Seychelles


Remains of Arab seafarer presence dated back to the 9-10th centuries were found in Seychelles which were uninhabited then. For the following two hundred years Seychelles were a refuge for the pirates. In 1502 Vasco da Gama became the first of the European seafarers to mark the islands on the map. In 1609 the British were the first to land on the Seychelles. French began to take control starting in 1756. They established cinnamon, cloves, and vanilla plantations there. In 1794 the archipelago was occupied by the British which stimulated immigration of Indians who were engaged in trade and worked on coconut plantations. In 1814 according to the Treaty of Paris Britain assumed full control of the islands. Independence was granted in 1976 as a republic within the Commonwealth.

Service packages

Двигайте таблицу
Service item Express Standard Optimum
Company registration
Legal address per year
Secretarial services for the first year
Fees and duties for the first year
Apostilled bound set of incorporation documents
Compliance fee
Nominee service per year
Bank Account Pre-approval
Price

1 390 USD

3 020 USD

3 520 USD

I want to order «»

Contact method: and / or

Core Services

1 390 USD

— Incorporation

including incorporation tax, state registry fee, including Compliance fee

included

— Annual government fees

Stamp Duty and Business Register incorporation fee

1 100 USD

— Corporate legal services

including registered address and registered agent, NOT including Compliance fee

125 USD

—Delivery of documents by courier mail

DHL or TNT, at cost of a Courier Service

430 USD

— Apostilled set of Statutory documents

Optional services

540 USD

Nominee Shareholder

If Nominee Shareholder and Nominee Director is one natural person, the service costs 350$, if not - 450$. Paid-up “nominee shareholder” set includes the following documents

Related services

220 USD

Tax Certificate

Company’s tax residence certificate for access to double tax treaties network

215 USD

Certificate of Good Standing

Document issued by a state agency in some countries (Registrar of companies) to confirm a current status of a body corporate. A company with such certificate is proved to be active and operating.

215 USD

Incumbency

Compliance fee

Compliance fee is payable in the cases of: renewal of a company, liquidation of a company, transfer out of a company, issue of a power of attorney to a new attorney, change of director / shareholder / BO (except the change to a nominee director / shareholder)

150 USD

Basic

simple company structure with only 1 physical person

50 USD

For legal entity in structure under GSL administration

additional compliance fee for legal entity in structure under GSL administration (per 1 entity)

100 USD

For legal entity in structure not under GSL administration

additional compliance fee for legal entity in structure NOT under GSL administration (per 1 entity)

250 USD

For client with high risk Status

Cost of incorporation, including first year servicing 1390
Cost of nominee director services per year, including an apostilled set of documents 1090
Cost of nominee shareholder services per year, including an apostilled set of documents 540
Cost of annual service, starting from the second year 1100
Open account in 28693
Incorporation timescale for a turnkey company above 2 weeks
Country 26750

General information shortly

Двигайте таблицу
Total area Population Capital Unemployment Corruption perceptions index rank
455 sq.km 87.785 (2012) Victoria 1.7% (2012) 51 (2012)
Location in the Indian Ocean, northeast of Madagascar
National currency Seychelles rupee
Conditional reduction of currency SCR
Against USD 11.6
Climate, average max and min t° Tropical marine; humid; cooler season during southeast monsoon (late May to September); warmer season during northwest monsoon (March to May); avg. maximum temperature (March) +31°; avg. minimum temperature (September) +24°
Time difference from Moscow + 1 hour
Dialing code +248
State language French, English, Seyshellois Creole
Ethnic groups mixed French, African, Indian, Chinese, and Arab
Literacy rate 91.8%
Credit rating B
Government type Republic
Executive branch Cabinet (government) headed by the President
Legislative branch unicameral National Assembly (34 members)
Judicial branch Magistrates' Court, Supreme Court, Court of Appeal
GDP per capita rank 34 (2012)

Corporate info

Двигайте таблицу
Shelf companies permitted Legal system Incorporation timescale for a turnkey company Cyrillic alphabet permitted in company name Local registered office
Yes based on English common law and French civil law above 2 weeks No Yes
Types of entity company limited by shares; company limited by guarantee; company limited by shares and guarantee; limited partnership; special license company; protected cell company; international business company
Incorporation timescale for a new company 2 days
Company suffix Limited, Corporation, Incorporated, or the related abbreviation: Ltd., Corp., Inc.
Sensitive words “Bank“, “Building Society“, “Chamber of Commerce“, “Chartered“, “Cooperative“, “Credit Union“, “Government”, “Licensing”, “Municipal”, “Parliament”, “Police”, “Royal”, “Tribunal”, “Stock Exchange” or a word or abbreviation conveying a similar meaning. “Airline”, “Assurance”, “Bitcoin”, “Bureau de Change”, “Casino”, “Charity”, “College”, “Council”, “Foundation”, “Fund”, “Gambling”, “Gaming”, “Hospital”, “Insurance”, “Insurer”, “Lottery”, “Military”.
Local registered agent Yes
Information to be kept at the registered office a register of all shareholders, directors and officers; minutes of all meetings; copies of all resolutions consented to; accounting records; a copy of the share register
Seal required, type of seal not required
Redomiciliation (to, from) permitted permitted

