JURISDICTIONS

Seychelles

 

General Information

Location The Seychelles (comprising 117 islands) is located in the Indian Ocean between 4 and 5 degrees south of the equator
Capital Victoria
Population About 87,000
Language

English, French and Creole
Legal System Modelled on English & French law, with "offshore" and corporate laws heavily statute and Common Law based
Political System Independent Republic (having gained independence from the Great Britain), with a multi-party democracy and is a member of the Commonwealth
Currency Seychelles rupee (approx USD 1 : SCR 8)
Exchange Control Seychelles offshore companies are exempt from exchange controls
Economy The Seychelles economy is primarily based on tourism, commercial fishing and a thriving offshore financial services industry. Recent years have seen substantial expansion in the financial services sector and the hotel and tourism sector (Hilton, Banyan Tree, Four Seasons, Shangri-la, Le Meridien, etc)
Time Zone GMT +4
Major Banks Barclays Bank (Seychelles), Mauritius Commercial Bank and Nouvobanq
Principal Corporate Legislation
  • International Business Companies Act, 1994
  • International Trust Act, 1995
  • Companies (Special Licences) Act, 2003
  • Limited Partnerships Act, 2003
Number of companies incorporated in 2008 About 14,000
Total number of companies on register Approximately 57,000

 

 Introduction

The Seychelles offshore industry has experienced significant success since the industry’s creation in 1994 and has matured into a stable and respected offshore financial centre. Its success has been enabled through Seychelles striking the right balance between sound regulatory practice and pleasing the market. The Seychelles International Business Company (“IBC”) has been the “star performer”, its surging popularity a result of attractive client benefits (see below).

Seychelles IBCs - Current Features & Benefits

  • Value for money - low annual Government licence fee of US$100 irrespect of the IBC's authorised capital
  • Fast incorporations and name approvals – same day incorporations
  • Nil Seychelles taxation on foreign income
  • Privacy and asset protection – including no public filing of shareholders or directors
  • Ease of administration – no requirement to file financial accounts or annual company return in the Seychelles
  • Minimum number of directors – 1 (corporate directors allowed)
  • Minimum number of shareholders – 1 (corporate shareholders allowed)
  • Seychelles is a stable and independent country, and is therefore not subject to ever-growing EU directives (which are increasingly impacting on European dependent territories)

Seychelles CSLs (“Company Special Licence”) - Current Features & Benefits

  • Seychelles tax-resident, which may access Seychelles Double Tax Avoidance Agreements (“DTA”) – including favourable treaties with China, Indonesia, Vietnam, etc.
  • To reduce China tax exposure, CSLs may be deployed as intermediary holding vehicles for foreign investors into China
  • Liable to Seychelles business tax at the rate of 1.5% on its world-wide taxable income (which may be eliminated in DTA access cases)
  • Exempt from all other Seychelles taxes, including withholding taxes
  • Minimum number of directors – 2 natural persons (resident directors required in DTA access cases)
  • Must file annual audited accounts and company return (which are not publicly accessible)
General Information    

Stability of Jurisdiction

Good

Good

Legal System

Common Law

Common Law

Type of Company

IBC

CSL
Company Information    
Bearer Share Yes No

Standard Authorised Capital / Shares

US$1,000,000

 Min. US$100

Chinese Name Permitted

Yes (d)

 No
Official Bilingual M&A Yes No
Local Requirements    

Minimum Number of Shareholders

1

2

Minimum Number of Directors

1

2 (e)

Company Secretary

Optional

Yes (f)
President & Treasurer Optional Optional
Beneficial Owners No (a) Yes (b)
Public Filings    

Shareholders

No

 Yes (b)

Directors

No

 Yes

Company Secretary

N/A

 Yes
Other    

Registered Agent / Resident Agent

Yes

 Yes

Registered Office

Yes

 Yes

Annual Return / Accounts Filing

No

 Yes

Corporate Tax

Nil

 1.5% (c)

Change of Domicile Permitted

Yes

 Yes
Shelf Companies Available Yes No

 

Notes:
(a)

Disclosed to Registered Agent / Resident Agent, NOT publicly accessible record
(b)

Disclosed to Government, NOT publicly accessible record
(c)

Tax based on worldwide taxable income (can be reduced or avoided when used with Double Tax Avoidance Agreements)
(d)

Must accompany an English name
(e)

Must be natural persons; corporate entity not permissible
(f)

Resident company secretary required