History of Seychelles

The Republic of Seychelles consists of 155 islands, with a main island called Mahé. The Republic is located in the Indian Ocean near Africa. A British colony since 1814, the country became independent in 1976, but remains a member of the Commonwealth. The main economic strength of the Seychelles tuna fishing and tourism.

Seychelles as an offshore center

The Seychelles is a popular offshore center although it remains a difficult place to do business in Europe. Offshore activity is regulated by Seychelles International Business and must conform to the International Business Companies Act and the Companies Law of Seychelles.

The Seychelles has six major banks, as well as credit agents and suppliers in foreign currency. Only two of these banks hold a license to serve offshore companies.

Vessel registration is governed by the law merchant navy.

There are three types of offshore companies:

  • The international trading companies (IBC). This is the structure used in most offshore Seychelles and is a public company. IBC impose any restriction on the nationality of company directors and have no minimum capital requirement. IBC can not trade in Seychelles and neither can own property Seychelles (although locally owned, such as office space can be rented if necessary). GIR is also forbidden to do business with other companies Seychelles, except in certain specific cases for the formation and operation of the company (for example, the commitment of lawyers, accountants, etc.). Seychelles IBC may also hold stakes in other companies or keep Seychelles Seychelles vessels flying the flag. Government taxes for the formation of an IBC are USD $ 100 to capital up to USD $ 100,000. The annual fee is $ 100 government also.
  • Companies licensing special (CSL). These companies are regulated by the Seychelles Company Act of 2003. This type of offshore company can manage activities both inside and outside of the Seychelles.
  • Seychelles Limited Partnership (LP). These are governed by the Limited Partnership Act of 2003 and can be used to easily receive and distribute income.

Seychelles Summary

Seychelles is recommended as a place in the open sea for customers based in, or trade with, Asia, India and Africa, but it is not recommended for European customers or customers operating in Europe. It can be problematic for invoice between Seychelles and European companies and many tax authorities apply a withholding tax of at least 30% for payments to Seychelles. E 'therefore possible that in the event of a tax audit European customers would be penalized and for that reason the majority of European companies prefer not to deal with this territory.

Types of companies Seychelles

It usually takes about five days to form a company in the Seychelles and many providers are able to facilitate the process of incorporation. The different types of entities are: limited liability company, unlimited, International Business Companies (IBC), trust, CSL, limited partnerships and foundations.