Seychelles Background

Full exemption from taxation on foreign income.
Access to the Seychelles' steadily expanding tax treaty networks.
Reasonable pricing with simple legislative requirements.
Fast and efficient technical support.

Seychelles Introduction

The Seychelles are an independent Republic within the Commonwealth with a population of approximately 82,000. The Seychelles comprise a group of approximately 115 islands in the Indian Ocean, most of which are situated between four and five degrees south of the equator. The country has good political stability with a democratically elected Government. The Seychelles economy is primarily based on tourism, commercial fishing and offshore financial services industry.

Seychelles Law and Taxation

The Seychelles are governed by civil law, except for corporate legislation and criminal law which are based on English common law. The principal corporate legislation governing IBC's is the International Business Companies Act (IBC Act) 1994. IBC's are exempt from taxation on business activities or transactions carried on outside of the Seychelles. An IBC can be converted to other resident companies such as a Companies Special Licence ("CSL").

The CSL is a Seychelles domestic company (incorporated under the Companies Act 1972), which is granted a special licence under the Companies (Special Licences) Act 2003. A CSL can take advantage of the Seychelles' steadily expanding network of double taxation treaties with countries which include China, Indonesia, Malaysia, Mauritius, Thailand, S. Africa, Botswana, Oman, Cyprus, the UAE and Vietnam.
Corporate Requirements

IBC's are required to have at least one director and one shareholder, which may be natural persons, or corporate entities. Neither directors nor officers need to be shareholders. Shareholders, directors, and officers may be of any nationality and may be residents of any country. A company secretary is not mandatory, although it is customary to have one appointed, and this person may be of any nationality and need not be resident in the Seychelles. The language of legislation and corporate documentation is either English or French. If any other language is used, it must be accompanied by a translation in either English or French.

Both English and Chinese company names can be included on a company's Certificate of Incorporation.

Shares permitted include: registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights. Beneficial owners need not be disclosed. There is no requirement to hold Annual General Meetings and meetings do not have to be held in the Seychelles and can be held by telephone or other electronic means. IBC's do not have to file any annual returns, accounts, or financial statements and there is no requirement to register initial or ongoing changes in directors or officers.

CSL's must have at least two local directors to access the treaty network and two shareholders. At present corporate directors are not permitted. A CSL must also appoint a Seychelles resident as company secretary. Each year, the company must prepare and file audited accounts. The filed accounts and company return are not publicly accessible.

Local Infrastructure

The Seychelles have the finest International Airport in the Indian Ocean region and national and international telecommunications carriers are well established there. There are an increasing number of international banks and insurance companies which have established branches in the Seychelles with local management companies, accounting and legal firms to provide support.