Director and secretary

Двигайте таблицу
Minimum number of directors Residency requirements for directors Corporate directors permitted Disclosure to local agent Disclosure to public
1 Нет Yes Yes No
Directors’ meetings/frequency/location No requirements / anywhere
Company secretary required No
Residency requirements for a secretary No
Qualified secretary required No
Corporate secretary permitted Yes

Shareholder and beneficiary

Двигайте таблицу
Minimum number of shareholders Residency requirements for shareholders Corporate shareholder permitted Disclosure to local agent Disclosure to public
1 No Yes Yes No
Meetings/frequency/location No requirements / anywhere
Beneficiary info disclosure to No

Shares and share capital

Двигайте таблицу
Minimum authorized share capital Minimum issued share capital Minimum paid share capital Authorized capital payment deadlines Bearer shares permitted
No requirements No requirements 1 No requirements No
Issued capital payment deadlines Upon issue
Standard currency US Dollar
Standard authorized share capital 5000
Standard par value of shares 1
Shares with no par value permitted Yes

Taxes

Двигайте таблицу
Min. rate for corporate tax Capital gains tax VAT Withholding tax Exchange control
25% Regular Rate 7%/10%/15% 15%/15%/15% No
Personal tax 0-30%
Corporate tax (in detail) For companies, tax rates are: taxable income up to SCR 1 million - 25%; over SCR 1 million - 33%.
Capital gains tax. Details Gains on the sale of assets are taxed at the normal corporate tax rate.
VAT. Details GST is levied at 7% and 10% rates, 15% applies to telecommunications services.
Other taxes Social contributions, Property taxes
Stamp duty 1-12,5%.

Accounts

Двигайте таблицу
Requirement to file accounts Publicly accessible accounts Audit required Requirement to file Annual Return Publicly accessible Annual Return
No No No Yes No
Requirement to prepare accounts Yes
Double tax treaties network 28
Tax Exchange Information Agreement network 11
OECD member No
Offshore/onshore status according to the RF laws Yes

GENERAL INFORMATION

General info

The Republic of Seychelles is an archipelago country located in the Eastern Africa. It consists of 115 islands with only 33 of them inhabited.
Total area of Seychelles is 455 sq.km. The largest island is Mae (142 sq.km). Population numbers 87.785 people (2012). As for ethnic groups, it consists of mixed French, African, Indian, Chinese, and Arab.
The capital city is Victoria. Official languages are French, Seyshellois Creole and English.
Official currency is Seychelles rupee (SCR). One US dollar is equal to 11,6 SCR.
Climate of Seychelles is tropical marine; humid. Cooler season during southeast monsoon lasts from late May to September); warmer season during northwest monsoon lasts from March to May. Average maximum temperature in March is +31°C; and average minimum temperature in September is +24°C.
Time difference with Moscow is 0 hours.
Literacy rate is 91.8%.
Calling code of Seychelles is +248.

History

Remains of Arab seafarer presence dated back to the 9-10th centuries were found in Seychelles which were uninhabited then. For the following two hundred years Seychelles were a refuge for the pirates.
In 1502 Vasco da Gama became the first of the European seafarers to mark the islands on the map. In 1609 the British were the first to land on the Seychelles. French began to take control starting in 1756. They established cinnamon, cloves, and vanilla plantations there. In 1794 the archipelago was occupied by the British which stimulated immigration of Indians who were engaged in trade and worked on coconut plantations. In 1814 according to the Treaty of Paris Britain assumed full control of the islands. Independence was granted in 1976 as a republic within the Commonwealth.

Government Type

Government type of Seychelles is a republic.
The head of state is a President who is elected by popular vote for a five-year term of office. It is allowed to be reelected for two terms in a row.
The executive power is exercised by the President and the government (Cabinet). President appoints Cabinet members by approval of the Parliament and presided the Cabinet meetings.
The legislative power is assigned to the unicameral Seychellois parliament, the National Assembly or Assemblée Nationale, which consists of 34 members, of whom 25 are elected directly by popular vote, while the remaining nine seats are appointed proportionally according to the percentage of votes received by each party. All members serve five-year terms.
The judicial system includes Magistrates' Court, Supreme Court, and Court of Appeal. Judges of Court of Appeal and Supreme Court are appointed by the President from the candidates offered by Constitutional Appointments Authority. Almost all professional judges are citizens of the other states of the Commonwealth of Nations.

