Seychelles Overview

The Seychelles, which is officially the Republic of Seychelles, is an archipelago nation made up of 155 islands in the Indian Ocean.  It is an independent country which gained its independence in 1976 from the United Kingdom having previously been a British Colony since 1812. As there were no indigenous people on the island, people immigrated to the island and the largest ethnic groups are therefore of French, African, Indian and Chinese descent.

Seychelles IBC’s are commonly used as part of International tax planning and structuring. A number of trading operations such as Money transmission services, Trading in foreign exchange, Payment Processing, Money brokering and Money exchange services are all common business activities for Seychelles entities. Further IP & Trademark registration is also widely set up in this jurisdiction.

 

Seychelles IBC Companies Key Facts

  • Same day or next incorporations are available however the average time- frame is  1-2 business days.
  • Foreign sourced income or profit is not taxed in the Seychelles
  • The minimum number of Directors is 1. Corporate Directors are allowed.
  • Meetings of Directors can take place anywhere in the world. Meetings of Directors can also take place by proxy.
  • The details of the Directors must be filed with the Registrar but are not disclosed on public file.
  • The standard authorised share capital of a Seychelles IBC is US$50,000 although any amount is acceptable subject to the client’s requirements.
  • Bearer Shares are NOT permitted
  • Details of the Shareholders & Beneficial are not filed for public record.
  • Beneficial owners are not disclosed to the Registrar.
  • The minimum number of Shareholders is 1.
  • Meetings of Shareholders can take place anywhere in the world. Meetings of Shareholders can also take place by proxy.
  • Shares may be held by a nominee on behalf of the beneficial owner.
  • The appointment of a Company Secretary is optional.
  • Appointing an auditor of filing accounts (unless the IBC earns income in Seychelles) is not required, however all IBC’s must keep accounting records for a minimum of 5 years
  • Corporate Minutes and Resolutions must be kept by the Registered Agent.
  • Continuation/migration of IBCs to or from the Seychelles is permitted.

Seychelles Foundations are increasing popular with foreign nationals as they are able to form and maintain control of such structures. No taxation is imposed on the foundation by Seychelles although all persons must ensure that they have adequate tax advise in respect of their personal tax affairs and liabilities.

Foundations are widely used for Asset Protection, Estate Planning & allows a great deal of privacy.

Seychelles Foundation Key Facts

  • A Foundation is registered by the founder and is a separate legal entity which holds assets/ property in its own rights. A foundation has no owners.
  • The Private foundation is most widely used to hold investments such as bonds, shares, and property.
  • The Seychelles foundation is not subject to Seychelles taxation on its foreign income and profits. It is further exempt from stamp duty and withholding tax.
  • There is no requirement to file the named of the protectors, foundation councillors or beneficiaries with the Registrar in the Seychelles  – therefore this information is not publicly accessible.
  • The foundation assets (once transferred to the foundation) belong to the Foundation.

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