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Registration of a company in Seychelles: What do you need to know?

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  • Digital Team 

Seychelles is one of the world’s generally recognized offshore centers. Seychelles companies are very widely used in international business. This is due to the complete absence of taxation, the absence of requirements for submitting annual reports, simplicity and flexibility in administration, and the fact that offshore company formation in Seychelles is widely accepted and recognized by the international financial community.

Advantages of registering a business in Seychelles:

  • stable political climate;
  • developed economy;
  • the procedure for registering a company in Seychelles can be completed as quickly as possible;
  • confidentiality (data about beneficiaries must be disclosed to regulators but not available to the public);
  • simple requirements for establishing a company in Seychelles;
  • 100% foreign ownership allowed;
  • the government actively encourages foreign direct investment;
  • the country provides certain tax incentives;
  • low tax rates (in comparison with tax tariffs of EU countries or the USA);
  • you can register a company in Seychelles remotely;
  • minimum reporting requirements.

A developed and reliable banking sector characterizes Seychelles. The registration fee is fixed, and there are no exchange controls. Documentation is possible in various languages. Seychelles has agreements with other countries to prevent double taxation.

Procedure for establishing a company

To start registering a company in the Seychelles, you need to choose a company name that is different from the names of previously registered enterprises. The name must necessarily indicate the legal form of the enterprise. Next, the company’s charter and the agreement between the founders, along with all the necessary papers, are submitted to the relevant regulatory authorities. After entering the company into the register, the applicant is issued a certificate of registration of the enterprise in the Seychelles. The company must have a physical office in the state with a registered address.

The most favorable organizational form of a legal entity for a foreign investor is an International Business Company (IBC). The main thing to remember is that the IBC form is prohibited from operating and owning property in the Seychelles. Otherwise, the company can engage in any legally permitted activities. Some types of activities (banking, financial, insurance, and others) require a license.

In the spring of 2019, the islands’ authorities introduced the possibility of obtaining a Tax Identification Number for international companies, which increased their status in the international arena.

Financial statements of companies

At the legislative level, companies registered in the Seychelles do not have the obligation to submit reports to any government authorities. However, the legislation does not exempt the company from maintaining internal accounting and storing reporting documentation; moreover, this information may be requested by the bank, counterparties, partners, or other interested parties. The duty of the company’s director to store reporting documentation (contracts, invoices, transport documents, etc.) for 7 years from the date of the event to which a particular document relates is established by law. It is also necessary to store accounting documentation; moreover, the storage address of the company’s documents is indicated during registration, and in case of violation of this requirement, the company will be fined.

In general, companies registered in the Seychelles have a high degree of data confidentiality. Any information about directors, beneficiaries, and shareholders is closed to public access. It is kept in the registered agent’s office in complete confidentiality.

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