Background & General Outline
The archipelago of Seychelles is an island state located in the Indian Ocean. It consists of 115 islands and its capital Victoria sits around 932 miles from the coast of East Africa. It has a population of around 95,000 people who are fluent in English, French, and Seychellois Creole.
Since the country’s independence in 1976, economic growth has been led by the tourism selector which employs around 30% of the labour force. Farming, fishing, and food processing are other key industries.
In addition to this, offshore banking and financial services, offshore incorporation in Seychelles, and forex licensing have grown in popularity. This has attracted a number of wealthy investors to the country.
Seychelles enjoys the highest nominal per capita GDP of any African state. It also has the highest rating in the Human Development Index for the region. It’s also one of two African countries that are considered a “high-income economy“ by the World Bank. This makes Seychelles company incorporation a wise choice.
Political Structure & Legal System
Seychelles has a President who is the Head of State and Head of Government. The country’s parliamentary cabinet is appointed and presided over by the President. The primary political parties in the country are the socialist People’s Party and the socialist liberal Socialist National Party.
The country is a member of the African Union, the Indian Ocean Commission, the British Commonwealth, and the Southern African Development Fund.
In terms of its legal system, Seychelles comprises a mixture of Napoleonic Civil Law and English Common Law. This is a result of its occupation by both French and British governments at certain points in its history. Laws are created by the National Assembly who is empowered to create, amend and repeal laws. The Seychelles Civil Code sets out all laws and regulations that deal with civil matters. Seychelles does not follow the legal concept of a tort, but rather a common law based contract law.
Name Restrictions for an Offshore Company in Seychelles
There are a number of name restrictions to take into account when you opt for company incorporation in Seychelles. These include ensuring it is not the same as, or similar to an already registered entity. You can also not use words like “assurance”, “bank”, “cooperative”, “chamber of commerce”, “trust”, “imperial”, or “insurance”. Words similar in meaning or appearance to those above are also restricted. It is also prohibited to include words connected to the Seychelles government, a government in another jurisdiction, or “Seychelles”.
An offshore company incorporated in Seychelles is not allowed to carry out business in the country. It is also prohibited from purchasing real estate or carrying out banking, insurance, reinsurance, or offering registered office facilities in the country.
Taxation in Seychelles
There is no tax payable on income derived outside of Seychelles and remitted to the Seychelles offshore company. There is no stamp duty payable on the transfer of shares. In terms of government taxes and fees, an annual fee of USD 100 plus 7.5% is required, regardless of Authorised Capital.
Double Taxation Treaties
Seychelles is a party to some 28 double taxation treaties worldwide. These include Barbados, Bahrain, Belgium, Botswana, Bermuda, Cyprus, China, Ethiopia, Indonesia, Isle of Man, Guernsey, Kenya, Jersey, Malaysia, Luxembourg, Monaco, Mauritius, Oman, Qatar, Singapore, San Marino, Sri Lanka, South Africa, Swaziland, UAE, Thailand, Vietnam, and Zambia. An offshore company in Seychelles owned by entrepreneurs from these countries can benefit from the treaties in place.
Accounting & Financial Statements
As a best practice, annual statements and accounts should be prepared but they are not required to be filed with the Seychelles authorities. However, an annual declaration on accounting records should be submitted annually. In addition to this, details of the location of the accounting records must also be provided to the authorities.
Disclosure of Beneficial Owner
Any information pertaining to the identity of beneficial owners of an offshore company in Seychelles is not made public or publicly accessible. In addition to this, the personal information of beneficial owners is not filed with any government office but is instead held by the corporate service provider such as Fast Offshore. Shares in the Seychelles company can also be held by a nominee for the beneficial owner. This provides several layers of confidentiality for beneficial and ultimate beneficial owners.
Capitalization Requirements for Offshore Company in Seychelles
The Seychelles government stipulates that the standard authorised share capital is USD 100,000. However, this does not have to be the case for every company and other amounts can be submitted depending on business and client requirements. The standard minimum issued capital is just USD 1. The Act that governs incorporation requires that any issued shares are paid up before the company incorporation in Seychelles.
There are no exchange control restrictions in Seychelles.
How Much Does an Offshore Company in Seychelles Cost?
Register your Offshore Company in Seychelles for as little as €900 with Company Formation Package. To get full price details, related documents and services click on the button below:
Contact Us to Register your Offshore Company in Seychelles
Seychelles is fast becoming a prime location for offshore businesses. Its government are progressive and welcoming and are continuing to offer incentives for investors and businesses alike. Contact us today to get your offshore company registered in Seychelles.
More Locations to Incorporate Your Company
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