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
- Government fee
Full set of incorporation documents certified with Apostille
- Registered agent
- Provision of a Nominee Shareholder (corporate)
+ 150 EUR
- Provision of a Nominee Shareholder (private person)
+ 350 EUR
- Provision of a Nominee Director (corporate)
+ 250 EUR
- Provision of a Nominee Director (private person)
+ 400 EUR
Seychelles is located in the Indian Ocean, northeast of Madagascar and about 1,600 km (994 mi) east of Kenya, mainland East Africa. The archipelago consists of 115 islands. The majority of the islands are uninhabited, with many dedicated as nature reserves. Capital is Victoria.
The formation, tax benefits and general structure of a Seychelles IBC are regulated by the Seychelles International Business Companies Act 1994.
The government of Seychelles has been undergoing several amendments to The International Business Companies Act, 1994 (the “Act”) in order to comply with the recommendations of the Organization for Economic Co-operation and Development and Financial Action Task Force standards.
On 26th July 2016, the National Assembly of Seychelles gave its approval for the enactment of the
New International Business Companies Act, 2016 which came into force on December 01, 2016.
What is Seychelles IBC?
Seychelles IBC – an International Business Company – is the most popular and versatile type of offshore corporation available in Seychelles. Similar to other classic offshore companies, Seychelles IBC is designed to engage in international business. Being an IBC, it is subject to minimum red-tape. While being obliged to keep internal records and registries in good order, a Seychelles IBC does not have to submit any financial reports to public file. There is also no mandatory audit requirement.
Seychelles IBC is similar to the most popular international business company, the BVI IBC, and in some respects even exceeds that benchmark model of the offshore corporation.
Main key features and advantages:
- Fastest Registration
- Lowest annual government licence fee of any Offshore Financial Centre.
- No public filing or disclosure of shareholders / beneficial owners or directors.
- Minimum requirement; 1 Director, Shareholder (may be same person)
- Corporate Directors/Shareholders Permitted.
- Confidentiality is guaranteed by Law.
- Migration of Domicile Permitted.
- Nominee Shareholders and Directors are permitted.
Taxes in Seychelles
A Seychelles IBC is not subject to any tax or duty on income or profits. A shareholder of a Seychelles IBC is also not subject to any tax on his income derived from the IBC.
Essentially, a Seychelles IBC is a completely tax-free offshore corporation, insofar as it complies with a few simple rules of operation. The main requirement is that a Seychelles IBC should not pursue business within the territory of the Seychelles nor own real estate in Seychelles (except, of course, it may enter into business with any other Seychelles IBC`s).
Nominee Service consists of Nominee Director and/or Nominee Shareholder. Both, corporate and individual Nominee Directors and Shareholders are available in Seychelles.
Accounting and Audit
While being obliged to keep internal records and registries in good order, a Seychelles IBC does not have to submit any financial reports to public file. There is also no mandatory audit requirement.
In Seychelles, companies are required to maintain, internally, such accounting records that enable the financial position of the company to be reasonably determined at any time. However, there is no requirement to file any financial information on public record, nor is there any audit requirement.
List of documents received for standard IBC
- Certificate of Incorporation
- Memorandum & Articles of Association
- Resolution of subscriber in writing
- Share Certificates
- Register of Directors
- Register of Members
- Resolution of directors in writing
- Certificate of Collation
The identities and personal details of the beneficial owners, directors and shareholders are NOT part of public record for a Seychelles IBC. At registration of a new IBC, the Registrar of Companies does not require any data whatsoever on who is the actual beneficial owner of the new company. This information is only known to the licensed Registered Agent of the company and is kept on internal file by the company. The only documents of a Seychelles IBC that are held on public record are the Memorandum of Association and the Articles of Association. These documents do not contain any indication as to the actual shareholders or the beneficial owners of the company.
Seychelles is not subject to the EU Savings Tax Directive, unlike some other offshore financial centres, which are related to the EU member states (primarily, to the UK and its overseas territories).
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)
For Seychelles IBC we can assist you with the bank account opening in Seychelles or internationally. The banks we cooperate with are reliable financial institutions with a long tradition in private and corporate banking. Our clients are provided with an excellent customer service, online banking, Visa and/or Master cards, as well as other services, such as factoring, foreign exchange, savings and specialized banking solutions.