The International Business Company is the most widely used vehicle for offshore operations in the Seychelles; it normally takes the form of a private company limited by shares, but can also be a Limited Life Company.
1. Only one director and one shareholder are required;
2. Shareholders, directors and officers need not be resident in the Seychelles and there is no stipulation as to their nationality;
3. There is no minimum capital requirement;
4. The list of prohibited activities that an IBC shall not undertake is: carrying on securities business, mutual fund and gambling business (unless such activities are licensed under the laws of each country in which the IBC carries on such business)
5. Every IBC will be required to keep a beneficial ownership Register at its registered office in Seychelles
6. All IBCs are required to maintain the accounting records and such accounting records shall be maintained at the registered office unless the director files with the registered agent in writing of the physical of another place he deems fit for maintaining the account which may be in Seychelles or outside Seychelles. Such accounting records shall be maintained for a period of 7 years (from the completion of the transactions)
7. No returns are needed of shareholders, directors or officers;
8. Shareholders and directors meetings need not be held in the Seychelles and can be held by telephone;
9. Regarding the aged shelf companies, the first director (s) must be appointed within 9 months of the date of the company’s registration
The Memorandum and Articles of Association are the only documents to be held on the public record.
IBC status is granted subject to certain conditions:
1. No business may be transacted with residents of the Seychelles;
2. No ownership interest in real property in the Seychelles is permitted;
3. Banking or trust business may be carried on only if an appropriate license is issued;
4. Likewise, a license is required to carry on insurance or reinsurance business;
5. Engaging in the business of company management or providing registered facilities for Seychelles-incorporated companies is not permitted.
IBCs are permitted various activities within the Seychelles without compromising their offshore status under the Act; these include:
- Copy of the passport certified by Accountant or Notary
- Utility bill (electricity bill, telephone bill – not older than three (3) months) – certified by Accountant or Notary
- Name of the company (2-3 suggestions)
- Payment to EURO COMMERCE LLC bank account