What types of company will be set up?

International Business Companies are the companies incorporated under International Companies Act 2016 (Seychelles). The type of companies coulbe Private Limited by Shares (Pte Ltd) or Limited Liability Company (LLC).

How to set up a new company in Seychelles?

Accordingly, setting up an entity in Seychelles is a simple and highly regimented process under the Seychelles International Business Companies Act. Seychelles is attractive in terms of business setup since its nature of regulatory requirements and compliance procedures is straightforward. Here's a broad overview of how to set up a new company in Seychelles:.Steps to Set Up a New Company in Seychelles Company Name: The very first prerequisite is to select a unique name for the proposed company. The Seychelles Registrar of Companies requires that names not be identical or too similar to existing ones. It makes sense to check the availability of the name at the very outset to avoid any delay in incorporation. Appoint Directors and Shareholders: Any Seychelles company must appoint at least one director and one shareholder. They can be individuals or corporate entities, and no residency requirement applies for them, therefore allowing flexibility in the structure of the company. Filing of the Documents to be Obtained: The documents needed for incorporation shall be filed. A Memorandum and Articles of Association showing the company's activities and its rules and regulations are contained therein. All the necessary documents shall be prepared and filed with the Seychelles Registrar of Companies for approval. Registration of Local Address: By law, it is mandatory for a company in Seychelles to have a registered local address, which would serve as an address for receiving all legal and official correspondences. This address should be available as long as the company exists. Annual Compliance Obligations: Seychelles companies are obliged to fulfill all the obligations that arise annually once the companies are registered. Such includes filing an annual return and also obtaining proper records for the company to meet the requirements of the laws and regulations in that country.Read more: Seychelles offshore company formationSummaryTo set up a Seychelles incorporation, there needs to be a name chosen for the company, followed by the appointment of at least one director and shareholder. Documents of necessity must then be filed, and there are various local requirements that need to be adhered to. It will be much easier and ensure that everything is done with the help of professional legal and company incorporation services, those well-versed in Seychelles laws.

What is a good business to start in Seychelles?

A good business to start in Seychelles focuses on how to tap into the country's thriving tourism business, an emerging digital economy, and an enabling business environment. Seychelles is a land of beautiful islands and luxury resorts, thereby offering a number of ventures for entrepreneurs to engage in. Some of these ventures are: Eco-tourism activities Seychelles eco-tourism is one of the excellent businesses to start in Seychelles with a heavy emphasis on environmental sustainability. This could range from guided nature tours, diving excursions to eco-lodges explaining natural beauty about the island with minimal environmental damage. More tourists are increasingly seeking green travel; thus, an eco-tourism enterprise would therefore guarantee high demand and promote eco-friendly practice. Boutique Hotels or Guesthouses Seychelles attracts both high and low-budget travelers. Apart from five-star resorts, developing boutique hotels or low-budget guesthouses is an option. Distinctive, personalized experiences can attract travelers in pursuit of authentic stays that will contribute to improving the local economy and accommodate a range of budgets. Digital Marketing Services for Tourism and Hospitality With more and more local businesses looking to tap into the pool of global customers, a good business in the tourism and travel niche that can be done is offering tourism and hospitality digital marketing services. Social media management, creating good content, and SEO services will enable local hotels, tour companies, and restaurants to increase visibility for international tourists. This ideal for entrepreneurs with experience in digital marketing. Fishing Charters and Water Sports Rentals Seychelles is indeed a haven for water sports, and either fishing charters or the renting of water sports equipment are in demand at any time. It could be fishing trips, snorkeling trips, jet ski-outs for both tourists and locals, which add value to their island experience. Read more: Ideal for Seychelles company registrationStarting a business in Seychelles, either within the tourism industry, which is booming, or the growing digital sector, is rewarding. Emphasizing sustainable and customer-driven experiences helps entrepreneurs establish a good business to start in Seychelles while further developing the island's economy.

What documents are required to form a Seychelles International Business Company (IBC)?

According to the regulatory requirements of the FSA (Financial Services Authority), some documentation is required for the incorporation of an IBC in Seychelles.Read more: Ideal for Seychelles company registrationBelow are the essential documents required for incorporation: A notarized true copy of the passport: for each director and shareholder, verifying identity and nationality. A utility bill as proof of residential address: for all directors and shareholders, dated within the last three months. Accepted utility bills include statements for water, gas, or electricity.Additionally, a bank or professional reference letter, from an attorney or accountant for example, for each of the directors and shareholders to confirm that the individuals are in good standing. A business plan relating to what activities the company intends to carry out may also be requested so as to ensure the company's goals align with Seychelles' regulations for an IBC.The application process also provides for the proposed name of the company, which is to be searched for availability and should comply with the naming guidelines-which need not to be similar to any Seychelles names or any restricted names. After collection and review of these documents, the drafting and filing of the Articles of Association and Memorandum of Association take place, stating the structure and purpose of the company.The applicant will also require the services of a Seychelles-licensed registered agent for the processing of the application. This agent will handle all the procedural incorporation processes, liaise with the authorities concerned, and provide a registered office address. Aggregately, these documents will ensure the swift and compliant formation of an IBC in Seychelles.

How can I reinstate a dissolved company in Seychelles?

The reinstatement of a dissolved company in Seychelles would, in principle, involve establishing the nature of its dissolution, whether voluntary or administrative based on grounds of non-compliance, for example, if annual fees have not been paid. While voluntary dissolutions usually go through the courts, some administrative dissolutions, in cases where applicable, can be resolved directly with the Registrar within strict timelines.In the case of administrative restoration, there usually would be an ability to apply anytime within one year from the strike-off or within five years after the date of dissolution. The Registrar would consider whether or not the company maintains current accounting records and has registers of directors, members, and beneficial owners. The documents essentially required for making the application would include a Certificate of Incorporation, Memorandum and Articles of Association, and Certified Registers. These can be found on the website, or if these are not available, they can be requested from the Financial Services Authority. Accompanying this restoration application, the applicant should provide the reasons for the original dissolution and grounds upon which the application reinstating such is based, supported with applicable documents. Settlement of all outstanding fees and penalties has to be paid as well as any agent fees that are still unpaid. The company should also make sure that its accounting records for the last seven years are complete.The company, upon restoration, should be put under obligation to observe all the existing regulatory requirements such as filing the register of directors and maintaining a register of beneficial owners under the Beneficial Ownership Act 2020. A consultation with any professional who has experience in Seychelles Company Law would make it easier and smoother while ensuring compliance and a quick reinstatement of the companies.

Where should the offshore company open a bank account?

Nowadays in the globalized world the exact location of a bank is less important than the choice of the bank itself. When choosing a bank, a number of questions should be considered.

What are the services available at the particular bank?
What are the costs?
Will your company be able to maintain the minimum required balance or satisfy any other financial requirements for the account?
What are the client acceptance prerequisites at the bank?
Are there any requirements of the bank that may prevent your company from becoming its client?
Is the bank in Your time zone or the time zone of your clients to be able to contact it at the time you need?
Do they speak Your language?
What is the quality of work ethics in the particular bank or in the jurisdiction of the bank in general as this may result in good service, quick and accurate work or, on the contrary, delays, mistakes and poor attitude.

All in all, there is no single answer as to the most appropriate location of an offshore bank account – it is always a compromise between your financial abilities, convenience and reliability.

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