Seychelles is a good option to go, especially when you are concerned about how fast your offshore company formation can be done.
The registration process in Seychelles is regarded as one of the most flexible and fastest. More often than not, a new international business company in Seychelles can be set up for only 24 hours.
The incorporation of a Seychelles International Business Company is regulated by the International Business Companies Act, 1994 (“the Act”) with the competent authority being the Registrar of Companies as authorized by the Seychelles International Business Authority (“SIBA”).
IBCs may only be incorporated by licensed International Corporate Service Providers (“ICSPs”), individuals who have been approved by SIBA as fit and proper persons, possessing all the necessary expertise for the incorporation of companies, and who can liaise with the Regulator.
All requests from ICSPs for the incorporation of Seychelles IBCs must be completed on the customized “IBC Request Forms” as designed and customized by the Registrar of Companies. However, applications bearing the letterhead of the ICSP shall also be accepted.
Applications may be submitted in the French or English language, and must on pain of nullity be in a type-written format.
Upon submission of an application for incorporation, the Registrar shall reserve and issue a unique Company reservation number of the proposed IBC. The ICSP is allowed a maximum of 72 hours within which to submit the Company’s Memorandum of Association for incorporation of the Company.
In default, the company name reservation number shall lapse and the procedure shall have to be repeated. Provided the Memorandum and Articles of Association are in compliance with the provisions of the Act, and the statutory registry fee is paid, the Seychelles Registrar of Companies shall incorporate the IBC and concurrently issue a Certificate of Incorporation, evidencing the incorporation of such IBC. Incorporation is expedited swiftly and may be executed, on a same-day basis.
- Company Name
Article 11 of the Act regulates the possible company names which may be availed of by the IBC. The name of a company may be expressed in any language. Nevertheless, if the proposed company name is not one in French or English, then acceptance shall be a condition to the provision of a translation or transliteration of the name in English or French.
All intended names to be used as IBC names have to be approved by the Authority and must contain any word, or combination thereof as prescribed in the first column of Part III of the Schedule. Derogation is permissible, in the case of companies incorporated outside Seychelles, and then re-domiciled in Seychelles.
- Name Restriction
Some words are not allowed in company names. They are known as prohibited words whereas some words may only be used subject to special criteria or permission. Section 11(3)(b) of the Act makes provision for prohibited words that should not feature in any company name. These words are “Assurance”, “Bank”, “Building Society”, “Chamber of Commerce”, “Chartered, “Cooperative”, “Imperial”, “Insurance”, “Municipal”, “Trust” and “Foundation”.
The list extends further to any word conveying a similar meaning or any other word that, in the opinion of the Registrar, suggests or is calculated to suggest the patronage of or any connection with any country or the Government of that country.
However, a company name may feature the name of a country provided that the ICSP makes a declaration that there is no affiliation with the patronage or government of that country. The Registrar will not be in a position to accept Seychelles, regardless of any declaration.
The Registrar has also an internal list of words that are used in the vetting of company names, but this list is not available for publication. There are also restrictions on the use of registered Trademarks. Please note that the registrar does not check company names against the trademarks registers. This responsibility relies on the ICSP, or in the case of a change of name, the company itself.
- Exceptions
An IBC cannot trade under the same name as a domestic company registered with the local registrar. However, this may sometimes be allowed if the registered agent obtains the approval of the owner(s) of the domestic company.
This approval has to be submitted to the Registrar for consideration. Note that the responsibility of verifying whether a name has been registered with the local registrar relies on the ICSP.
- Reservation period of company name
Upon approval of a name by the Registrar, the name will be reserved for a period of thirty (30) days as of the date of approval. Names that have enjoyed their 30 day reservation period, if not incorporated as IBCs during that period, will consequently have the status expired.
Once expired, the name will once again be made available to any ICSP. Should an ICSP decides to extend the reservation period of a proposed name, that request containing the list of names, must be submitted together with the prescribed fee, before the relevant expiry date of that period.
- Incorporation and Continuation
Following the approval of the Company name, the ICSP may apply to the Registrar to incorporate or continue the company through a relatively straightforward process, rendered necessary through the submission of a formal request stating:
- The proposed company name (as approved)
- The intended authorized share capital of the proposed company
- Payment of the relevant registry fee
Conclusion
You can easily accomplish your Seychelles company formation by filling out an online order form. Depending on the ordered configuration, Seychelles company formation could take only 24 hours.
Upon the receipt of your order, you will therefore start company registration in Seychelles. After company registration, you will be asked to prepare a memorandum and articles of association and other mandatory requirements.
There is no need for you to sign any Seychelles offshore company incorporation documents. Then the documents will be filed to the Seychelles Registrar of Companies. The time from starting company setting Seychelles, up to getting the Seychelles offshore company incorporated normally takes 1 to 2 business days. The Seychelles company formation usually happens within 24 hours. Additional certification may take another 2 to 4 business day.
Need help in setting up a Seychelles IBC? Get in touch with us today!
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