Offshore in the Seychelles: requirements for the owner

Seychelles is one of the most convenient options for offshore business. Registration is fast, and the amount of minimum registered capital is $1. Information about shareholders and beneficiaries is classified, and companies that do not operate in the local market do not pay taxes. Financial reports have to be kept, but they have to be filed only if the company generates income in the local market. How to open an offshore in the Seychelles 2022 will tell the specialists at IT-OFFSHORE.

How to register an offshore business in the Seychelles

International Business Company or IBC is the most preferable type of offshore in Seychelles because it has a quick registration process (2-3 days), zero tax. The operation of such an organization is regulated by the IBC law of 2016.

At the same time, IBC-company has restrictions:

• It may not own real estate in the country and engage in any form of business in the local market. However, an IBC can own assets that are registered here, including ships and aircraft;
• Some activities require a license (e.g., insurance, banking).

The Government of Seychelles has signed the Treaty of The Hague, which allows for the apostille of company documents. This contributes to successful and fruitful international business, opening accounts in reputable banks around the world and legalization of the company in other countries.

If you plan to work in the domestic market of the country, you can register your company as a CSL (with a special license). In this case, it will have a tax resident, but have a reduced rate of corporate tax.

Requirements to open an offshore business in the Seychelles

To open a company you must do the following:

• Pick a unique name. It must not contain words similar to governmental authorities - Government, Cooperative, Foundation, Imperial, etc;
• Choose a registered address;
• Appoint directors;
• Open a bank account;
• Prepare a package of documents, which must contain data of directors and owners of the company, constituent documents (our specialist will tell more exact information). All documents must be translated into English, notarized, and apostilled.

After that the papers must be submitted for registration. If everything is in order, the registration process will take 2-3 business days.

Requirements to the owner of the company

Offshore business in Seychelles is controlled by FSA (Financial Services Authority). The local law on IBC provides requirements that must be met for successful registration:

• Information about the owners and directors must be provided to the appropriate authorities. It is not subject to disclosure and will be released only on request of the court or law enforcement agencies;
• A company must have at least 1 shareholder and 1 director;
• A shareholder may be a director;
• The company may be fully owned by a foreigner. Director does not have to be a local resident;
• There can be as many directors in the company as the owner wants;
• Compared with other types of companies, IBC in Seychelles does not require a secretary;
• An offshore entity may not have to file financial statements, but must keep both receipts, invoices and other registration documents in accordance with Section 174(1) of the IBV Act of 2016. These papers will help the company prepare reports and file if an urgent need arises, which is rare.

How to register an offshore business in the Seychelles

If you need a quick company registration in Seychelles 2022, contact IT-OFFSHORE specialists and we will help you.