Offshore company in the Seychelles in 2024
The Seychelles Islands are an archipelago in the Indian Ocean, known for their incredible natural beauty, white sandy beaches, warm climate, and stunning views. This paradise archipelago has long been a classic offshore jurisdiction with minimal tax obligations.
From Agricultural Colony to Offshore Haven
In 1976, the Seychelles Islands gained independence from the United Kingdom. At that time, it was one of the poorest countries in the world, with its economy heavily dependent on agricultural exports. To lift the country out of poverty, the Seychellois government began seeking ways to attract foreign investments and develop new economic sectors. One of these directions was the offshore business.
In 1994, the Offshore Companies Act was passed, legalizing the registration of offshore companies in the Seychelles under special favorable conditions. Foreigners were allowed to establish companies there and benefit from some of the world's lowest tax rates and lenient regulations.
The offshore sector's development significantly contributed to the country's economic growth. It created new jobs, government revenues increased, and infrastructure improved. The Seychelles managed to overcome poverty and became one of the most competitive offshore destinations in the world.
In recent years, the Seychelles has been gradually tightening regulations in line with international requirements while preserving the competitive advantages of offshore business. Currently, forming a company here offers several advantages:
- Low taxes;
- Beneficial owners' information is not publicly disclosed;
- Companies can have accounts in any currency;
- Stable legislation with no abrupt changes in business rules;
- Quick company registration in 5 working days, plus 7 days for document apostille.
Company Registration Process in the Seychelles
The process of registering a company in the Seychelles is relatively straightforward and involves the following steps:
- Selecting the type of offshore company: The Seychelles offers various types of offshore companies, including International Business Companies (IBC) and Special License Companies (CSL). The most commonly used legal entity for conducting business in the Seychelles is the International Business Company (IBC).
- Registering a company: After determining the type of company, you need to register it following Seychelles' laws. It includes providing the necessary documents and paying registration fees.
- Opening a bank account: After registering the company, you can open a bank account in your company's name. The local banks offer a variety of banking services and support multiple currencies.
It's important to note that Seychelles offshore company legislation may change, and you should always seek up-to-date information and guidance from specialists in this field. Establishing and managing an offshore company requires careful attention and compliance with all relevant laws and regulations. Therefore, before starting the registration process, it is recommended to consult with legal experts like IT-OFFSHORE, who specialize in offshore business.
