Seychelles is a group of islands in the Indian Ocean east of Africa. The largest island is Mahe. The Republic of Seychelles is an independent state (since 1976), and a member of the British Commonwealth. The capital is Victoria. The official languages are French, Seychelles (Creole), and English. The national currency is the Seychelles Rupee (SCR).
The Seychelles legal system includes elements of English common law and French civil law. The 1993 Constitution is in force.
The main sectors of the economy are international tourism (there is regular air service with the UAE and South Africa), and commercial fishing. International corporate services and the financial sector also account for a significant share.
Seychelles is one of the famous tax-free jurisdictions in the East African region. Companies registered in Seychelles are widely used in international business activities. Along with international commercial companies, registration of private foundations and international trusts is possible.
The state regulator is the Financial Services Agency (FSA).
Seychelles is currently notable for the fact that it remains one of the few classic offshore jurisdictions where attractive business conditions remain. As a result, the registration of a company in Seychelles continues to be quite an interesting option for many entrepreneurs.
Benefits of registering a company in Seychelles
Company registration in Seychelles still provides the advantages of working in an offshore jurisdiction. To date, the following can be distinguished:
- There are no reporting requirements. The development of the law on substandard is underway, but in practice, it has not yet been reflected in the form of the obligation to file reports, so reporting is not required.
- There is no taxation of profits of non-resident companies. One of the innovations of 2019 is the “transition” of Seychelles to a territorial taxation system. IBCs are considered a resident for tax purposes, but are subject to a territorial system, according to which income derived from foreign sources is not taxable in Seychelles.
- Availability and ease of opening a company. The registration period will take about 2-5 days; a minimum package of documents is required for registration. The Seychelles Registrar is one of the fastest in the world due to the simplicity of the process and the absence of complex requirements for the preparation of documents.
- Availability of such an organizational and legal form as the International Business Company (IBC). The advantage of Seychelles is that this form is no longer available in the BVO, St. Vincent, and the Marshals.
- Low cost of registering and maintaining a company in Seychelles. The cost of servicing a Seychelles company is one of the lowest in the world.
- Closed registers of company participants. Even though there is a discussion about the possible creation of an open register of beneficiaries, directors, and shareholders, however, at the moment the register is closed. However, it should be noted that the IBC Act contains provisions on the mandatory submission of the Register of Directors to the registering authority, as well as on the mandatory notification of changes in the composition of directors within 30 days. In case of violation of this requirement, a fine will be levied (its amount was reduced during the amendments to the 2016 Act, but it is still significant and amounts to $ 250, as well as $ 25 in penalties for each day until the violation is corrected).
- There are no requirements for the payment of the authorized capital. Moreover, there are also no requirements for the minimum amount of authorized capital.
Company registration in Seychelles: procedure
It is very easy to open a business in Seychelles. Remaining an offshore jurisdiction, this country does not impose any special requirements on the founders. All that is needed is a minimum package of documents for all members of the company (check with our specialists), as well as the following information:
- 2-3 names of the future company in order of priority;
- structure of the future company (who is the director, shareholder, beneficiary);
- type of activity of the company.
After receiving all the necessary documents and information, the registration procedure will begin immediately. The whole process from obtaining the necessary documents for registration to preparing the final package of corporate documents for a ready-made company includes the following stages:
- Checking company names and choosing an acceptable one. Name verification takes less than 6 hours.
- Preparation of forms, and collection of the necessary documents for submission to the Registry of Companies.
- The procedure for registering a company in the Register. The registration period is about 2-5 working days from the date of submission to the Register of all necessary forms and documents in originals.
- Registration with the Seychelles tax office.
- Preparation of statutory documents for a registered company and production of a seal (if necessary).
- Certification and apostille of documents, if necessary. The certification process takes 1-2 days and the apostille – from 1 to 4 days.
- As a result, all finished documents and printing (upon request) will be sent to the address indicated by the founder.
- The procedure does not contain complicated or time-consuming steps, therefore it is very clear. The Seychelles Registry is distinguished by its operational work, and the procedure for registering a company is as easy as possible for the founders.