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SEYCHELLES
OFFSHORE INCORPORATION
FEATURES AND BENEFITS OF
SEYCHELLES IBC's
Seychelles IBCs, (being based on the classic Bahamas and British Virgin Islands IBC Model), offer the most attractive privacy features currently on offer anywhere in the world. Unlike the historically popular Caribbean and Channel Islands IBC Centres (most of which, as British Colonial territories, are facing enormous pressure to bring their privacy features and tax rates into line with the rest of Europe) Seychelles is a politically stable and independent republic. Features of Seychelles IBCs include:
Unparalleled Privacy: There is no public register of Shareholders or Directors in Seychelles and there is no way that a Seychelles IBC can be made to ever disclose to the Registry details of the IBC’s underlying “beneficial” owner/s.
Nominee Shareholders and Directors are permitted: A Nominee may act as the Shareholder and/or Director of a Seychelles IBC.
Other Offshore Companies can act as Nominee: As a further safeguard to your privacy another Offshore Company can be engaged to act as Nominee Shareholder or Director of your Seychelles IBC thereby doubling your IBC’s privacy protection!
No Accounting Costs: There is no requirement to file Accounts or Annual Company Returns for Seychelles IBCs. This results in less cost per year in real terms and added privacy as the Company’s asset holdings and financial records remain secret.
Zero Taxes: Seychelles IBCs pay no taxes in Seychelles and there is no stamp duty or other taxes levied when shares in a Seychelles IBC are transferred or sold.
Cost Effective Litigation Insurance: As it is nearly impossible to determine the owners of a Seychelles IBC (or whether the IBC owns any assets) there is very little incentive or reason to ever sue a Seychelles IBC.
Secure Offshore Banking: As Seychelles IBCs are permitted to open their own Offshore Bank Accounts (and taking into account that Seychelles Banking Laws are amongst some of the most privacy conscious in the world) a Seychelles IBC can be confidently utilized as a vehicle with which to securely bank funds Offshore.
No US or EU IRS Interference: Seychelles has no economic ties with the US or the EU and, (unlike the BVI and many of our competitors) HAS NOT SIGNED any information sharing agreements with the US or the EU Internal Revenue Services.
Convenient Time Zone: At + 4 GMT timezone Seychelles is extremely convenient to clients based in the UK, Europe and the major Asian Business Centres.
GENERAL
Type of Company IBC
Political Stability Good
Common or Civil Law Hybrid
Disclosure of Beneficial Owner No
Migration of Domicile Permitted Yes
Tax on Offshore Profits Nil
Language of Name Latin Alphabet
CORPORATE REQUIREMENTS
Minimum Number of Shareholders / Members One
Minimum Number of Directors / Managers One
Bearer Shares Allowed Yes, but not available
Corporate Directors / Managers Permitted Yes
Company Secretary Required Yes
Standard Authorised Capital US$ 5,000
LOCAL REQUIREMENTS
Registered Office/Agent Yes
Company Secretary No
Local Directors No
Local Meetings No
Government Register of Directors / Managers No
Government Register of Shareholders /Members No
ANNUAL REQUIREMENTS
Annual Return No
Submit Accounts No
RECURRING GOVERNMENT COSTS
Minimum Annual Tax/Licence Fee US$ 100
Annual Return Filing Fee N/A
GENERAL INFORMATION
INTRODUCTION
The Seychelles of islands in the Indian Ocean comprises over one hundred named islands, most being situated between four and five degrees South of the equator. The largest island is Mahé.
POPULATION
The Seychelles has a population of around 80,000, descended primarily from French settlers, Africans, British sailors and traders from India, China and the Middle East.
POLITICAL STRUCTURE
Discovery of the Islands is credited to the Portuguese explorer Vasco da Gama. The first French settlement was established on St. Anne Island on the 27th August 1770.
In 1814 the Seychelles, along with Mauritius, were ceded to Great Britain under the terms of the Treaty of Paris. It was only in 1960 that the first gradual constitutional reforms were introduced.
The Head of State is the President and a National Assembly of directly elected Members heads the legislative side of Government. Seychelles is an independent republic within the British Commonwealth.
INFRASTRUCTURE AND ECONOMY
The Seychelles economy is primarily tourism and fishing based. Industrial fishing is on the increase.
