Seychelles has long established itself as a popular offshore destination nestled in the Indian Ocean. But before you sail the business venture, it's essential to look after the waters of Seychelles offshore company incorporation laws. This blog will shed light, guiding you through the key legal aspects that you need to consider for company formation.
The Seychelles International Business Authority Act (SIBA) was enacted in 1994. The objective behind this act was to monitor, supervise, and coordinate international business activities. This act came into force in Seychelles to promote the island country as a major international business jurisdiction. SIBA is the one-stop shop for business licensing and regulatory authority for offshore business activities. This is the Registrar of International Business Companies and International Trusts and regulates International Trade Zone activities in Seychelles.
The Seychelles Financial Services Authority (FSA) is the legal authoritative body responsible for non-bank financial services to protect civilian interests. This regulatory body was established under the Financial Services Authority Act, 2013. FSA is responsible for obtaining a license, regulating or compliance maintenance and monitoring all of the non-financial service sectors in the Seychelles.
The registration of international business companies, foundations or international trusts also comes under the FSA regulation in the Seychelles.
The IBC (International Business Corporation) are governed under the IBC Act of 1994 in Seychelles. The Act mandates certain requirements and regulations that need to be followed if someone wishes to incorporate a company in the Seychelles.
Some of them are as follows:
1. The name of any company for a Seychelles offshore company registration can be in any language. However, if the company is named in any other language apart from English or French, then the company owner must provide the Authority with a translated meaning of the name to either of the two languages mentioned above.
2. No company can choose any name that is already in use in the Seychelles by any other company that was incorporated before. Even if the names are similar and not identical, the new company will have to choose a different name that does not mislead the general public into believing that the two companies are in any way related.
3. The company name must end with suffixes such as 'Limited', 'Incorporated' or 'Corporation' or the company name can also end with the abbreviated terms of these terms i.e., 'Ltd', 'Inc' or 'Corp'.
1. No requirement for any minimum or maximum authorised capital for a Seychelles offshore company incorporation. Check out the price of Seychelles offshore company incorporation, if interested.
2. The shares can be issued in any currency and must be made before any payment.
3. You can use various forms and classifications for a Seychelles IBC, which include Par or No Value, Voting or Non-Voting, Preferential or Common.
1. A minimum of one shareholder is required for a Seychelles offshore company registration, which can be a person or legal entity (offshore trusts, foundations, or similar).
2. The members need not to be mandatorily from Seychelles. They can be from anywhere.
3. Seychelles IBC doesn't permit bearer shares.
Directors and Officers:
1. A minimum number of one Director is mandatory and a maximum number of 20 directors is required for the Seychelles IBC.
2. The selected director can be an individual or legal entity and they can be a resident or non-resident of Seychelles.
3. The board members can choose officers for a Seychelles offshore incorporation, however, it's not mandatory.
Meetings of Shareholders and Directors:
1. There is no requirement for annual shareholding meetings. However, it's recommended to have a board meeting anywhere in the world.
2. You can present a proxy instead of any shareholder and directors.
3. If a meeting is held for a Seychelles offshore company incorporation, then prepare the Minutes of the Meeting and the copies of its shareholders and directors.
1. There is no mandatory requirement for a Company Secretary and a Corporate Seal for a Seychelles IBC. However, if appointed, the secretary can be a natural or legal person of any nationality.
Taxation and Fees:
1. Seychelles follows a territorial tax system for an International Business Company (IBC).
2. A Seychelles IBC doesn't have to pay any corporate tax if it's nonoperational in the island country.
Compliance and Requirements:
1. A Seychelles IBC must maintain a Register of Directors and all the related accounting records.
2. A registered office is required to keep all of the documents in Seychelles.
Accounting and Audit Requirements:
1. A Seychelles IBC doesn't have to mandatorily file any accounting records with the Register or any government authority in Seychelles.
2. There are no requirements to have an auditor for a Seychelles IBC.
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A Seychelles IBC is one of the most popular offshore company formation types. However, the requirements of a Seychelles IBC are many. Therefore, consulting with a legal expert will be of great help. Business Setup Worldwide is one such business consultancy assisting people in Seychelles offshore company formation. Seychelles, being an affordable offshore destination, offers you tax advantages. Contact us for more information. Talk to our business consultants and get assistance today without any hassle.
What types of business entities can be registered in Seychelles?
Seychelles offers various business structures, including International Business Companies (IBCs) and Special License Companies (CSLs).
What are the requirements for registering an offshore company in Seychelles?
Requirements may include submitting a proposed company name, providing details of shareholders and directors, a registered office address, and payment of registration fees.
Is there a minimum capital requirement for Seychelles offshore companies?
Seychelles typically does not impose minimum capital requirements for offshore companies.