Economy

Seychelles’s economy is mainly based on tourism (30% of population is engaged in tourism and 70% of currency income) and fishing (preserved and frozen fish are the export products).
The contribution of various fields into GDP are as follows: service sector – 33.5%, industry – 16.4%, constructing 9%, trade, restaurant and hotel business – 9.2%, transport and communication – 28.6%, agriculture and fishing – 3.3%.
Tourism brings about 70% of currency income. The main export products are preserved tuna (91.5%), shrimp (4.2%). The main import products are animals and foodstuff (27%), oil products (26%), industrial products (21%), transport vehicles and its details (16%), chemical products (16%), beverages and tobacco (1%).
Since the worldwide economic crises of 2008, the Seychelles government has prioritised a curbing of the budget deficit, including the containment of social welfare costs and further privatisation of public enterprises. The government has a pervasive presence in economic activity, with public enterprises active in petroleum product distribution, banking, imports of basic products, telecommunications and a wide range of other businesses.
According to the 2013 Index of Economic Freedom, which measures the degree of limited government, market openness, regulatory efficiency, rule of law, and other factors, economic freedom has been increasing each year since 2010.

CORPORATE INFORMATION

Legal system

Legal system of Seychelles is based on English common law and French civil law (civil code of Seychelles is based on Napoleon code, and criminal code is based on English law). Among the main corporate laws are Companies Ordinance, International business companies act, International trusts act, etc. Seychelles legislation, IBC Act in particular, allows incorporation of offshore companies.

Types of entity

Under the legislation of Seychelles, the following types of commercial entities may be established in Seychelles to carry on business:
  • Company limited by shares;
  • Company limited by guarantee;
  • Company limited by shares and guarantee;
  • Limited Partnership;
  • Special License Company;
  • Protected Cell Company;
  • International Business Company.

The most common structure is the International Business Company (IBC). IBC is usually registered as a company limited by shares. It is possible to buy a shelf company of this type or to incorporate a new one. The Registry timescale to incorporate a new company is 2 daysrs. The timescale for a new turnkey entity is two weeks.

REGISTRATION

Company Name

The requirements to the company names in Seychelles are the following:
  • the name of a company should include a suffix to denote the type of entity: “Limited”, “Corporation”, “Incorporated”, or the related abbreviation: “Ltd.”, “Corp.”, “Inc.”;
  • it may be registered in any language, but if the name is not in a state language, it is required to provide a translation of transliteration into English or French;
  • it should not be identical or similar with an existing company name;
  • it should not contain the words “Bank“, “Building Society“, “Chamber of Commerce“, “Chartered“, “Cooperative“, “Credit Union“, “Government”, “Licensing”, “Municipal”, “Parliament”, “Police”, “Royal”, “Tribunal”, “Stock Exchange” or a word or abbreviation conveying a similar meaning. “Airline”, “Assurance”, “Bitcoin”, “Bureau de Change”, “Casino”, “Charity”, “College”, “Council”, “Foundation”, “Fund”, “Gambling”, “Gaming”, “Hospital”, “Insurance”, “Insurer”, “Lottery”, “Military”.

Company registration

To register an IBC in Seychelles, you need to go through the following procedure:
1. Obtain an approval of a company name from the Registrar
A company has a right to reserve a name for 30 days for future adoption.
Should an ICSP request to extend the reservation period of a proposed name prior to the relevant expiry date of the reservation period, the request must be submitted together with the prescribed fee of US$25 per name.
2. File Articles and Memorandum of Association to the Registrar
The Memorandum must include:
  • the name of the company;
  • the full address within Seychelles of the registered office of the company;
  • the name and full address within Seychelles of the registered agent of the company;
  • the objects or purposes for which the company is to be incorporated;
  • the currency in which shares in the company shall be issued;
  • a statement of the authorized capital of the company;
  • information on shares.

The Articles and Memorandum must be written in English and French or accompanied by a translation into these languages certified by the registered agent. Both documents should also be signed by a person in the presence of another person who must sign his name as a witness.
The Articles, if not submitted for registration with the Memorandum shall be submitted within 30 days following the date of incorporation.
Upon registration of the Memorandum a Certificate of Incorporation signed by Registrar is issued.

Restriction of Activities

There are a number of restrictions on the activities of business companies in Seychelles. The IBC act prohibits an IBC from:
  • carrying on business with persons resident of the Seychelles;
  • owning an interest in real property situated in the Seychelles, except lease property for office purposes;
  • carrying on banking business, insurance or reinsurance business;
  • carrying on the business of providing offices for companies;
  • engaging in international corporate, trust or company incorporation services.
  • trust business;

A company that willfully contravenes the above requirements, or a director who knowingly permits the contravention, are liable to a penalty of $100 for each day or part of it during which the contravention continues.

