How to open a company in the Seychelles in 2020?
Opening an offshore in Seychelles has become quite relevant, as as Seychelles companies are exempt from paying taxes. You would only need to pay a fixed annual fee rate. The amount of the fee does not depend on the share capital that was declared. The advantage of opening such a firm is that offshore activities are not subject to currency control.
The nuances of incorporating a firm
It is advantageous to register a company in the Seychelles, given that the most popular legal form is the international firm (IBC). In this jurisdiction, businesspeople may open banking companies, create investment funds, etc. Businessmen are guaranteed a high level of confidentiality.
The activity of non-resident companies is regulated by the relevant law. It was established in the middle of 2000s, the last adjustments were made in 2018. According to the current law, an international company may only work with non-residents of Seychelles. The company may not engage in the ownership of real estate and other businesses in the jurisdiction.
Before acquiring an IBC company in the Seychelles, it is necessary to take into account that it cannot carry out banking or insurance activities. However, in order to be able to do so the company should be registered through another legal form and obtain additional permission. A unique company name must be created for registration. When creating the name in a foreign language, you are required to specify the translation.
The advantages of opening a company in a jurisdiction
Jurisdiction is known as one of the places where the registration of IBC companies s done considerably fast. You can quickly open a firm on the islands. Before establishing a company, you need to choose the area of focus of the company. The most popular are Internet commerce, forex, consulting, and business development between countries.
Why it is beneficial to open a firm in this jurisdiction:
- The country is stable and independent;
- It takes relatively little money to do business;
- It is possible to create constituent documents in different languages;
- The registration process is fast;
- The registration fee is fixed.
Other advantages include the possibility of using nominal service and the rapid development of the banking sector. There are no requirements for the minimum amount of authorized capital. The country has concluded agreements on avoidance of double taxation of fees with some states. There is also no currency control. If you need to open a company in Seychelles, please contact our experts at IT-OFFSHORE.
Features of IBC firms
The income tax rate starts from 25%. The total value-added tax rate of 15% is applicable to most goods in the jurisdiction, and a reduced rate of 0% is relevant for some transactions.
A minimum of one director and a shareholder is required to establish a firm in Seychelles. The shareholder can be a natural or legal person. There are no requirements for the residency status of any of these individuals.
There are no requirements for the miminum amount of capital. Usually the authorized share capital is about 100 thousand dollars. Nominal shares are possible. An IBC company may not submit annual financial statements.
At the same time, it must keep financial records, including the financial state of the company. According to the existing amendments, which were made to the Law, all IBC companies must conduct accounting.
The name of the company may be in any language, but translation is required. Some words that are related to banking, public bodies or other activities cannot be used.