SEYCHELLES
Seychelles IBC
(International Business Company):
An offshore company in Seychelles is also
known as an International Business Company. Seychelles IBCs have proved to be highly
popular in the global market-place. Major factors in this are attractive
corporate features, rapid processing, time zone and the competitive
pricing. A Seychelles IBC offer clients all the features and benefits of
offshore companies in better known Caribbean jurisdictions, but a greater availability of company
names and competitive pricing.
The IBC registration process is fully
computerised in Seychelles and is therefore quick and efficient. Name
approvals are granted almost immediately.
Features of Seychelles
IBCs:
May be incorporated by
just one person:
one person may be
the sole director and sole shareholder of an offshore company
[IBC]
Zero
Taxation: In
Seychelles, nil taxation is levied on income and profits made by an offshore
company [IBC]. No
stamp duty on transferring shares in an IBC.
Privacy:
No public register
of shareholders or directors is maintained. In addition, the name of the
beneficial owner (the client) is not required to be filed with either the
Seychelles offshore company registry.
Nominee
Corporate Shareholders and Directors are permitted:
Use
of nominee shareholders and directors, gives added protection for clients
seeking to maximize privacy.
Minimal
Paperwork: No
public filing of Accounts or Annual Company Return. This means less cost, less
inconvenience and very limited publicly available information on the IBC; which
in turn gives clients a high degree of protection against third party claimants.
Asset
Protection: In
view of an IBC's privacy features, any third party claimant pursuing an IBC
owner personally will face difficulties in both finding assets held offshore by
an IBC and proving that an owner beneficially owns the IBC.
Offshore
Banking: Offshore bank
accounts maintained by IBCs allow the client to hold assets offshore in a
private banking environment which affords the client a high degree of asset
protection.
The EU
Savings Tax Directive: This does not apply to Seychelles.
Seychelles (already a very popular
location for offshore companies)
does not infringe any
anti-ring fencing policies because:
-
Seychelles IBCs may
be used and/or owned by Seychelles residents or non-residents, though they are
both subject to a statutory prohibition against using an IBC to carry on
business in Seychelles (i.e. there is no advantage to non-residents over
residents)
-
In contrast to the
“world-wide” income tax regimes in place in most OECD and EU states,
Seychelles has in place a “territorial” tax system whereby residents’ income
is only taxed on Seychelles sourced income. As such, like for IBC owners,
Seychelles residents also enjoy no tax on foreign derived earnings.
To
establish an Offshore Bank Account
We
are also able to arrange a suitable introduction for a bank account for the
company if this is required. However, it can be difficult to establish a
bank account where a company has issued bearer shares, and banks will sometimes
require the company to issue a corporate resolution to the effect that it will
never exercise it's option to issue bearer shares.
About Seychelles
Seychelles comprises a group of
approximately 115 islands in the Indian Ocean some 5 degrees NE of Madagascar,
most of which are situated between 4 and 5 degrees south of the
equator. Time zone: GMT+4 (same working day as Europe, Asia and
Africa).
An Independent Republic within the British
Commonwealth, Seychelles has a population of 80,000 and good political
stability with a democratically elected Government. The economy was
primarily based on tourism and commercial fishing, but now has a rapidly
expanding offshore financial services industry. Encouraged by favourable tax
policies, incentives and Free Trade Zone, inward investment is also on the
increase, especially in hotels. The Islands have a modern telecommunications
network, provided by Cable & Wireless and AirTel.
Seychelles entered the offshore financial
services industry in December 1994, following the enactment of the International
Business Companies Act 1994 and other legislation regulating offshore trusts,
offshore banking, offshore insurance and international shipping and aircraft
registration. In 1997 legislation was enacted to provide for Seychelles-based
mutual funds. Free trade zone laws are also in effect, aimed at encouraging
inward investment.
As a relative newcomer to the offshore
industry, Seychelles has a greater number of company names available that some
other jurisdictions. You may of course choose your own company name
and we will be happy to check availability for you, but
click
here to view a list of approved names available.
Seychelles is in the process of taking
further offshore industry development steps, with the imminent enactment of new
laws providing for low tax holding companies (3% tax rate, and which will have
access to double taxation avoidance agreements), nil tax limited liability
partnerships, interactive gambling and protected cell companies.
Further
information
Please
get in touch with us if you have any questions, or would like to discuss
incorporating in Seychelles, or would like us to send you a Company Proposal
Form and full details of Fees. Click on this link for a
list
of pre-approved names
(but you may, of course, choose your own company
name). Click on this link:
Offshore
Company Enquiry Form
All
incorporation and banking matters are handled personally by one of our directors
to ensure absolute confidentiality, and we offer guidance and assistance
with every part of the procedure and completion of documents and application
forms.
Please note, we
do not give tax or legal advice. It is advisable that clients seek
professional advice on the possible tax implications deriving from their
particular place of domicile if they have any queries in this regard.
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