Local registered office

Every IBC must maintain a registered office address in Seychelles which shall be the same address as that of its registered agent. The Registrar shall receive notice of any change of the registered office. Failure to comply with this requirement will subject the company to a penalty of 100 dollars and an additional penalty of 25 dollars per day for each day of non-compliant business.
The following information and documents shall be kept at the registered address: a register of all shareholders, directors and officers; minutes of all meetings; copies of all resolutions consented to. According to the latest changes in law, it is also required to keep accounting records at the registered office or a resolution on the other address. A copy of the Share register is now required to be kept at the registered office.

Seal

A Seychelles IBC is not required to have a common seal.

Redomicile

The redomiciliation of companies either to or from Seychelles is permitted.
A foreign jurisdiction company may continue its existence as a Seychelles IBC or CSL requires the following:
  • approval of the necessary resolution by the corresponding body (directors or shareholders);
  • availability of the foreign company’s name for registration in Seychelles. If such name is already taken or unavailable for a different reason, the name of the continued company would have to be amended or changed;
  • submission of a number of documents to the Registrar to confirm the legal existence, good standing and proper resolution of the foreign company to be continued in the Seychelles:

copies of the Certificate of Incorporation, Memorandum and Articles;
apostilled copy or original Good Standing Certificate,
Notice of Continuation;
a written authorization designating persons who may give such notice to the Registrar, and Articles of Continuation.
Upon the registration of the articles of continuation, the Registrar shall issue a certificate of continuation. Redomiciled company is registered with the Seychelles Register within 1 day.

To transfer its domicile to a foreign jurisdiction permitting such a transfer a Seychelles should have:
  • Resolution of directors/ shareholders;
  • Payment of all fees and any pending penalty;
  • Compliance with the laws of the relevant jurisdiction.

As a result, the Registrar shall strike off the name of the company from the Register and publish a notice of the striking off in the Gazette; the company continues to be liable for all of its debts, liabilities and obligations that existed prior to its continuation outside Seychelles; any claims, convictions, orders, proceedings, etc., pending by or against the company, or against any member, director, officer or agent thereof, remain in force.

COMPANY STRUCTURE

Directors

A sole director, a natural person or a body corporate, can register an IBC in the Seychelles. The sole director can also act as the sole shareholder. Director’s details are disclosed to the local agent, but do not appear on the public file. There is no legal requirement that the directors be residents of the Seychelles. Apart from the director, the company does not have to appoint any other officers.

Secretary

A Seychelles IBC need not appoint a company secretary, although it is customary to do so. The secretary may be a natural person or body corporate of any nationality and need not be resident in the Seychelles.

Shareholders

A Seychelles IBC may have one or more shareholders, individuals or corporations of any nationality or residence. Shareholders’ details are disclosed to the local agent, but do not appear on the public file. The board meetings or the meetings of the shareholders of a company may take place anywhere in the world. Annual meetings are not required.

Beneficiary

The identity of the beneficial owner of a Belize company is treated as strictly confidential and must be disclosed only to the registered agent who is bound by the law to keep it secret.
Besides, information on beneficiary can be kept at the office of certified introducer who represents the client, without disclosing the information to the registered agent. However, the final decision belongs to the registered agent: some of them accept such a form of keeping the info, and some of them don not.

Share capital and shares

The share capital of an IBC can be denominated in any currency. There is no minimum or maximum authorized share capital. No payments deadlines are set for the authorized capital. Usually the share capital is US$5,000 which is divided into 5,000 shares of US$ 1 each. The minimum issued capital is either one share of no par value or one share of par value.

Bearer shares

According to the IBC (Amendment) Act, 2013, bearer shares are no longer permitted. Every company which has issued bearer shares shall recall and cancel such shares within 6 months from the commencement of the Act (November 26, 2013), and the company shall issue registered shares in substitution of the cancelled bearer shares. Any bearer shares which have not been cancelled shall thereafter be null and void.

Renewal

Seychelles companies are renewed annually and the renewal normally includes payment of fees for nominee directors and shareholders (if any), registered office and license fee for filing with the Registrar, which is set up once for the entire company’s life, regardless of any future changes in the Company’s capital.

TAXATION

Personal taxes

Employment income of individuals is subject to income tax at the following rates for citizens:
  • Income up to SCR (Seychelles rupee) 8,555.5 per month – 0%
  • From SCR 8,5555 to 10,000 per month – 15%
  • From SCR 10,000 to 83,000 per month – 20%
  • Over SCR 83,000 – 30%.

For non-citizens, there is no zero tax rate, otherwise the taxation scale is the same.
Employers pay 20% tax on employee’s non-monetary benefits such as car, housing, etc.

