Seychelles
The Seychelles are comprised of 155 small islands lying in the Indian Ocean near the eastern coast of Africa. What is unique about Seychelles is their territory, which stretches over 1 million square kilometres, although the territory itself does not exceed 455 square kilometres. The largest of the Seychelles islands are Mahé, Praslin, La Digue and Silhoutte.
The Seychelles were only discovered by the Portuguese at the beginning of the 16th century. A tranquil period lasted untill 1756, when France connected the Seychelles to Mauritius. Later, the Seychelles got under British control. Since 1976 it has been an independent republic, led by a President. The Seychelles legal system is based on English-American law, however it has also been influenced by French continental law as well as local customs. In 1994 the International Business Companies Act 1994 was adopted to govern the establishment, activities, taxation and regulation of international business companies, which has led to the Seychelles becoming one of the most important centres for international trade.
International Business Companies (IBC) in the Seychelles are not subject to any taxation or foreign exchange control. The company just pays a yearly lump sum fee to the state. The amount of this fee depends on the amount of the basic capital and it is guaranteed during the whole period of the company´s existence. Should an amendment to the act increase these fees, the increase will not apply to companies founded before the adoption of such an amendment. Although the IBC has to maintain account and record books, it is not, however obliged to submit them to the Companies´ Register. Seychelles International Business Companies may not run a business directly on the territory of the Seychelles islands and they may not own real-estates here. Furthermore, they may not be entrepreneurs in the field of banking, insurance, as trusts, or any other industry that may be associated with banking or insurance. The Seychelles IBC companies also may not operate as a registration agent and they do not have the right of public subscription of their shares.
Suitable conditions for international transactions:
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Legal form
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IBC
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Time needed to establish company
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1-2 days
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Registry of executives / shareholders
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Not accessible to public
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Basic capital / minimum paid capital
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5 000 USD / 1 USD
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Minimum number of shareholders / executives
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1 / 1
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Executives – non-residents / legal entities permitted
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Yes / Yes
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Bearer shares / name permitted
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Yes/ Yes
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Required registered agent / address
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Yes / Yes
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Required local secretary of the company / local General Assembly
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No / No (anywhere in the world)
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Submission of accounting reports / Annual report
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No / No
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Obligatory audit / tax declaration
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No / No
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Taxation of company income
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No
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Minimum yearly lump sum fee paid to the state
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100 USD
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Possibility to use the double-taxation agreement
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No
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