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 recognised 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. 

 

Seychelles International Business Company

  

Amendments have subsequently been made to the International Business Companies Act to modernise it and to comply to 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.

  

International Business Companies have the following characteristics:

 

• 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 7 years from the date of a particular transaction.

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

• Restriction 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, Societe 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.

 

Contact us for our schedule of fees.

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