Business tax

Income from business is subject to business tax.
For sole traders and partnerships, the tax rates are:
  • taxable income up to SCR 150,000 – 0%
  • from SCR 150,000 to 850,000 – 15%
  • over SCR 850,000 – 33%

For companies, the tax rates are:
  • taxable income up to SCR 1 million – 25%
  • over SCR 1 million – 33%.

Reduced tax rates are established for various sectors of the economy. Small non-VAT registered businesses with revenues of up to SCR 1 million can pay turnover tax at the rate of 1.5% (in which case they do not pay business tax).
Seychelles has a territorial tax system, which is gradually being amended. Changes introduced to tax legislation in late December 2020 should ensure the removal of Seychelles from the EU’s list of non-cooperative jurisdictions. These changes provide the following for large Seychelles companies:
  • Profits of Seychelles companies generated by overseas permanent establishments are not taxable in Seychelles. Profits from overseas activities that do not create a permanent establishment abroad are taxable in Seychelles. The definition of a permanent establishment has been updated to align with the OECD / United Nations definition.
  • Foreign-sourced passive income is tax exempt in Seychelles, provided the company has adequate economic substance in Seychelles.
  • Foreign-sourced income from IP rights will be taxed in Seychelles, except for income from patents (similar rights) related to R&D carried out in Seychelles.

Work is also in progress to meet the OECD's requirements for transparency and information exchange.

CFC rules

None.

Withholding tax

Dividends and royalties are subject to 15% withholding tax. Interest paid on loans by companies other than banking institutions is also subject to 15% withholding tax. Interest on deposits, bonds, etc. is taxed at different rates.
The tax may be withheld on certain other types of income.

Corporate social responsibility tax

This tax is charged to companies with a turnover of at least CSR 1 million. It is payable monthly at the rate of 0.5% of the revenues.

VAT

The standard VAT rate is 15%.

Social security contributions

Social security contributions are paid on employment remuneration at the rate of 20% by employers and 2.5% by employees.

Immovable property tax

Foreigners who own residential immovable property are liable to an annual immovable property tax at the rate of 0.25% of the market value of such property.

Stamp duty

Residents buying immovable property pay stamp duty at the rate of 5% of the transaction amount. There are special rules for non-residents.
Stamp duty may also be payable on certain other transactions.

Double Tax Treaties

Seychelles has signed tax treaties with 39 jurisdictions:
28 DTCs: Bahrain, Barbados, Belgium, Bermuda, Botswana, China, Cyprus, Ethiopia, Guernsey, Indonesia, Isle Of Man, Jersey, Kenya, Luxembourg, Malaysia, Mauritius, Monaco, Oman, Qatar, San Marino, Singapore, South Africa, Sri Lanka, Swaziland, Thailand, United Arab Emirates, Vietnam, Zambia.
11 TIEAs: Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, India, Netherlands, Norway, Sweden, Swiss Confederation.

Exchange control

There are generally no restrictions on the repatriation of investments or income. Practice shows that a fall in foreign currency earnings (in particular, following a significant drop in the number of tourists) can make the jurisdiction introduce certain restrictions (in particular, on imports).

ACCOUNTS

Adoption and coming into force of IBC (Amendment) Act (2011)

According to International Business Companies Act (1994), IBCs are obliged to keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company. Acccoutns and records should be kept at registered office or other place as directors think fit.
In compliance with a new IBC (Amendment) Act came into force in December, 2011, there is a whole new range of requirements to the accounting records.

Requirement to keep accounting records

According to the new IBC (Amendment) Act (2011), every IBC registered in Seychelles should keep proper accounting records that:
  • are sufficient to show and correctly explain company’s transactions;
  • enable to determine the financial position of the company with reasonable accuracy at any time;
  • enable to prepare accounts;
  • give a true and fair view of the company.

Accounting records shall be kept at the registered office of the company or such place as the directors think fit. Where the accounting records are kept at a place other than the registered office, the company shall inform the registered agent in writing of the physical address of that place. If the place is changed, the company should within 14 days inform the registered agent in writing of the change of the physical address.
All accounting records shall be maintained and retained for a period of not less than 7 years.
Notably, there is no requirement to file annual financial statement for IBC.

Sanctions

A company and director, who knowingly fails to comply with the new requirements, are liable to pay a penalty of US$25 for each day for non-compliance.

Changes in business practice of registered agents in Seychelles

Despite the coming into force of a new amendment, the changes have not been introduced into practice yet. However, registered agents in Seychelles are expected to start requesting for the resolution of directors on the address of the other place of keeping the records in case it is not the registered office.

Annual Return. Adoption and coming into force of IBC (Amendment) Act (2013)

Generally speaking, Annual Return is a short review on the current state of the company, which is prepared by the company secretary annually. As a rule it includes the following information:
  • Incorporation information (registration date, registered address);
  • Information about directors and their resignation;
  • Information about secretaries and their resignation;
  • Information about registered capital, nominal value of shares and amount of issued shares;
  • Information about shareholders and share transfer.

