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Synopsis

The Seychelles is a group of 115 small islands located at the centre of the Indian Ocean to the north of Madagascar off the African coast.
They were uninhabited until the 17th century and have since been occupied by both the French and the British. They were granted independence from Britain in 1976 and have continued to enjoy major economic, social and political developments. They are now a presidential republic which forms part of the Commonwealth.
The population of 73,000 is a multi-lingual mixture of African, Indian, Chinese and European, although English is the official language. The majority of the population live on the main island of Mahe. The mainstay of the economy is tourism, although fishing and the development of the jurisdiction as an international business centre contribute.

In 1993 a new constitution was drafted and democratic multi-party elections were held. The Government of the day implemented legislation designed to turn the country into an international business centre. Legislation covered the registration of international business companies and international trusts as well as establishing an international trade zone.

International Business Companies

The International Business Company's Acts 1994 was enacted to provide a comprehensive regime for the incorporation, regulation, operation and taxation of International Business Companies. This piece of legislation is extremely flexible and provides for a minimum of disclosure. Meetings need not take place in the Seychelles, and there is no necessity to report changes in shareholders, directors and mortgages to the Registrar.

International Business Companies have the following characteristics:

Taxation

International Business Companies are not subject to taxation within the Seychelles.

Shareholders

An International Business Company need only one shareholder and shares can be issued in bearer or registered form. Details of the shareholders do not appear on the public file, although a Register of Members must be maintained. If the Register is not maintained at the registered office address, a notification must be filed with the Registrar identifying where it is located. The Register is only open to inspection by members of the company.

Directors

A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file, although a Register of Directors must be maintained. If the Register is not maintained at the registered office address, a notification must be filed with the Registrar identifying where it is located. The Register is only open to inspection by members of the company.

Annual Reporting

International Business Companies are not required to file either an annual return or accounts.
Time Scale Incorporation can be achieved within 48 hours. However it does take a few days for documents to arrive from Seychelles. We do not keep ready-made companies in stock.

Restrictions on Name and Activity

Restrictions on Name and Activity
Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Foundation, Government, Imperial, Insurance, Municipal and Trust, or any other words which suggest the patronage of any Government. All company names must end with Limited, Corporation, Incorporated, Societe Anonyme or a similar recognised alternative.

Local Requirements

As a matter of local company law the company MUST maintain a registered office address within the Seychelles and must also appoint a Seychelles resident as a registered agent. We would generally provide these services as part of the domiciliary service fee.

Secrecy

There are no specific statutory provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.

The IBC Act, 1994, governs the operations of Seychelles offshore corporations. The Seychelles incorporation process is straightforward.

Advantages of the Seychelles company formation:

	competitive License fees fixed for life for Seychelles offshore companies
	For a Seychelles IBC, directors may be elected at the first corporation board meeting
	There is no minimum capital stipulation for offshore Seychelles companies for offshore Seychelles
	only one director and shareholder is required for a Seychelles company
	no need to file accounts with the Registrar for Seychelles offshore companies
	confidentiality is guaranteed by law for offshore Seychelles companies
	all civil proceeding in respect of IBC's may be heard by a judge in chambers
	an IBC may own or manage a vessel or aircraft registered in Seychelles

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