Registration of the company in Seychelles
Seychelles consists of one hundred and fifteen islands and islets, which are a real gem of the Indian Ocean. Besides the beautiful nature, it is a real haven for business.
Seychelles is part of the British Commonwealth. This fact determines a highly developed system of international business maintenance. Due to the corporate law, this jurisdiction provides minimum taxation. If you decide to register an offshore, Seychelles is an optimal choice.
Other benefits of company formation:
- high level of privacy – personal information of business owners is closed to the public;
- political stability;
- no currency control (you are free to use euro, dollars and other currency, although Seychelles has their national currency);
- the simplest form for business management – International Business Company. By the way, IBC are free from the tax for income;
- flexible conditions for banks, insurance and investment funds;
- no audit and financial reporting;
- 1.5% tax for the companies, registered by residents.
Corporate law base on the International Business Companies Act, 2016. This document state, that all IBCs registered in Seychelles can provide any business activity around the world.
So, any legal activity is permitted. However, in accordance with the International Business Companies Act, it forbidden to:
- provide services to the local population. Your potential clients are only non-residents or clients abroad;
- buy land, buildings and other real estates in Seychelles;
- provide insurance or banking activities, as they require special licenses.
Each company must have a registered office and agent in Seychelles.
Share capital is not regulate under the legislation. There is no minimum threshold. The most popular variant is to assign 100 000 USD and divide them into 100 000 shares.
There is a requirement considering a number of shareholders – at least one person (legal or natural). Also, you need to appoint at least one director, but they can be the same person. The residence or nationality does not matter.
- You need to come up with a unique name for the company that will distinguish you from other businesses. It will be better to present several variants at once, in case some name is already take. The naming cannot be connect with the local authority, include offensive expressions or duplicate already existing names of the companies.
- There are three national languages in Seychelles – English, French and Creole. So, you should prepare three packs of documents and always ensure that you have translations.
- The registration is possible only in person. You need to present shareholders and directors.
- Earlier we mentioned that there is no need to submit financial reports in Seychelles. But there is one exception from the general rule. If the company receives income taxable (“Assessable Income”) in Seychelles, it is obliged to prepare an annual report and audit. Companies will be required to submit annual financial and audit reports to the Seychelles Registry.
Documents for registration
The package of documents is standard, and does not differ from those documents that other jurisdictions require:
- certificate of incorporation;
- share certificates;
- information about the distribution of the primary shares;
- passports of shareholders and directors.
The term of registration, as a rule, is 1-2 working days. 1 day is spend on notarization and apostille, 3-5 working days on courier delivery of documents.
Eternity Law International will gladly help you with registration of the copmany in Seychelles, and our specialists will answer all your questions. Take advantage of our many years of practical experience – save your time and your money.
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