to the size of the authorized share capital. Usually the authorized share capital is 100,000 USD divided into 100,000 shares of 1,00 USD each. No paid-up capital is required.

Restrictions:

IBCs are not permitted to pursue activities within the banking sector, may not pursue insurance business activities, may not be active as funds or investment management companies. IBCs must pursue their business activities outside of the Seychelles. They are not allowed to own real estate in the country and may not offer their shares publicly.

Taxation:

None (for offshore companies)

Double Taxation Treaties:

None (for offshore companies)

Annual tax filing:

No

Annual financial statement:

Have to be made, however they are not checked nor do they have to be submitted.

Company secretary:

Not compulsory

Directors of Seychelles Companies:

The minimum number of directors of a Seychelles company is one, it can be both, either corporate entity or natural person. There is no requirement to nationality and residence.

Shareholders of Seychelles Companies:

The minimum number of shareholders of a Seychelles company is one, it can be both, either corporate entity or natural person. There is no requirement to nationality and residence.

Disclosure of the ultimate beneficial owner:

Confidentiality can be achieved through the appointment of trustees. 

Directors publicly known:

No.

Shareholders publicly known:

No.

Shareholders/Directors Meetings:

Meetings can be held anywhere in the world.

Bearer Shares:

Not allowed.

Control of foreign currency:

Not for IBC.

Name of a Seychelles Company:

In English or French

Language of company documents:

English or French

Keeping of Documents of the Company:

The Register of Directors, Register of Members and Register of Beneficial Owners must be kept at the company’s registered office in Seychelles. The rest of the operational documents, such as Resolutions, Minutes can be kept outside of the territory of Seychelles.

Keeping of Accounting Records:

Seychelles companies must maintain and keep proper bookkeeping and financial records which must reflect the real business activity of the company in a correct matter as per the recommendations of the law. There is no obligation to keep the bookkeeping records in Seychelles. Bookkeeping records can be kept anywhere in the world.

Filing of Annual Return:

Annual Return must to be filed on annual basis with the Registered Agent.

Duration of incorporation:

2 working days

Shelf companies:

yes

Re-domiciliation:

It is possible to-domicile foreign offshore company to Seychelles and also to re-domicile Seychelles companies to other offshore jurisdiction.