International Business Company
Setting up an IBC in Seychelles
Seychelles, an island nation nestled in the Indian Ocean northeast of Madagascar, situated approximately 5,000 miles (1,600 km) east of Kenya, is renowned for its investor-friendly environment on the global stage. It is highly regarded as a premier destination for offshore company formation, extending various tax benefits and exemptions to foreign investors.
Offshore Company Formation in Seychelles
- Seychelles operates under a Territorial Tax System, exempting any income earned outside the country from taxation. This tax-free regime also encompasses capital gains, interest income, and stamp duties related to business transactions.
- There is no obligatory minimum capital requirement.
- Only one shareholder or director is mandatory, providing flexibility for business owners.
- Seychelles International Business Companies (IBCs) have the capacity to own or manage Seychelles-registered vessels or aircraft.
- The nation fosters an international trade zone.
- No corporate tax is imposed, and there’s no requirement to file accounts, while maintaining strict confidentiality, as company director and shareholder information remains private.
- Foreign investors can secure residence and work permits.
- Annual Return: Only required to be filed with a local Registered Agent.
- Preparing Accounts: Yes.
- Submitting Accounts: No.
- Recurring Government Costs
- Minimum Annual Tax/License Fee: US$ 150.
- Annual Return Filing Fee: Not Applicable.
Seychelles presents a wealth of benefits for those interested in establishing an offshore company. Whether your concerns center around taxation, privacy, ease of operation, or stability, Seychelles offers an enticing proposition for various business needs. The landscape is also evolving to accommodate the growing presence of tech-savvy companies in Seychelles.
- Type of Law: Based on English Common Law and French Civil Law.
- Exchange Control: No exchange control.
- Currency: Seychelles Rupee.
- Language: Official languages are English, French, and Creole, with English serving as the primary language for business.
Principal Corporate Legislation
The International Business Companies (Amendment) Act 2021.
• Type of Company for International Trade and Investment
International Business Companies.
• Procedure to Incorporate
Filing of Memorandum of Incorporation at the Registry. Articles of Association can be filed either concurrently or within 30 days of incorporation.
• Trading Restrictions
Prohibited from trading within Seychelles or owning real estate. Engaging in banking, insurance, assurance, reinsurance, fund management, asset management (other than the company’s own assets), or any activity suggesting an association with banking and insurance industries is not allowed. Seychelles IBCs cannot provide registered office services within Seychelles or sell shares to the public.
• Powers of Company
Seychelles-incorporated companies possess the same powers as natural persons.
• Language of Legislation and Corporate Documents
English or French, with translations required if using any other language.
• Registered Office Requirement
Yes, a registered office must be maintained in Seychelles through a licensed management company.
• Shelf Companies Availability
• Time to Incorporate
Typically within the same day, with additional time needed for documentation delivery.
• Name Restrictions
Names identical or similar to existing companies or implying patronage of Seychelles or any government, insurance, royal, imperial, or activities that may suggest licensable or undesirable activities are not allowed.
• Language of Name
The company name can be in any language but must be accompanied by an English or French translation.
• Suffixes to Denote Limited Liability
Options include Limited, Corporation, Incorporated, Société Anonyme, or their abbreviations. Other suffixes like BV, GmbH, and SARL may also be used.
• Publicly Accessible Records
• Disclosure of Beneficial Ownership to Authorities
• Authorized and Issued Share Capital
Seychelles IBCs typically incorporate with a standard authorized share capital of US$50,000, with no minimum paid-up capital requirement. The authorized share capital may be expressed in any currency, and the minimum issued capital is either one share of no-par value or one share of par value.
• Classes of Shares Permitted
Registered shares, shares of no-par value, preference shares, redeemable shares, and shares with or without voting rights.
• Bearer Shares
International Companies are exempt from local taxation.
• Tax Treaties
No access to Double Taxation Treaties.
• Financial Statements
No requirement to file financial statements, but companies must maintain records reflecting their financial position.
A minimum of one director is required, and they may be a natural person or a body corporate. Directors can be of any nationality and need not be Seychelles residents.
• Company Secretary
While not mandatory, it is customary to appoint a company secretary for Seychelles IBCs. The secretary may be a natural person or a body corporate and can be of any nationality without the need for Seychelles residency.
A minimum of one shareholder is required.
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