Seychelles

Doing Business in Seychelles

Seychelles International Business Company (IBC)

Overview

The Seychelles is a group of 115 small islands located at the centre of the Indian Ocean to the north of Madagascar off the African coast, with approximately 90,000 inhabitants, 80% of which live on the main island of Mahé.

The ethnic groups are well diversified in a mixture of European, Asian and African. The capital city Is Victoria on the island of Mahé and the official languages in the country are English, French and Creole.

In 1976, the Seychelles became a Republic within the Commonwealth when it gained its independence from Great Britain. Its legal system is based on English Common Law, the Napoleonic Code and the amended 1993 Constitution. Civil Law is based on the French Napoleonic Code adapted to the Seychelles. Company Law is based on English Common Law.

The sale of financial and business products is regarded as the third pillar of the Seychelles economy. The status of the Seychelles as an independent financial centre is continuously growing with regular amendments made to its legislation so as to comply with international standards as set by the OECD, FATF and IMF.

The Seychelles has good telecommunications infrastructure with internationally recognized names as telecommunication providers.

The country also has a modern international airport regularly served by international airlines such as Emirates Airline, Etihad Airways, Ethiopian Airlines, Kenya Airways and Condor.

International Business Companies

Act of International Business Companies, Amendments have subsequently been made to the Act to modernise it and to comply with certain new market practices. This piece of legislation is extremely flexible and provides for a minimum of disclosure. Meetings need not take place in the Seychelles, and there is no necessity to report changes in shareholders, directors and mortgages to the Registrar.

Compliance

Taxation

International Business Companies are not subject to taxation within the Seychelles.

Shareholders

An International Business Company needs only one shareholder and details of the shareholders do not appear on the public file, although a Register of Members must be maintained in the Seychelles. The Register is only open to inspection by members of the company.

Directors

A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file, although a Register of Directors must be maintained in the Seychelles. The Register is only open to inspection by members of the company.

Annual Reporting

International Business Companies are not required to file either an annual return or accounts but recent amendments to the law detail the type of accounting records that need to be maintained for a minimum of seven years from the date of a particular transaction.

Timescale

Incorporation can be achieved within 24 hours but it takes a few days for documents to arrive from the Seychelles.

Restrictions on Name and Activity

The following words cannot be used:-

Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Foundation, Government, Imperial, Insurance, Municipal and Trust, or any other words which suggest the patronage of any Government. All company names must end with Limited, Corporation, Incorporated, Sociétée Anonyme or a similar recognised alternative

Local Requirements

As a matter of local company law the company MUST maintain a registered office address within the Seychelles and must also appoint a Seychelles resident (can only be a licensed Corporate Service Provider in the Seychelles) as a registered agent. We would generally provide these services as part of the domiciliary service fee.

Disclaimer
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. IQTESADI does not accept any responsibility, legal or otherwise, for any errors or omission.