SEYCHELLES

One of the more recent jurisdictions to enact offshore legislation.

ADVANTAGES	Modern & flexible legislation. Government annual fees are fixed for the life of the company. Any increases will only apply to new incorporations after the duty change date. Convenient time zone GMT+ 4 hours. An independent territory not under the influence of the UK US or EU.
DISADVANTAGES	The lack of public registers makes proof of ownership difficult. Not recommended for high profile trading operations
CORPORATE LEGISLATION SOURCE	International Business Companies Act 1994 as amended by the International Business Companies (Amendment) Act 1995 and subsequently in 2000. Low tax companies (Companies (Special) Licences Act 2003) with Double Taxation Treaty access, based on the Companies Act 1972 are taxed at 1.5% in respect of taxable income.
COMPANY STATUS	IBC’s are the principal vehicle for the international transactions and are similar to IBC’s found in the Caribbean, such as BVI. Protected cell companies and limited partnerships are also available under their respective legislation.
USUAL MINIMUM CAPITAL	No minimum and capital may be denominated into any currency, consideration for shares may be any valuable consideration.
COMPANY NAME	Prior approval required. Some words sensitive eg Royal, Imperial. Must end 'Limited', 'Corporation', 'Incorporated', 'Societe Anonymne' or any other recognised alternative.
TIME TAKEN TO INCORPORATE	IBC 1 - 2 days CSL 14 days
ARE SHELF COMPANIES AVAILABLE	IBC - Yes CSL - No
CAPITAL DUTY	The standard authorised share capital is US$5,000 divided into 5,000 shares of US$1 each and the capital duty is included in our incorporation fee. If the share capital exceeds US$5,000 but is less than US$50,000 and additional duty of US$300 is payable.For an authorised share capital in excess of US$50,000 the additional charge is US$1,000.
MINIMUM NUMBER OF SHAREHOLDERS	An IBC need only have one member. A CSL needs a minimum of two sharehoders.
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?	Yes, provided they are held by a custodian such as Fiduciary Trust Limited / Yes
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION	IBC - One / Yes / Anywhere CSL - Two / Yes / Seychelles
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION	IBC - Yes / Yes / Anywhere CSL - Yes / Yes / Seychelles
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT	Yes / Yes must be resident
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED	IBC - None CSL - Seychelles Business Authority
INFORMATION AVAILABLE ON PUBLIC FILE	Memorandum & Articles / Registered Office and Registered Agent
DOCUMENTS TO BE KEPT AT REGISTERED OFFICE	Register of Directors & Members
CORPORATE BOOKS AND SEAL	Books required and may be kept anywhere. No corporate seal requirement.
ACCOUNTS REQUIRED / FILED	IBC - No / No CSL - Yes and audited / Not on Public File
ANNUAL RETURN REQUIRED	IBC - No CSL - Yes. Filed confidentially with The Seychelles Business Authority. Not available to the Public.
WHERE ARE MEETINGS TO BE HELD	No restrictions
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE	IBC - US$100 no annual return CSL - taxed at 1.5% of taxable income
ARE THERE ANY EXCHANGE CONTROLS	No
DOUBLE TAX TREATIES	In force with S.Africa, Indonesia, Zimbabwe, Mauritius, Oman, China., Botswana, Thailand, Malaysia, Vietnam.

INTRODUCING THE SEYCHELLES

The Seychelles are a group of one hundred islands situated in the Indian Ocean the largest island being Mahe. The population is approximately 72,000 of a multi-ethnic background primarily from French settlers, African slaves, British sailors and traders from India, China and the Middle East.

The islands were primarily discovered by a Portuguese explorer in 1502 and were first inhabited by the French in 1770. During the Napoleonic wars the islands were invaded by the British and were ceded to them in 1814. The Seychelles are currently an independent republic within the British Commonwealth.

The official language is English. However, Creole is spoken widely and many also speak French.

Legal System

The main courts are the Magistrate Court, The Supreme Court and the highest court in the land, The Court of Appeal. The Attorney General is the Principal Legal Advisor being head of the Department of Legal Affairs.

Civil law is based on the French Napoleonic Code and is known as the Civil Code of Seychelles. Criminal Law is based on English law.