Company Establishment in Seychelles

The Seychelles remains a highly recommendable jurisdiction for entrepreneurs from across the globe who wish to have a venture registered in a low-risk destination that offers significant perks. General and limited partnerships, international business companies, and complex trust structures are the entities that are best suited for the Seychelles. The island has a high status in the global business landscape, and if you want to use a trusted source to find out additional information about it, you can read more here.

Company Setup in Seychelles: Advantages

If we compare Seychelles with similar territories elsewhere, we cannot but note its unique benefits:

• The process of entity registration is quick and straightforward: all you need is to find a reliable incorporation agent.
• There are no currency control regulations in the country.
• The company’s physical presence in Seychelles is not required.
• Seychelles has been returned to the white list of countries at the start of 2024, which means that it complies with all the requirements of international regulators.
• If you are looking for a country where the requirements for initial (authorized) capital are minimal, you have found it.
• If privacy is among your top priorities, you can opt for Seychelles and remain almost incognito.
• You will not have to pay any taxes on your worldwide income if you generate all profits outside the island.

Seychelles Venture Setup: Roadmap

Let’s look at the sequence of steps to make to set up a business venture in Seychelles:

• Non-residents who are planning to launch an undertaking in Seychelles need to find a trustworthy incorporation agent first.
• The next step is to find and rent a suitable physical office for your entity.
• Choose a legal form for your venture (a limited partnership and an international business company are the most recommendable ones).
• Create a bank account (this may be tricky for an offshore business unit).
• Adhere to all the reporting requirements set out in the Seychelles International Companies Act.

New Act on IBCs

The local authorities have recently made amendments to the Companies Act, which results in the following consequences:

• If a Seychelles company has been dissolved and has not been reinstated within 1 year, it will be considered permanently dissolved.
• An individual IBC director will need to provide his or her nationality, date of birth, service address, and residential address to be kept in a confidential registry. A corporate IBC director will be required to submit a registered office address and the date & place of company registration.
• The accounting records are now submitted to local authorities (and properly kept, of course) once every two years.
• The office in Seychelles must be a place where financial and accounting records are kept, among other things.
• If the turnover of your entity is less than SCR 50 million (equal to about USD 3.7 million), it is not required to file financial reports. Still, it has to provide a relevant declaration to the registered agent.

If you need more detailed information, do not hesitate to click on the above link and book a free personal session with an expert.

Seychelles Venture: Management Requirements

Let’s look at the main requirements related to a Seychelles entity:

• Founders have no obligation to physically visit Seychelles to set up a company.
• With an agent’s assistance, a company can be registered in a matter of 3 to 7 days.
• Directors and shareholders are in no way required to be local residents.
• No local real estate can be owned by Seychelles IBCs.
• The name of the entity to be set up has to meet appropriate requirements and be submitted along with its translation into English or French if it is in another language.
• A Seychelles-based company can derive profits from any country and pay no tax (except for Seychelles themselves).
• The minimum authorized capital can equal the cost of one share. However, IBCs typically issue no less than 1,000 shares.
• If an entity operates in the sphere of investment, banking, credit, or trust management, it is required to procure a license, and it will be regarded as a local resident.

International Business Company

Suppose you doubt which company form to choose. In that case, we strongly recommend following the above link to obtain expert advice, as this is an important decision that will influence the success of your further activities. Meanwhile, let’s consider the features of a Seychelles IBC:

• The liability of shareholders is limited to the cost of shares they own.
• No profits are taxed on the condition that they are generated out of the country.
• A registered address in Seychelles is a must.
• You are required to resort to the services of an incorporation agent to form a company.
• This company form suits all industries except those requiring a license.
• An IBC must be run by at least one director, an individual or a legal entity, who can be a non-resident of Seychelles.
• You can officially use nominees.
• There is no need for a secretary.
• No minimum registered capital threshold is set.
• Accounting and financial reports are to be kept at the registered agent’s office.
• The number of shares is at least one.
• IBCs are not subject to currency control.
• The company needs to pay an annual extension fee to operate.

Limited Partnership and Limited Liability Partnership

Here are the main features of these legal forms:

• The taxation of partners depends on their individual income.
• There is at least one general partner with unlimited liability for the entity’s obligations. It may be a natural person or a legal entity, a resident of Seychelles or not.
• An office in Seychelles is an obligatory condition.
• No minimum authorized capital is set.
• Partnerships cannot have less than two partners.
• Documents are required to be kept in a Seychelles office.
• The partnership must submit a compliance certificate on an annual basis.

Are you interested in establishing a company or partnership in Seychelles? We strongly recommend discussing the matter with a seasoned expert before you make a final decision. This is easy: simply follow the above link and use the live chat during office hours (or any other convenient means of communication). The first consultation is free.