Seychelles is an independent Republic within the British Commonwealth with a population of approximately 82,000.
Seychelles comprises a group of about 115 islands in the Indian Ocean, most of which are located between 4 and 5 degrees south of the Equator.
The country has good political stability with a democratically elected Government. The Seychelles economy is primarily based on tourism, commercial fishing, and the offshore financial services industry.).
Corporate Requirements for IBC Seychelles
IBCs are required to have at least one director and one shareholder, who may be individual or corporate entities. Directors or shareholders do not need to be Seychellois residents (Foreign persons or corporate bodies are acceptable).
The management (directorship and daily operations) of Your Seychelles IBC can be carried out in a combination of ways, but primarily there are two options:
Option 1
Company directed by the owner. You, as the beneficial owner of the company, can be appointed as the Company Director for Your IBC. This information and the relevant Resolutions must be held by a Registered Agent in the registered office of the company.
The Register of Directors is filed with the IBC Registry too; nonetheless, this information is not accessible to the general public. And, of course, the particulars of the Company Director will also show up in some of the main documents of the Company.
Option 2
Company directed by an appointed professional director. In this case, the directorship of the company is taken by a professional third-party director.
The directorship service can usually be provided by the Registered Agent who is appropriately licensed, approved, and supervised by the Seychelles Financial Services Authority to carry out such service.
The owner of the company may also nominate anyone else to be appointed as the Company Director. This can be any person whom the owner trusts.
If the Company owner also acts as a Director, there are two clear advantages:
- The company maintenance costs are kept to a minimum.
- The company structure remains straightforward.
Shareholders, directors, and officers may be of any nationality and may be residents of any country. A company secretary is not mandatory (although it is customary to have one appointed), and maybe of any nationality and need not be resident in Seychelles.
The language of legislation and corporate documentation is either English or French. If any other language is used, it must be accompanied by a translation in either English or French.
Both the English and Chinese character names can be included in a company’s Certificate of Incorporation. Shares permitted include registered shares, shares of no par value, preference shares, redeemable shares, and shares with or without voting rights.
Beneficial owners need not be disclosed. There is no requirement to hold Annual General Meetings and meetings do not have to be held in Seychelles but can be conducted by telephone or other electronic means.
IBCs do not have to file any accounts or financial statements and there is no requirement to register initial or ongoing changes in directors or officers.
An Annual Return in the form of a written declaration shall be furnished to Offshore incorporations (Seychelles) Limited by 31 December of each year that provides to the effect that:
- The company is keeping accounting records per the IBC Act and that such records can be made available through its registered agent; and
- The company’s Share Register (register of members), Register of Directors and other officers located at Seychelles registered office are complete and up-to-date.
Conclusion
International Business Companies (IBCs) is the most prevalent and flexible offshore formation type in Seychelles. Like most offshore companies, Seychelles IBCs act as an effective vehicle to engage in international trading and investment activities.
IBC’s in Seychelles do not require a complicated management structure, therefore it is easy to have and maintain. Therefore, it is not mandatory to appoint a local director.
Get in touch with us for assistance in Seychelles offshore setup.