Situated between four and five degrees South of the Equator and in the Indian Ocean, we can find the Seychelles, a group of islands which comprises over one hundred named islands. The biggest island is Mahé.
POPULATION: Its population is of approximately 80,000, descending mainly from Africans, French settlers, British sailors and merchants from India, the Middle East and China.
POLITICAL STRUCTURE:
Vasco de Gama, a Portuguese explorer, was the first to discover the Islands. The first settlement belonging to the French was located on St. Anne Island in the year 1770.
According to the terms of the Treaty of Paris, the Seychelles were ceded to Great Britain in 1814 and in 1960 the first constitutional reforms were introduced.
The President is the Head of State and a National Assembly of Members heads the legislative area of the Government. Seychelles, although within the British Commonwealth, is an Independent Republic.
ECONOMY AND INFRAESTRUCTURE:
Tourism and fishing are the main economies of the Seychelles, although industrial fishing is increasing.
Today, an important element of the economy is the fast expanding financial sector related to the creation of the Seychelles International Business Authority and a series of laws which facilitate the creation of offshore structures and promote the incoming investment.
The many existing international banks and insurance companies with agencies or subsidiaries, plus the local accounting, management, and legal firms offer support to clients.
The Port of Victoria, with approximately 6,000 square meters of covered storage space is a very well equipped port with modern cargo handling equipment.
The International Airport of Seychelles is one of the best in the Indian Ocean region served by different international airlines including Air Seychelles, the national flag carrier.
LANGUAGE:
English, French and Creole are the official languages, Creole being spoken widely and English being the principal language of business.
CURRENCY:
Seychelles Rupee
EXCHANGE CONTROL:
Offshore businesses are not subject to exchange controls
Type of Law:
The Law is based on the French Civil Law and the English Common Law
Main Corporate Legislation:
The International Business Companies Act, 1994
SEYCHELLES OFFSHORE COMPANY INFORMATIONType of Company used in International Trade and Investment
The Seychelles International Business Company
Incorporation ProcedureIn order to form a corporation you need to file in the Registry, the Articles of Incorporation. The Articles of Association can be filed at the same time or 30 days after the incorporation.
Trading RestrictionsTrading or ownership of real properties is not allowed in the Seychelles nor is it accepted the business of banking, assurance, insurance, reinsurance, asset management, fund management (other than the assets of the company) or any other activity related with the banking and insurance industries. A Seychelles IBC cannot offer registered office facilities or sell its shares to the public.
Powers of a Company A company incorporated in the Seychelles has the same powers as an individual.
Registered OfficeA registered office is accepted provided it is maintained at the office of a licensed Registered Agent.
Availability of Shelf Companies: Yes
Period of Time to Incorporate a Company: Two days
Restrictions on NamesNo name which is identical or similar to a company to be incorporated can be used. Any name implying patronage of the Seychelles, or of any other government, royal, imperial, insurance or any other name that indicates that a company pretends to carry out a licensable or undesirable activity.
Language used in the Name and Corporate DocumentsThe name used can be in any language, but must include its translation into the English or French language. The documentation can be in English, or it can be a bilingual documentation in English and Chinese or any other language enclosed with a translation into English or French.
Suffixes which Denote Limited LiabilityThe name of an IBC to be incorporated must include the following suffix at the end: Limited, Incorporated, Corporation, Société Anonyme or its abbreviations. Also included is a vast variety of other suffixes such as GmbH, BV and SARL.
Beneficial Ownership disclosed to Authorities: No
Issued and Authorized Capital Stock:
Corporations are incorporated with an authorized capital stock of US$100,000, with par value. The authorized capital stock may be in any currency. The minimum issued capital is either one share without par value or one share with par value.
Classes of Shares:
Preferred shares, registered shares, bearer shares, shares without par value, redeemable shares and shares having or not voting rights.
Taxation:
International Companies are locally tax exempted.
License Fees:
The Annual License Fee is of US$100 despite its authorized capital.
Required Financial Statement:
Filing of financial statements is not required, but the company must maintain the records on its financial position.
DirectorsThe minimum number is one being an individual or corporation and of any nationality. Its domicile need not be in the Seychelles.
Corporate SecretaryA corporation organized in the Seychelles does not require the appointment of a corporate secretary, although it is customary. It may be an individual or corporation and of any nationality. It is not necessary for the Secretary to have his domicile in the Seychelles.
Stockholders The minimum number of stockholders is one.
SEYCHELLES FOUNDATIONS
Relevant Aspects of a Seychelles Foundation
- Re-domiciliation of foundation is permitted
- Consolidation and mergers between foundations is permitted
- Enjoys statutory protection through anti-forced heirship rules
- Management of the foundation can be retained by the founder
- The assets vested in the foundation shall hold full legal and beneficial title
- Foundation is exempted from any taxes in Seychelles for a period of 20 years
Differences between Seychelles Foundations and others such as Panama and Liechtenstein Foundations
- Initial capital of US$1 is required to form a foundation
- Rights, powers and obligations of founder can be assigned
- Founder can reserve rights in the management of the foundation
- A founder can also be a sole beneficiary but another beneficiary should be present at the time of founder’s death or legal incapacity
