Main Characteristics of an offshore Company in the Seychelles:
General Background – The Republic of Seychelles is a country made up of 155 islands in the Indian Ocean, about 1600 km away from Africa. 33 of the islands are populated. The main island is Mahe, where the capital, Victoria, is located. Seychelles’ population stands at about 82,000 residents. The weather is tropical with comfortable temperatures with the monsoon season lasting from about May to September. Seychelles is a haven for tourists. The local currency is the Seychelles Rupee (SCR).
Economy – The GDP in Seychelles is $3,000 per person, and is ranked fourth in Africa. The economy is based on the export of coconut and of course tourism, which is its main source of income. The government encourages international tourist agencies to invest in luxury hotels and training. Seychelles attracts tourists from all over the world, mostly wealthy and is considered a luxurious venue for such tourists.
Tax – Companies registered in Seychelles pay 0% tax on all income from outside of Seychelles. In addition, dividends and interest paid to foreigners are exempt from tax as well as on capital gains, gifts or estate tax.
Confidentiality – The country is stringent on keeping a high level of confidentiality. Names of the directors and shareholders are not publicly published with the local registrar.
Name of the Company – Any name can be chosen as long as it is not similar to any existing name. In addition there is a ban on the use of the following words: bank, trust, trustees, insurance, security, savings, loans, trading room, university, municipal or any similar words in another language. One may use the word “Seychelles” in the name of the company with approval from the registrar.
Shareholders – There must be at least one shareholder, private or a corporation. The Seychelles company’s details are protected by the law and the details of the shareholders are completely confidential. One may offer bearer shares in Seychelles, shares that are not registered under any particular name and are physically held by the shareholder of the company. Transferring the shares from one person to another is done by physically passing on the share certificate.
Directors – There must be at least one director, private or a corporation and does not have to be local. The director can also be the shareholder. Like the shareholders, the directors also have full confidentiality, meaning that the information is not open to the public.
Financial Statements – There is no requirement to submit financial statements.
Incorporate a Company in Seychelles:
A company registered in Seychelles is under the International Business Company (IBC) which is protected by the local company law of 1994. A foreign company that is located in Seychelles can operate freely as long as the operations are legal but is precluded from doing business within Seychelles, owning property in Seychelles and dealing in the business, insurance or trustee sectors. It is important to note that a company incorporated in Seychelles is exempt from tax.
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