Company Formation in Seychelles
Updated on Friday 13th September 2024
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BridgeWest offers full company formation packages in Seychelles, in order to cover any of your various business needs: opening representative offices, establishing branches or subsidiaries, starting an NGO, providing accounting services or legal consultancy, tax planning and tax minimization strategy.
Offshore company formation in Seychelles
Seychelles is an offshore jurisdiction which offers advantageous conditions for foreign entrepreneurs. An offshore company mustn’t pay any tax on income or profits and neither its shareholders. The confidentiality of the members’ identity is assured. There is no minimum capital for opening an international business company (IBC) in Seychelles. No accounts must be submitted.
What are the mandatory steps for company formation in Seychelles?
The International Business Companies are offshore companies that usually are organized as the companies limited by shares. In order to incorporate an offshore company in Seychelles, several easy steps are required.
For the IBC to be registered in Seychelles, a registered agent must be appointed. Entrepreneurs are advised to check the availability of the desired name of the future company. The registration is made based on the Memorandum of Association and the Articles of Association submitted with the Seychelles Register of International Business.
Then, investors must submit a project proposal to get it approved by the Government of Seychelles. After obtaining an approval for the project proposal, they must then begin the process of obtaining the required licenses, if the respective activity needs a license. The next step is registering the business with the appropriate authority. A Seychelles International Business Company can be incorporated in 2-3 business days.
The company opened in Seychelles must be formed by at least one shareholder and one director. All members may be foreigners in an international business company except for the registered agent. He or she must be a Seychelles resident.
It’s also mandatory to have a registered office in Seychelles. Concerning shareholders’ meeting, it must be noted that the meeting may be kept in other country.
Certain activities are not allowed to be performed without a special license, such as the activities related to the banking, insurance, reinsurance and investment sectors. IBCs cannot perform any commercial activities in Seychelles nor own real estate here.
Permitted operations for Seychelles IBCs
As said above, a Seychelles IBC can’t engage in economic activities related to Seychelles. It may only have its seat here and carry out business activities with any other third party located outside the country. However, the company can engage in several operations that are connected to Seychelles, as mentioned below:
- it can keep its accounts and deposits in Seychelles;
- it can establish professional connections with a variety of entities, such as accountants, lawyers, management companies, advisers, etc., that are Seychelles residents;
- it can hold shares in other Seychelles IBCs or another type of company incorporated in Seychelles;
- although it can’t own real estate, it has the right of owning vessels/aircrafts registered in Seychelles.
The company’s deposits can be kept in an offshore bank account. The account can be set up at a commercial bank that is most convenient for the investor. Its set up is concluded following the internal policies of the bank, but in all cases, the company’s incorporation documents will be required by the bank’s representatives, regardless of the choice.
Services provided for Seychelles company incorporation
Our consultants can help in drafting the Articles of Association, necessary for the company incorporation in Seychelles. The Articles of Association of the Seychelles company can be signed through power of attorney.
Investors can also rely on our team for drafting all other documents required for the incorporation of the Seychelles company. These documents include: Specimen Signatures, Special Forms provided by the company registration office in Seychelles, passport copies etc.
We can also assist in offering a registered office in Seychelles for your company, which is mandatory to have for starting a business in this offshore jurisdiction. The registered office may be any address where the Seychelles company declares to have its headquarters. Additionally, we can provide the necessary support in setting up a bank account for your Seychelles company.
Seychelles key facts
There are many forms of business in Seychelles, but the popular ones are the companies limited by shares, the companies limited by guarantee, public companies, international business companies, special license companies and limited partnerships.
The International Business Companies Act 2004 and the Companies Act 1972 contains all major regulations regarding the way the companies are registered and organized in Seychelles. To open an international business company, a registration fee of USD 130 is requested.
The yearly license fee for an IBC is only USD 140 and will remain the same regardless of the company’s capital. The special license company is a form of business chosen by foreign investors who want to develop a certain type of business, such as offshore banking and insurance, reinsurance or banking investments. In order to carry out these activities, a special license is necessary to be received from the Seychelles International Business Authority.
What are the fees charged to Seychelles companies?
Fees are charged during the registration formalities. They are also imposed as annual renewal fees and their value differs based on the type of company the investors prefer to register. For offshore incorporation, investors have the possibility to register an IBC company, as mentioned above.
The IBC has 2 forms – the standard IBC and the IBC registered as a Protected Cell Company (PCC), established as per the rules of the Protected Cell Companies Act 2003. These 2 types of companies have different fees, which must be paid to the same institution, the Financial Services Authority Seychelles. Some of the fees are:
- the IBC-PCC company must pay USD 200 as an application fee (the submission of documents), USD 500 for the registration of the company and USD 500 as an annual renewal fee;
- the IBC-PPC is the only company type that must pay USD 200 as an application fee, while all other company types are exempt from the payment of this fee;
- a registration fee of USD 100 is charged for the registration of a trust (this entity must pay only this fee, as it is exempt from the payment of the other 2 types of fees);
- in the case of foundations and limited partnerships, investors must pay USD 200 as a registration fee and USD 200 as annual fee.
Bridgewest provides professional company formation services in Seychelles. Please contact us for more information and prices.