GSL / Offshore and International Law / Offshore zones / Seychelles / Review of Seychelles

Review of Seychelles

Service packages Review Legislation Tax System

Corporate info

Legal system
based on English common law and French civil law
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
Shelf companies permitted
Yes
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”.
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
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
Your Consultant
Alexander Alekseev

Managing Partner of GSL Law & Consulting

Director and secretary

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

Shareholder and beneficiary

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

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
No requirements
Minimum paid share capital
1
Authorized capital payment deadlines
No requirements
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
Bearer shares permitted
No

Taxes

Personal tax
0-30%
Min. rate for corporate tax
25%
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
Regular Rate
Capital gains tax. Details
Gains on the sale of assets are taxed at the normal corporate tax rate.
VAT
7%/10%/15%
VAT. Details
GST is levied at 7% and 10% rates, 15% applies to telecommunications services.
Withholding tax
15%/15%/15%
Other taxes
Social contributions, Property taxes
Exchange control
No
Government fee
Stamp duty
1-12,5%.

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
in the Indian Ocean, northeast of Madagascar
Total area
455 sq.km
Population
98.000 (2019)
Capital
Victoria
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
94.74%
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.
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
Unemployment
4.3% (2020)
GDP per capita rank
176 (2019)
Corruption perceptions index rank
66 (2020)

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