As for Seychelles, before Seychelles International Business Companies were not obliged to prepare or file Annual Return, but according to IBC (Amendment) Act (2013), every company, whether incorporated prior to or after the commencement of the Act, shall by the 31th day of December of each year furnish to the registered agent a return in the form of a declaration that –
  • The company is keeping accounting records in accordance with the Act and that such records can be made available though its registered agent; and
  • The Share Register located at the registered office is complete and updated.

A company that contravenes this section of the Act shall be liable to a penalty of 100 dollars and to an additional penalty of 25 dollars for each day during which contravention continues. A director of a company who knowingly permits the company to contravene this provision shall be liable to a penalty of 100 dollars and to an additional penalty of 25 dollars for each day during which contravention continues.

Tax returns

The tax year coincides with the calendar year. However, it is possible to have a different tax year.
The tax return is filed and business tax is paid generally by 31 March of the next year following the reporting year.
Some types of businesses are liable to make monthly advance tax payments; and for some businesses (in particular, in the construction industry), the preliminary tax is withheld by the counterparty.

SPECIAL PURPOSE ENTITIES

Seychelles Special License Company

Seychelles Special License Company is a Seychelles domestic company, which is granted a special license. A CSL may carry on permitted business both inside and outside of Seychelles. A CSL enjoys statutory tax advantages including access to the Seychelles Double Tax Agreements.
Key features:
  • A CSL can be used as an international holding company, a headquarters company, a franchise company, a marketing company, a company holding intellectual property, an investment company, etc.
  • Bearer shares are not permitted;
  • Nominee shares are permitted, but the name and address of beneficial owner is required to be disclosed to the Registrar of Companies. This information is not made publicly available by the Registrar.
  • Foreign shareholders are permitted;
  • There is a minimum of 2 Directors, who may be located outside of the Seychelles;
  • A Seychelles-resident Company Secretary is required;
  • Directors' or shareholders' meetings can be held anywhere, including by telephone or video-link;
  • An annual company return and audited accounts must be filed;
  • There is provision for "redomiciliation" - a foreign or Seychelles IBC may be continued as a CSL - and an CSL may redomicile to another jurisdiction.

Seychelles Limited Partnership

A LP has substantial statutory tax advantages including the ability to receive income from sources outside of the Seychelles and distribute such income to foreign partners without incurring a Seychelles tax liability.
Key features:
  • The LP is required to have one or more general partners who are liable for the debts of the LP, and one or more limited partners who are not so liable in most circumstances;
  • At least one general partner must be a Seychelles person (a resident individual or an IBC /domestic company / CSL / LP);
  • A Seychelles registered office is required;
  • An LP shall not carry on business in Seychelles, except to the extent necessary for the carrying on of the LP's business outside of Seychelles;
  • An annual report must be filed verifying compliance by the LP with the provisions of the Act.

Seychelles Protected Cell Company

A PCC is a Seychelles domestic company that has the right to create one or more identifiable cells so as to segregate and protect cellular assets.
Key features:
  • Each cell created by a PCC is separately identifiable and may have its own cellular assets;
  • No cell forms a legal entity separate from the company (ie. only the PCC is a separate legal entity);
  • Directors of a PCC must keep cellular assets separate from non-cellular assets, and keep the assets attributable to each cell separate from the assets attributable to other cells. Liabilities attributable to a particular cell of a PCC cannot attach the assets of other cells;
  • A PCC is mainly used for captive insurance and collective investment scheme applications. It is likely that approval will be limited to these areas and for non-domestic business only.

Seychelles International Trusts

Key features:
  • The Trust Deed is not filed with Seychelles Government Registry;
  • Details of the settlor or the beneficiaries (except for any beneficiaries who are Seychellois citizens) are not filed with the Registry;
  • Purpose trusts are permitted;
  • The settlor must reside outside the Seychelles for the duration of the trust; at least one trustee must reside in the jurisdiction, but this trustee may be an IBC, which shall not thus be deemed as resident; an IBC may therefore be a settlor;
  • The settlor can be a beneficiary under a Trust (but not a sole beneficiary).
  • A Trust must have a Seychelles resident corporate trustee, which holds a trustee service providers licence issued by the Seychelles International Business Authority. Non-resident co-trustee/s and/or protectors are permissible;
  • The trust property may not include any Seychelles movable or immovable property, it can own shares and/or maintain bank accounts in Seychelles;
  • The names of settlors and beneficiaries are confidential and can only be disclosed under a Court order, pursuant to Anti-money Laundering Act;
  • The standard perpetuity period is 100 years; but it does not apply to purpose trusts;
  • The accumulation of income is permitted;
  • Forced heirship judgments are specifically excluded;
  • An international trust is exempt from tax in the Seychelles;
  • The beneficiary under a Trust must be identifiable by name or ascertainable by reference to either: (i) a class; or (ii) a relationship to another person, whether or not living at the time of the creation of the trust or at the time by reference to which, under the terms of the trust, members of a class are to be determined;
  • The settlor’s bankruptcy or liquidation of the settlor’s property or any legal action against the settlor by the settlor’s creditors (except where the Seychelles Supreme Court finds that the Trust was made with the intent to defraud creditors of the settlor or the settlor was insolvent at the time when the property was vested in the trustee. The intent to defraud is to be proved by the creditor claimant) does not make a Trust void;
  • A legal claim by a creditor of the settlor shall not be permitted against a trustee of a Trust after 2 years from the date of transfer of assets into the Trust.

