The Seychelles the idyllic island in the hear of the Indian Ocean, well known for its luxury hotels and resorts has for the last two years been attracting off shoring investments on a quite a large scale which has seen to contribute greatly in the country’s economy. Panama , BVI, Bermuda welcome to the new kid on the block
Seychelles is known destination renowned for its golden sand natural beauty , it is an archipelago of 115 islands off the coast of East Africa. a reputation as one of the world’s most sought after tourist destinations.
The main island, Mahe, is where most of the business is done and is an added welcome to the the two main pillars of the Seychelles Economy which are tourism and fishery.
Many visitors come to experience at first hand this natural and exotic beauty. The ethnicity varies from European, African and Asian culture of which the population descended from these cultures and it reflects today in the culinary as well as skin orientation with the native tongue creole .English and French the second languages .
Seychelles has recently become a very attractive destination for foreign investors and business ventures and as a result there has been a huge increase in International Corporation, investments, exchange of information and more transparency in legal framework of Seychelles. Communication has improved drastically with the recent connection of Seychelles to the fiber optic cable to Eastern African Coast, which provides fast paced internet.
Furthermore the Seychelles has many investment structures in place to facilitate the processes of business ventures. The Seychelles Investment Bureau provides a very important bridge between investors and government facilitating the presentation of new business opportunities. The Seychelles International Business Authority is the regulatory body which offers investors wide range of investment opportunities in International Business Companies, Trusts, Foundation and many others. while the Central Bank of Seychelles ensures financial securities of all investment by implementing legal framework, licensing
and supervision of banks, insurance companies, trusts to allow as much transparency in financial transactions.
The Seychelles has both political and economical stability operates a business friendly environment and cost efficient. It is a well regulated jurisdiction according to the last Peer Review by the Global Forum in May 2012.The Seychelles has now a solid legal and regulatory framework for the exchange of information of the jurisdiction (Offsite Review). The reputation of Seychelles has extended across the world and many developing markets have realize the advantages of having investments in Seychelles.
MAIN FEATURES OF THE SEYCHELLES JURISDICTION
• Excellent communications network with the connectivity of fibre optic cable and superb IT infrastructure
• Favourable tax regimes for investment in the Tourism, Agriculture, Energy and Fisheries sectors and a World class financial centre with no foreign exchange restrictions
• Stable and independent as a country
• Fast incorporation, usually within 24 hours
• Low incorporation and renewal fees
• Convenient time zone (+4 hrs GMT)
• Modern offshore legislation modelled on BVI – confidentiality guaranteed by law
• Multi-lingual incorporation documents allowed (Chinese characteristics accepted)
• Secure offshore banking (Barclays/BMI Offshore)
• Lower taxes for IBCs than any other jurisdictions
• Nominee shareholder and directors permitted
• Corporate nominees permitted (including those from other jurisdictions)
• 1 shareholder, 1 director; minimum requirement
• No public disclose of Beneficial owner, Shareholder or Director
• No public register of shareholders or Directors
• Bearer shares allowed. We, as registered agents, are required to have on file (not for public or official records) the details of the custodian (holder) of the bearer share certificate(s)
• No minimum share capital requirement
• Annual company returns are not made public
• Financial accounts are not made public
• No annual meeting requirements
• Double Taxation Avoidance Treaties in force with China, South Africa, Indonesia, Oman, Botswana, Mauritius, Thailand, Malaysia, Vietnam, Belgium, Barbados, Qatar, Bahrain, Cyprus, U.A.E and Zambia. Treaties with various other countries such as Luxembourg, Portugal and Monaco are in the final stages of negotiation.
Seychelles also has a wide range of offshore products available, namely:
The Seychelles International Business Company (IBC) offers no tax offshore company while the Seychelles Special License Company (CSL) – offers low tax (1.5%) on domestic companies with special license. They also offer Limited partnerships and protected call companies in addition to hedge and Mutual funds
SEYCHELLES AS AN OFFSHORE JURISDICTION
Building upon a collaborative, mutually beneficial working relationship between the government, regulator and service providers, Seychelles’ offshore industry has placed the maintenance of its OECD-compliant reputation at the forefront of its work. While geographically, politically and economically free from the undue influence of the EU and US regulatory systems, Seychelles’ financial services industry nonetheless demands and maintains respect for the highest standards
in business practice to guarantee the reputations of the jurisdiction, its service providers and their clients.
Seychelles is emerging as a jurisdiction of choice with over 17,000 companies registered in 2009 and more than 120,000 companies registered to date. It is taking giant steps towards being an International Financial Centre in the Indian Ocean Region by offering a wide array of products such as International Business Company (IBC), Special License Company (CSL), Protected Cell Company (PCC), Domestic Company, Trusts, Foundations, Mutual Funds, Offshore Banks and
services such as Legal, Accounting & Auditing.
Seychelles has established well-formed legislation for International Business Companies, Offshore Banks, Insurance Companies, Mutual Funds, Trusts, Foundations and extensive programs of investment incentives as well as the International Trade Zone. Seychelles has a territorial taxation system, therefore only locally – sourced income is taxed.
Furthermore, Seychelles is an excellent investment base for investors between Europe and the Far East, being between these time zones, and has the benefit of a multi-lingual population with English and French as the two business languages.
The laws of Seychelles take a most comprehensive, modern and attractive approach to the establishment and operation of offshore companies, mutual funds, offshore banking, offshore insurance and Freeport activities.
In 2003 the government legislated for additional types of companies; Special License Companies, Protected Cell Companies and Limited Partnerships. In 2009 the Foundation Act also came into force allowing the Seychelles to add Foundations to its product offer. It is now easy to form corporations and privacy is reasonably assured. Seychelles signed a number of tax treaties which add an excellent instrument available in the jurisdiction for tax planning purposes.
So when open a new company or looking to relocate Seychelles it appears are welcoming you with open arms