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Seychelles

Introduction

Seychelles, officially the Republic of Seychelles, is an archipelago and sovereign state in the Indian Ocean. The 115-island country, whose capital is Victoria, lies 1,500 kilometres (932 mi) east of mainland East Africa.

Other nearby island countries and territories include Comoros, Mayotte (region of France), Madagascar, Réunion (region of France) and Mauritius to the south. The total area is 459 km2.

Population:

With a population of 94,228 Seychelles has the smallest population of any African state.

Language:

French and English are official languages along with Seychellois Creole, which is primarily based upon French. Seychellois is the most-spoken official language in the Seychelles, followed by French, and lastly by English. 87% of the population speaks Seychellois, 51% speaks French, and 38% speaks English.

Political Structure

Seychelles is a member of the African Union, the Southern African Development Community, the Commonwealth of Nations, and the United Nations. The country has good political stability, with a democratically elected government.

Politics of Seychelles takes place in a framework of a presidential republic, whereby the President of Seychelles is both head of state and head of government, and of a multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and the National Assembly.

The cabinet is presided over and appointed by the president, subject to the approval of a majority of the legislature.

Economy

The Seychelles economy is primarily based on tourism, commercial fishing, and an offshore financial services industry.

The prime agricultural products currently produced in Seychelles include sweet potatoes, vanilla, coconuts and cinnamon. These products provide much of the economic support of the locals. Frozen and canned fish, copra, cinnamon and vanilla are the main export commodities.

The public sector, comprising the government and state-owned enterprises, dominates the economy in terms of employment and gross revenue, employing two-thirds of the labour force. In addition to the now booming tourism and building/real estate markets, Seychelles has renewed its commitment to developing its financial services sector.

Currency:

The national currency of Seychelles is the Seychellois rupee.

Exchange Control:

Offshore activities are not subject to currency control

Financial services industry:

The government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, small-scale manufacturing and most recently the offshore financial sector, through the establishment of the Financial Services Authority and the enactment of several pieces of legislation (such as the International Corporate Service Providers Act, the International Business Companies Act, the Securities Act, the Mutual Funds and Hedge Fund Act, amongst others).

An increasing number of international banks and insurance companies have established branches in Seychelles, with local management companies and accounting and legal firms to provide support.

Corporate Law/Act

Seychelles is governed by civil law except for corporate legislation and criminal law, which are based on English common law. The principal corporate legislation governing international business companies (IBCs) is the International Business Companies Act, 2016.

This new Act is a comprehensive rewrite of the IBC Act 1994 aimed at modernising Seychelles company law and further enhancing Seychelles status as a international business and financial centre.

Type of Company/Corporation:

One IBC Limited offer offshore companies in Seychelles implies the establishment of the most cost-efficient organizational and legal form, that is the international business company (IBC).

Business Restriction:

A Seychelles IBC cannot trade within the Seychelles or own real estate there. IBCs cannot conduct the business of banking, insurance, fund or trust management, collective investment schemes, investment advice, or any other banking or insurance industry-related activity. Moreover, a Seychelles IBC cannot provide registered office facilities in the Seychelles, or sell its shares to the public.

Company Name Restriction:

The name of an IBC must end with a word or phrase or the abbreviation thereof which indicates limited liability. Examples are: "Ltd", "Limited", "Corp", "Corporation", S.A.", "Societe Anonyme".

The name of an IBC shall not end with a word or phrase which may suggest the patronage of Government. Words, phrases or abbreviations thereof such as "Seychelles", "Republic" "Government", "Govt" or "national" shall not be used. Also words such as Bank, Assurance, Building Society, Chamber of Commerce, Foundation, Trust, etc. may not be used without special permission or license.

Company information privacy:

An IBC is not liable to declare neither income or account information, or submit a return for taxes. Only one shareholder and one director are required for incorporation of a Seychelles Offshore Company (IBC). Their names appear on the public record therefore we can offer nominee service to maintain the owners' privacy.

Incorporation Procedure

Just 4 simple steps are given to incorporate a Seychelles Company so easily:
  • Step 1: Select basic information and other additional services which you want (if any).
  • Step 2: Register or login and fill in the company names and director/ shareholder(s) and fill in billing address and special request (if any).
  • Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal or Wire Transfer).
  • Step 4: We send the company kit to your address and then your company is established and you are ready to do business in your favourite jurisdiction.
* These documents required to incorporate Seychelles company:
  • Passport of each shareholder/beneficial owner and director;
  • Proof of residential address of each director and shareholder (Must be in English or certified translation version);
  • The proposed company names;
  • The issued share capital and par value of shares.

Compliance

Capital:

There is no minimum share capital required and the capital may be expressed in any currency. The recommended share capital by the Seychelles Financial Services Authority is US$5,000.

Share:

Shares can be issued with or without par value. Shares are issued in registered form only, bearer shares are no longer permitted.

Shares of the Seychelles corporation may be issued in a variety of forms and classifications and may include: Par or No Par Value, Voting or Non-voting, Preferential or Common and Nominal. Shares may be issued for money or for other valuable consideration.

Shares may be issued before any payment is made. Shares can be issued in any currency.

Director:

Only one director is required for your company with no restrictions on nationality. The director can be a person or a corporation and there is no requirement to appoint a local director. Directors and shareholders meetings need not be held in the Seychelles.

Shareholder:

Only one shareholder of any nationality is required for your Seychelles company. The shareholder can be the same person as the director and can be a person or a corporation.

Beneficial Owner:

information about the beneficiary have to provide to the local agent.

Taxation:

Seychelles companies are exempt from all taxes on income derived outside of the Seychelles, making it the ideal company for trading or for holding and managing private assets

Finance statement:

Your company does not have to keep records in the Seychelles and there are no requirements to file financial statements.

Local Agent:

It is a requirement that a Seychelles IBC must have a registered agent and a registered address where all official correspondence may be sent.

Double Taxation Agreements:

The Seychelles have focused the development of their international financial centre on the use of their growing network of double taxation treaties for structuring investment abroad.

The Seychelles has double tax treaties in force with the following countries: Bahrain, Cyprus, Monaco, Thailand, Barbados, Indonesia, Oman, UAE, Botswana, Malaysia , Qatar, Vietnam, China, Mauritius, South Africa, Zambia.

License

License Fee & Levy:

Annual renewal fees (Government Fees, Registered Office fees, and if required Nominee Service fees) are paid every year on the anniversary of the Seychelles corporation formation and every anniversary thereafter.

Payment, Company return date Date:

company does not have to keep records in the Seychelles and there are no requirements to file financial statements.

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