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Seychelles, island republic in the western Indian Ocean, comprising about 115 islands, with lush tropical vegetation, beautiful beaches, and a wide variety of marine life. Situated between latitudes 4° and 11° S and longitudes 46° and 56° , the major islands of Seychelles are located about 1,000 miles (1,600 km) east of Kenya and about 700 miles (1,100 km) northeast of Madagascar. The capital, Victoria, is situated on the island of Mahé.
Seychelles, one of the world’s smallest countries, is composed of two main island groups: the Mahé group of more than 40 central, mountainous granitic islands and a second group of more than 70 outer, flat, coralline islands. The islands of the Mahé group are rocky and typically have a narrow coastal strip and a central range of hills. The overall aspect of those islands, with their lush tropical vegetation, is that of high hanging gardens overlooking silver-white beaches and clear lagoons. The highest point in Seychelles, Morne Seychellois (2,969 feet [905 metres]), situated on Mahé, is located within this mountainous island group. The coralline islands, rising only a few feet above sea level, are flat with elevated coral reefs at different stages of formation. These islands are largely waterless, and very few have a resident population.
The original French colonists on the previously uninhabited islands, along with their black slaves, were joined in the 19th century by deportees from France. Asians from China, India, and Malaya (Peninsular Malaysia) arrived later in smaller numbers. Widespread intermarriage has resulted in a population of mixed descent.
Seychelles is a popular offshore financial center and a growing international company formation market.
Companies incorporated under the International Business Companies Act, 1994, benefit from one of the quickest company formation worldwide and the lowest annual government fees.
International Business Companies are considered resident for tax purposes but are subject to a territorial tax system, whereby income accrued from foreign-sources is not subject to taxation.
To incorporate a Seychelles IBC, only one shareholder and one director is required, who can be either an individual or a corporation and may be non-resident.
| Company type | International Business Company (IBC) (Private company limited by shares) |
| Governing corporate legislation | International Business Companies Act, 2016 (As Amended) |
| Shareholders | An IBC may be formed by a minimum of one shareholder who can be either natural or legal persons, residents or non-residents, without restrictions. |
| Directors | At least one director is required, who may be a natural person or a legal entity, resident or non-resident, and who may be the sole shareholder. |
| Information published relating to company officers | Details of shareholders are not publicly disclosed. Details of directors are not available to the public. |
| Liability | The liability of the shareholders for the company is limited to the amount of their respective shareholdings. |
| Accounting requirement/ compliance | IBCs must keep accounting records, which may be kept anywhere and in any currency. Financial accounts are not required to be filed and there is no requirement to file annual or tax return for Seychelles Companies doing business outside of Seychelles. If an IBC does business with Seychelles residents, it must notify the Registry, file annual audited accounts and tax returns and pay local taxes. |
| Corporate income tax | The Business Tax (Amendment) Act, 2018, implements a territorial tax regime in Seychelles as of January 1, 2019. Income derived from a local source is subject to tax, whereas foreign-sourced income is exempt from taxation. If an IBC does business with Seychelles residents, it must notify the Registry, file annual audited accounts and tax returns and pay local taxes. Dividends, interest, royalties or other payments made by Seychelles IBCs would be exempt from taxation as long as are derived from income that is not sourced in Seychelles. There are no capital gains taxes in Seychelles. IBCs are exempt from stamp duty on the formation of a company, transfers of property to or by a company, transactions in respect of the shares, debt obligations or other securities of a company; the creation, variation or discharge of a charge or other security interests over any property of a company; and other transactions relating to the business or assets of a company. However, transactions with instruments related directly or indirectly to Seychelles real estate will be subject to stamp duty. |
| Standard currency | SRC |
| Shared capital/paid up | There is no minimum subscribed and paid-up capital required and it may be denominated in any currency. The amount of the authorized capital can be freely determined at incorporation. |
| Basis of the Legal System | Mixed (Civil and Common law) |
| Secretary | The appointment of officers such as a secretary is optional, and may be an individual or a corporation, resident or non-resident. |
| Shares | Shares may be issued as registered shares only, and any of these may be designated as voting shares, non-voting shares, shares having more or less than one vote per share, shares that may be voted only on certain matters or upon the occurrence of certain events, shares that may be voted only when held by persons who meet specified requirements, no par value shares, unnumbered shares, common shares, preferred shares, redeemable shares and shares that entitle participation only in certain assets. A Seychelles IBC may not issue bearer shares. |
| Registered address | An IBC must have a registered office in Seychelles, provided by an authorized registered agent. |
| General meeting | Annual general meeting of shareholders is not mandatory and can be held anywhere. Meetings can be held by telephone or other electronic means; alternatively, directors, as well as shareholders, may vote by proxy. |
| Electronic Signature | Permitted |
| Time to form | 2 -3 weeks |
| Renewal date | Anniversary date of the company / Each Year |
| Time Zone | GMT+4 |
| Confidentiality | High Levels |
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