Variant Stream

SEYCHELLES

The Seychelles is comprised of 115 granitic and coralline islands located in the Indian Ocean north of Madagascar. The total area of the islands is 405 sq. km with Mahé island being the largest (143 square km). The climate is sub-equatorial with temperature averaging from 26-32 C. The vibrant population is approximately 90,000, descended primarily from Africans, Europeans, and traders from India, China and the Middle East. The official languages are English and French though Creole is widely spoken and English remains the language of business. The official floating currency is the Seychelles Rupees.

Some advantages of Seychelles:

  • Stable political environment
  • Excellent (inter)communications
  • Calamity Free environment
  • Low start-up cost and maintenance
  • No mandatory paid-up capital
  • No mandatory public disclosure
  • Total exemption from all local tax including stamp duty
  • Not mandatory to file accounts and annual returns
  • Extremely fast Incorporation procedures – within 1 day if all in order
  • Shelf companies permitted

So far, Seychelles has concluded 14 DTAs as detailed below:

Bahrain

Barbados

Botswana

China

Cyprus

Indonesia

Malaysia

Mauritius

Oman

Qatar

South Africa

Thailand

U.A.E

Vietnam

 

 

Fact Sheet

SEYCHELLES SPECIAL FEATURES

Statutory Requirements

International Business Company (IBC)

Special License Company (CSL)

Time to Incorporate

Within 24 hours provided all relevant documentations received. Shelf companies are ready immediately upon request

On average around 30 working days. Shelf companies not available.

 

Share Capital

No minimal capital requirement. Can be denominated in any currency except the Seychelles Rupee.

No minimal capital requirement. Can be denominated in any currency except the Seychelles Rupee.

Registered Office

Mandatory to be maintained in Seychelles - changes should be informed to the registrar within 14 days.
Statutory books & registers mandatory to be kept at registered agent but filling required with the authority.

Must be maintained in Seychelles. Statutory books & registers mandatory to be kept but no filling required with the authority.

Directors

Minimum one- can be same person as shareholder. Individual or Corporation. No local requirement. Register of Directors must be maintained in Seychelles only.

Minimum requirement of 2, can be same as shareholder. Corporate not allowed. At least 1 director must be a local for DTA eligibility.

Shareholders

Minimum one – can be same person as director-no requirement to disclose beneficial owner. Individual or Corporation. No local requirement. Bearer shares are not permitted. Register of Members must be maintained in Seychelles only.

Minimum required of 2, can be same as director. Bearer shares not permitted. Individual or Corporation.

Secretary

Optional.  Individual or Corporation-no local requirement.

Minimum requirement of 1, local required.

Auditing

Accounting records: kept and maintained for minimum of 7 years. Physical address of records kept must be informed if they are not kept with registered agent.
Accounts must be prepared but no auditing required.

Mandatory for Companies with DTA Treaty access. Accounts must be prepared to international accounting standards & subject to audit. Submission of annual returns within 90 days after end of financial year.

Suffix

Company name must be accompanied by a suffix such as Limited, Corporation, Incorporation or their equivalent-eg: Ltd, Corp, Inc

Required as in a normal local company.

Re-domiciliation

Permitted

Permitted

Others

Chinese language permitted in Memorandum & Articles of Association

Treated as resident company, authorised to carry out specific business activities under the Companies Ordinance 1972. Tax implication is flat rate of 1.5% on worldwide income.