Location – The Seychelles (comprising 117 islands) is located in the Indian Ocean between 4 and 5 degrees south of the equator
Capital – Victoria
Population –About 87,000
Languages – English, French, Creole
Legal System – Modeled on English and French law, with “offshore” and corporate laws heavily statute and Common Law-based
Political System – Independent Republic (having gained independence from Great Britain), with a multi-party democracy. It is a member of the Commonwealth.
Currency – Seychelles rupee (approx. USD 1 : SCR 14.2)
Exchange – Control Seychelles offshore companies are exempt from exchange controls
Economy – The Seychelles economy is primarily based on tourism, commercial fishing and a thriving offshore financial services industry. Recent years have seen substantial expansion in the financial services sector and the hotel and tourism sector (Hilton, Banyan Tree, Four Seasons, Shangri-la, Le Meridien, etc)
Time Zone – GMT +4
Major Banks – Barclays Bank (Seychelles), Mauritius Commercial Bank and Nouvobanq
Principal Corporate Legislation –
International Business Companies Act, 1994
International Trust Act, 1995
Companies (Special Licenses) Act, 2003
Limited Partnerships Act, 2003
The Seychelles offshore industry has experienced significant success since the industry’s creation in 1994, and has matured into a stable and respected offshore financial centre. Its success has been enabled through the Seychelles striking the right balance between sound regulatory practice and pleasing the market. The Seychelles International Business Company (“IBC”) has been the “star performer”, its surging popularity a result of attractive client benefits (see below).
SEYCHELLES IBCs – FEATURES AND BENEFITS
Value for money – a low annual Government license fee of US$100 irrespective of the IBC’s authorized capital.
Fast incorporations and name approvals – same-day incorporations.
Nil Seychelles taxation on foreign income.
Privacy and asset protection – including no public filing of details of shareholders or directors.
Ease of administration – no requirement to file financial accounts or an annual company return in the Seychelles
Minimum number of directors – 1 (corporate directors allowed)
Minimum number of shareholders – 1 (corporate shareholders allowed)
The Seychelles is a stable and independent country, and is therefore not subject to ever-growing EU directives (which are increasingly impacting on European dependent territories)
SEYCHELLES CSLs (“Company Special License”) – FEATURES AND BENEFITS
Seychelles tax-resident, which may access Seychelles Double Tax Avoidance Agreements (“DTA”) – including favourable treaties with China, Indonesia, Vietnam, etc.
To reduce China tax exposure, CSLs may be deployed as intermediary holding vehicles for foreign investors into China.
Liable to Seychelles business tax at the rate of 1.5% on its worldwide taxable income (which may be eliminated in DTA access cases).
Exempt from all other Seychelles taxes, including withholding taxes.
Minimum number of directors – 2 natural persons (resident directors required in DTA access cases)
Must file annual audited accounts and a company return (these documents are not publicly accessible)