Mutual and Hedge Funds

Key features:
Fund administration
Seychelles mutual funds are administered:
  • by a Seychelles licensed fund administrator in or from Seychelles; or
  • outside of Seychelles by an approved foreign administrator (an entity licensed as a fund administrator in a recognized jurisdiction). “Recognized jurisdictions” presently include Austria, Australia, Belgium, Bahamas, Bahrain, Bermuda, British Virgin Islands, Canada, Cayman Islands, Cyprus, Denmark, France, Germany, Gibraltar, Guernsey, Holland, Hong Kong, Isle of Man, Ireland, Japan, Jersey, Luxembourg, Malaysia (including Labuan), Mauritius, New Zealand, Singapore, South Africa, Switzerland, United Arab Emirates, United Kingdom and United States of America.


Types of Seychelles Mutual Funds
Pursuant to the legislation, there are four types of mutual funds:
  • Professional Funds - the initial minimum investment per investor is not less than US$100,000 (or its equivalent in any other convertible currency). Professional funds are only open to professional investors:
  • Private Funds – means a mutual fund: (a) the constitutional documents of which specify that it will have no more than 50 investors; or (b) the constitutional documents of which specify that an invitation to the public to subscribe for or purchase equity interests in the mutual fund is prohibited.
  • Public Funds - means any mutual fund which is not a private mutual fund or a professional fund (such as retail funds offered to the general public).
  • Exempt Foreign Funds - the Act allows for foreign funds to operate from Seychelles without a Seychelles Fund Licence if the fund is: (a) already licensed as a mutual fund in a recognized jurisdiction; and (b) administered by a Seychelles licensed fund administrator; and (c) is either listed on a stock exchange or the minimum investment amount is not less than US$100,000.


Fund Vehicles
  • Seychelles tax-exempt IBCs
  • CSLs - these are tax-resident companies which may access Seychelles Double Taxation Avoidance Agreements, such as Seychelles / China DTA – 1,5% tax on CLS income
  • Seychelles tax-exempt limited partnerships
  • Seychelles international trusts (unit trusts), or
  • Companies, unit trusts, or limited partnerships constituted in a recognized jurisdiction.


The accounts of Seychelles funds and fund administrators may be audited by approved overseas auditors (including auditors qualified in Hong Kong, Singapore and South Africa as well as UK, USA, Canada and Australia).
Seychelles licensed funds and exempt foreign funds enjoy (in addition to favourable tax status via fund vehicles) full exemption from Seychelles business tax on the fund’s income (except for funds wishing to use a CSL structure so as to benefit from tax relief available under a Seychelles double taxation avoidance agreement (DTA)), as well as exemptions from Seychelles withholding tax and stamp duty.

Offshore Banking

Key features:
  • full confidentiality, except is the case of criminal investigations
  • an offshore bank may be administered by an established domestic bank
  • the offshore bank must be either a company limited by shares or an overseas company registered under the domestic Companies Act
  • the minimum paid-up capital is US$ 2 million or its equivalent in any freely convertible currency
  • Corporate tax, withholding tax, customs duties, stamp duty and exchange control are non-existent.
  • As to double taxation agreements, the bank may elect to pay corporation tax at a rate agreeable to both the offshore banking company and the Commissioner of Taxes.

Offshore Insurance Companies

The law provides for full confidentiality for offshore insurance companies, expect in cases involving criminal investigation. Like its banking counterpart, an offshore insurance company must be either a company limited by shares or an unlimited company incorporated or registered under the Seychelles. Key features:
  • the tax treatment of non-domestic insurance companies is similar to that given to offshore banks
  • the law provides for guarantees against future taxes – twenty years from the date of registration

Seychelles International Trade Zone

The concessions available to license holders in SITZ include:
  • Exemption from customs duties on capital equipment to be used in SITZ;
  • Exemption from Business Tax, Trades Tax and Withholding Tax;
  • Exemption from social security contributions;
  • Exemption from fees in respect of 'gainful occupation permits' (work permits);
  • Entitlement to employ 100% foreign labour;
  • A license holder can apply for permission to sell within the domestic sector.

