Chesterfield (London) - Headquarters
207 Old Marylebone Road
London
NW1 5QP
Tel: +44 (0) 203 771 3853
Fax: +44 (0) 203 771 3856
Email: sales@groupchesterfield.com

Seychelles

The Seychelles consists of 115 islands in the Indian Ocean east of Africa. The Seychelles has the smallest population of any African state. The Republic of Seychelles was originally a French colony when they took control in 1756 and named it after Louis XV’s Minister if Finance. Britain tried to gain control of the islands over the period of 1794-1810, but were only partially successful when the French administrator of the Seychelles negotiated a surrender which gave the settlers a position of neutrality. Britain eventually assumed full control in 1810 and independence was granted in 1976 when the Seychelles became a republic within the Commonwealth.

Education in the Seychelles is based on the British system. Due to its past, the legal system in the Seychelles has French roots although it also has traditions and structures that mirror English law. There are very few law firms on the Island which is not unusual for its size. The capital and financial centre is Victoria.

The main economy used to be derived from plantations and export, however after the opening of the Seychelles International Airport in 1972 tourism became the primary industry, but its vulnerability was highlighted when it experienced a sharp drop in 1991-1992 mainly due to the Gulf War. The government recognized the need for development of other areas in order to reduce its dependency on tourism and one of these were its offshore financial sector. In 1994 the Seychelles introduced legislation, which enabled the formation of international business companies and international trusts and covering the licensing of International Trade Zone companies. The Seychelles International Business Authority (SIBA) was established in 1995 under the Seychelles International Business Authority Act of 1994, this regulates the financial services sector, which licenses businesses, which engage in offshore banking, offshore mutual fund and offshore insurance activities and the formation of offshore companies and trusts. The national currency of the Seychelles is the Seychellois Rupee, this used to be tied to several international currencies but was segregated in 2008 and allowed to be devalued and float freely in an effort to attract further foreign investment.

The Seychelles has struggled with a reputation for being a tax haven with insufficient regulatory controls, but now has numerous double tax treaties and tax information exchange agreements with various countries and is looking to actively expand this. They recently underwent a review by the Global Forum which they had previously failed citing their legislation did not allow for reliable accounting records and their secrecy provision restricts access of information be competent authorities, however they passed this phase 1 review and are continuously seeking improvement.

International Business Companies pay a fixed annual license fee, according to the size of the authorized capital. A special license company, i.e. a company operating in the International Free Trade Zone pays at 1.5% on its worldwide income.

 

Seychelles offshore company regulations
Type of entity IBC
Type of law Hybrid
Corporate taxation Nil
Double taxation treaties available South Africa
Share Capital
Usual currency U.S.$
Permitted currencies Any 
Minimum paid up Usually $1, but no par value and bearer shares available
Usual authorised $5,000
Directors
Minimum number 1
Local resident required No
Records publicly available No
Corporate Directors allowed Yes 
Shareholders / Members
Minimum number 1
Records publicly available Optional 
Location of Meetings Anywhere
Company Secretary
Required No
Local or qualified N/A
Accounts
Required Yes
Audit required No
Filing required No
Publicly available No
Other
Annual return required No
Change of domicile permitted Yes
Shelf companies availabe Yes
Time to incorporate shelf co 2-3 working days
Time to incorporate new co 3-5 working days

To learn more about Seychelles Corporate services  follow the link below or call us on our offices

Telephone Number: 44 20 7097 1385



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