The rapidly expanding financial sector, linked to the establishment of the Seychelles International Business Authority and a suite of progressive laws facilitating the establishment of offshore structures and encouraging inward investment, is now a significant element of the economy.
The Port of Victoria is well equipped with modern cargo handling equipment and has more than 6,000 square metres of covered storage space.
An ever-increasing number of international banks and insurance companies have established either branches or subsidiaries whom, together with local management, accounting and legal firms provide clients with support.
The Seychelles International Airport is one of the finest in the Indian Ocean region. In addition to the national flag carrier, Air Seychelles, the airport is served by a number of other airlines.
National and international telecommunications are provided by Cable and Wireless (Seychelles) Limited, part of Cable and Wireless PLC, London.
LANGUAGE
The official languages are English, French and Creole. Creole is spoken widely. English is the main language of business.
CURRENCY
Seychelles Rupee.
EXCHANGE CONTROL
There is no exchange control.
TYPE OF LAW
Based on English Common Law and French Civil Law.
PRINCIPAL CORPORATE LEGISLATION
The International Business Companies Act 1994.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
International Business Companies.
PROCEDURE TO INCORPORATE
Filing of Memorandum of Incorporation at the Registry. The Articles of Association can be filed either at the same time or within 30 days of incorporation.
RESTRICTIONS ON TRADING
Cannot trade within the Seychelles or own real estate there. Cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, asset management (other than the company's own assets) or any other activity that would suggest an association with the banking and insurance industries. A Seychelles IBC cannot provide registered office facilities in the Seychelles, or sell its shares to the public.
POWERS OF COMPANY
A Seychelles incorporated Company has the same powers as a natural person.
LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS
English or French. If any other language is used it must be accompanied by a translation in either English or French.
REGISTERED OFFICE REQUIRED
Yes, must be maintained in the Seychelles at the office of a licensed management company.
SHELF COMPANIES AVAILABLE
Yes.
TIME TO INCORPORATE
Same day, but allow five days for delivery of documentation.
NAME RESTRICTIONS
Anything identical or similar to a company already incorporated. Anything that implies patronage of the Seychelles, or any other government, insurance, royal, imperial or any other name that may imply that a company intends to undertake a licensable or undesirable activity.
LANGUAGE OF NAME
The name can be in any language, but must be accompanied by a translation in English or French. The documentation will either be in English, or it is possible to have bilingual documentation in English and Chinese or any other language accompanied by a translation in English or French.
SUFFIXES TO DENOTE LIMITED LIABILITY
Limited, Corporation, Incorporated, Société Anonyme or their abbreviations. Other suffixes such as BV, GmbH, and SARL may also be used.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
COMPLIANCE
AUTHORISED AND ISSUED SHARE CAPITAL
Seychelles IBCs are normally incorporated with an authorised share capital of US$ 5,000 with par value. This being the maximum for the minimum licence fees. The authorised share capital may be expressed in any currency. The minimum issued capital is either one share of no par value or one share of par value.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights.
BEARER SHARES PERMITTED
Yes, EUROFINANZZA does provide companies with bearer shares.
TAXATION
An International Company is exempted from local taxation.
LICENCE FEES
For an Authorised Capital of up to US$ 5,000 the licence fee is US$ 100.
Between US$ 5,001 and US$ 50,000 Authorised Capital the licence fee is US$ 300.
Over US$ 50,000 Authorised Capital the licence fee is US$ 1,000.
FINANCIAL STATEMENT REQUIREMENTS
There is no requirement to file financial statements, but a company must keep records to reflect its financial position.
DIRECTORS
The minimum number of directors is one, who may be a natural person or a body corporate. They may be of any nationality and need not be resident in the Seychelles.
COMPANY SECRETARY
A Seychelles IBC need not appoint a company secretary, although it is customary to do so. The secretary may be a natural person or body corporate, be of any nationality and need not be resident in the Seychelles.
SHAREHOLDERS
The minimum number of shareholders is one.
OTHER FACILITIES AVAILABLE IN THE SEYCHELLES
In addition to a modern suite of corporate legislation the Seychelles benefits from a range of other facilities including:
· Trust legislation.
· Efficient aircraft and shipping registries.
· Provision for the formation and domiciliation of mutual funds and captive insurance companies.
· An Industrial Trade Zone for manufacturing and service companies, benefiting from zero taxation, streamlined application procedures and the ready availability of work and resident permits.
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