Seychelles is an archipelago of 115 islands, situated in the middle of the Indian Ocean. A paradise with its white sandy beaches, coral reefs, nature reserves, and mountains, it is mainly famed for its status as a luxurious and exotic holiday destination.
But for those that are looking for a great offshore jurisdiction with high levels of privacy and plenty of fiscal incentives, then company incorporation in Seychelles could be worth your consideration.
In order to register a company in Seychelles, you need to prepare for it to take around two weeks from when you submit all of the documentation, to when your company is operational. You only need one director and one shareholder and the minimum share capital is just $1.
The most popular type of company is a Seychelles International Business Company (IBC) and it can be completely managed from abroad. Unlike some other jurisdictions, there is absolutely no need to have resident directors, instead, you just need a resident registered agent who will be responsible for staying on top of paperwork and company records after the business is registered.
Once the IBC is operational there is absolutely no tax payable on any revenue, profits, or gains payable and you are not required to file annual returns or an annual financial statement. Audits are not required by law but you are required to prepare an annual financial statement and keep it at the company office that is located within Seychelles. When it comes to the annual general meeting, this does not have to take place in the country and can instead be conducted wherever you wish, or by video conference.
If an IBC (which is completely tax-exempt due to it not being considered as resident for tax purposes) is not suitable, a Special License Company (CSL) can be opened. This type of company is considered as tax resident but it benefits from a low corporate tax rate of just 1.5% of its global revenue. If two resident directors are appointed for the CSL, the company can also benefit from the Seychelles double taxation treaties which result in the reduction and waiving of withholding tax on earnings remitted from around twenty countries.
An IBC does have limitations however- it is not allowed to carry out any business activities in Seychelles and it cannot own real estate their either. Any activities related to banking or insurance and activities such as gambling or anything related to securities or mutual funds can only be carried out by the company if they hold the applicable license. It can however own maritime vessels or aircrafts that are registered within the country.
If a business wants to repatriate their earnings outside of the country, there are no foreign exchange or capital controls and they are exempted from withholding tax.
Seychelles also comes out on top in terms of privacy as there are no publicly accessible records of ultimate beneficial owners of companies. This, along with the limited record-keeping and filing requirements means a high level of anonymity and privacy for those involved in a Seychelles company.
Fast Offshore is able to assist with the set-up and incorporation of companies in Seychelles. As well as setting up and taking care of all renewals and maintenance, we are also able to provide a range of ancillary services such as nominee directors and shareholders, certificates of incumbency and good standing, marketing services including logo creation, and a whole range of other matters. To find out more about whether incorporating a company in Seychelles is right for you, contact us today.