Key features:
  • Companies established in the Free Zone are largely free of taxes.
  • Companies operating within the Seychelles International Trade Zone may apply to the Seychelles International Business Authority, which governs its operations, to conduct trade with Seychelles partners or customers outside the Zone.

International law relations

Двигайте таблицу
Party to the Hague Convention (Apostille) Legal system Double tax treaties network OECD member Offshore/onshore status according to the RF laws
Yes based on English common law and French civil law 28 No Yes

Public authorities and legal acts

Двигайте таблицу
List of laws and regulations
Act name Scope of law
Companies Ordinance 1972 Seychelles companies
Companies (Special Licence) Act 2003 special license companies
Limited Partnership Act 2003 limited partnerships
International Business Companies Act 2016 international business companies
International Corporate Service Providers Act 2003 international corporate service providers
International Trade Zone Act 1995 International Trade Zone
International Trade Zone Regulations 1995 International Trade Zone
International Trusts Act 1994 international trusts
Mutual Fund & Hedge Fund Act 2008 mutual funds and hedge funds
Protected Cell Companies Act 2003 protected cell companies
Securities Act 2007 securities
Seychelles International Business Authority Act 1994 SIBA
Merchant Shipping Act 1992 shipping in Seychelles
Financial Institutions Act 1984 financial institutions
Insurance Act 2008 insurance business
Business Tax Act business tax
Value Added Tax Act VAT
Tax treaties entered Bahrain, Barbados, Belgium, Bermuda, Botswana, China, Cyprus, Ethiopia, Guernsey, Indonesia, Isle Of Man, Jersey, Kenya, Luxembourg, Malaysia, Mauritius, Monaco, Oman, Qatar, San Marino, Singapore, South Africa, Sri Lanka, Swaziland, Thailand, United Arab Emirates, Vietnam, Zambia
Tax Exchange Information Agreement (TEIA) Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, India, Netherlands, Norway, Sweden, Swiss Confederation
List of state regulatory authorities
Seychelles Government http://www.egov.sc/
Seychelles International Business Authority http://www.fsaseychelles.sc
Seychelles Invetsment Board http://sib.gov.sc
Ministry of Finance http://www.finance.gov.sc
Seychelles Revenue Commission http://www.src.gov.sc/
Central Bank of Seychelles http://www.cbs.sc
Seychelles Licensing Authority http://www.sla.gov.sc
Seychelles Tourism Board http://www.seychelles.travel/
SAOPRA http://www.intershore.com/saopra/

    Legal Partner of Review:

    Intershore Consult

    Intershore Consult is a leading wealth management and financial services firm. We provide a wide range of support services which include: Wealth Management solutions, Financial Services, Incorporation of companies, Corporate management services, Trusts Administration, International Trade Zone businesses, Investment and tax planning, Real estate brokerage, Corporate secretarial services, Legal support services, Legalisation of documents, Bank account opening, Provision of registered office, Nominee services, Virtual Office.

    Intershore Consult

    Consultants

    YOUR CONSULTANT

    If you are ALREADY a GSL customer

    Write or call now

    Sign up for a consultation

    c  !

    Your question was successfully sent to the GSL office.

    — In the near future you will receive a detailed answer to it. Typically, the response rate does not exceed 24 hours.

    — If your question is urgent, you can always contact me on the office or mobile phone number listed on the site or chat on Skype.


    Regards, If you are ALREADY a GSL customer YOUR CONSULTANT

    Contact method: and / or

    Aniko Sebok

    GSL Law & Consulting Lawyer, Head of UK GSL office

    Office phone:

    +44 207 002 1307

    Write or call now

    Sign up for a consultation

    c  !

    Your question was successfully sent to the GSL office.

    — In the near future you will receive a detailed answer to it. Typically, the response rate does not exceed 24 hours.

    — If your question is urgent, you can always contact me on the office or mobile phone number listed on the site or chat on Skype.


    Regards, GSL Law & Consulting Lawyer, Head of UK GSL office Aniko Sebok

    Contact method: and / or

    Valerija Filipova

    GSL Law & Consulting Lawyer, London Office

    Office phone:

    +44 207 822 8592

    Office phone:

    +44 207 822 8594

    Write or call now

    Sign up for a consultation

    c  !

    Your question was successfully sent to the GSL office.

    — In the near future you will receive a detailed answer to it. Typically, the response rate does not exceed 24 hours.

    — If your question is urgent, you can always contact me on the office or mobile phone number listed on the site or chat on Skype.


    Regards, GSL Law & Consulting Lawyer, London Office Valerija Filipova

    Contact method: and / or

    I want to order «»

    Contact method: and / or
    RU EN