Seychelles – a Perfect Place for Offshore Company Registration
January 6, 2016
There are many attractive offshore jurisdictions to register your business in.
Nevertheless you should better keep in mind these reasons to choose Seychelles:
- Republic of Seychelles is a member of the Commonwealth
- English and French are official languages
- Simplicity of a company formation process
- Offshore industry and related services are well-developed
- Advanced communication infrastructure
- Favorable business and investment climate
- Opportunity to invest in African countries
- Good reputation of the Seychelles is maintained by the government
- Principles of the Common Law underlie country’s legal system
- Loyal legislation for FTZs, trusts and mutual funds
Working hours in Seychelles coincide with Tbilisi, Moscow, Yerevan, Dubai, Muscat and Baku and approximate to most of large European business centers
Reasons to buy a Seychelles’ company:
- Ideal tax regime: corporate income gained outside the jurisdiction is tax-free
- Shareholders and directors may come from any country and belong to any nationality
- It is very simple and quick to register offshore company
- Low operational and maintenance cost
- Appropriate place for company relocation from Cayman Islands, BVI, Bahamas, etc.
The Republic of Seychelles is a very popular offshore jurisdiction often called a tax haven. Being a strong competitor for Cayman Islands, BVI and Bahamas the jurisdiction attracts large volume of the abroad capital.
For a long time Seychelles’ economy has been dependent on fish and agriculture export like many other Caribbean countries. Today the economy is performed by well-developed industries such as tourism, financial services, real estate and building construction.
The times when Seychelles was dependent on the global demand for fish and agricultural products changed due to wise authorities’ policy, systematic reforms and up-to-date approach to economic development. On the one hand government started to develop the tourism sector which resulted in huge amounts of income. On the other hand authorities paid close attention to financial industry transformation and development. Industry experts forecast that the sector of financial services will become a strong source of filling the budget over the next few years.
Today Seychelles is a strong competitor to well-developed global OFCs. The variety of quality financial services provided in the country meet the requirements of international business and partnerships owners and global investors. Besides, loyal legislation for FTZs, trusts and mutual funds attracts attention of many business people.
Being a political bridge between China and Africa Seychelles provide global investors with effective vehicles of investing into African countries.
Overview of the Seychelles jurisdiction
Location: A small island is located in the Indian Ocean which lies northeast of Madagascar and east of Kenya.
Time zone: SCT (UTC +4)
Official languages: French, English, Creole
Legislation: National Assembly – is a Seychelles’ legislative body which acts on the basis of Civil Law, Civil Code of France and UK Case Law.
Income tax: Non-residents are not obliged to pay an income tax while they are physically present in the country no more than 180 days.
Corporation tax: Income generated outside the Republic of Seychelles is tax-free; it is also not levied with interest, dividend and capital gain taxes. At the same time profits earned in the country’s territory are levied with various taxes and deductions.
Currency exchange: There are no any restrictions.
Information sharing agreements: The Seychelles is committed to automatically exchange tax information with the UK, France, Germany, Italy and Spain.
Minimum start-up capital: 1 USD
Anonymity: Shareholders’ anonymity is guaranteed, their personal details don’t appear in the public registry.
Requirements to shareholders: Offshore company should have at least 1 shareholder who can be a citizen of any country and belong to any nationality. There is an ability to assign a nominee shareholder. Legal entities are allowed.
Requirements to directors: Minimum 1 director from any country and of any nationality is required. Director can be a nominee. Legal entity may act as a director.
Board meetings: There are no strict requirements to board meetings. The meeting may take place in any country and in accordance with memorandum and articles of association.
Revenue: Only the registered agent is permitted to get the revenue but not on public registry.
Accounting documents: The documents should be kept in the registered office.
Reporting & audits: There are no requirements.
Kept at Companies Registry: Memorandum and articles of association and all the amendments
Kept at Registered Office: First meeting and Director’s appointment record, Register of company’s members, Register of Mortgages, Charges and other Encumbrances, Stock certificate, Due Diligence and Beneficial Ownership Declaration.
Time of incorporation: 1-2 business days
Annual fees: Yes