SEYCHELLES JURISDICTION OVERVIEW
The Seychelles comprises of a group of some 115 islands in the Indian Ocean, and is an independent Republic within the British Commonwealth. It is famous for its exotic beaches, pristine waters, warm climate and is home to two UNESCO World Heritage Sites: The Vallee de Mai on Praslin (with its famously shaped Coco de Mer) and Aldabra, the world's largest coral atoll. The Seychellois population of approximately 90,000 stems from multi-ethnic roots and the official languages are English, French and Seychellois Creole.
The legal system derives from both French and English sources, and is a hybrid legal system combining both civil and common law, allowing for comprehensive and modern international financial services laws. Port Victoria is well equipped with modern cargo handling facilities and is one of the finest in the Indian Ocean region. The airport is served by a number of international airlines providing easy access to European and Asian destinations. Its location in the middle of the Indian Ocean allows for real-time communication with both Europe and Asia in a day's working hours.
The Seychelles offshore financial centre is among the fastest growing offshore jurisdictions in the world, with its Registrar rated as one of the most efficient in the offshore world. The political stability, legal system and communication infrastructure has allowed Seychelles become a progressive offshore centre with modern legislation, ensuring investor security and confidentiality. Seychelles provides a wide array of products such as International Business Company (IBC), Protected Cell Company (PCC), Trusts, Mutual Funds, Offshore Bank Accounts, Foundations, and services such as Legal, Accounting & Auditing that are ideal for offshore businesses.
Christen Consult has established its Head Office in the heart of the capital at Unity House, Suite 212, Victoria, with access to all banks operating in Seychelles as well as financial and non-financial institutions necessary for its daily operations.
OFFSHORE COMPANY FORMATIONS (IBC)
Seychelles IBCs are international business companies incorporated under the International Business Companies Act 2016. The Act is modern and comprehensive and provides an attractive and robust framework for use of Seychelles companies as a vehicle for doing business or holding investments worldwide.
Christen Consult are specialists in the formation and administration of Seychelles IBCs. Our services include provision of the Registered Address, Registered Agent, company management and administration services, provision of directors and shareholders, bank account introductions, preparation of corporate documentation, secretarial services and a range of further ancillary services in Seychelles.
You can configure your own tailor-made Seychelles offshore company to match your exact requirements. Our memorandum and articles are easy to read and maintain, and have clauses that allow great flexibility in running the company. An IBC is designed to engage in international business, and is not taxed in Seychelles on its worldwide profits. Our services are designed to ensure a robust and comprehensive solution to meet your international tax planning requirements.
Below is a summary of some of the more attractive features of the IBC Act:
Permitted Business Activities
IBCs may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose. The Memorandum and Articles of an IBC company define the business activities in which the company can engage in. These activities are regulated by specific legislation, such as:
IBCs may not do banking, insurance and registered agent business without special license.
IBCs may not carry on securities business in Seychelles (allowed outsides Seychelles, if it is licensed to do so in the country in which it carries on such business).
IBCs may not carry on gambling (including interactive gambling) business in Seychelles (allowed outside Seychelles, if it is licensed to do so in the country in which it carries on such business.)
IBCs may not carry on business as a mutual fund, unless licensed under the Mutual Fund and Hedge Fund Act of Seychelles, or under laws of any of recognized jurisdictions.
No taxation on any business activity or transaction carried on outside the Republic of Seychelles.
The Business Tax (Amendment) Act 2018 introduces a Territorial Tax System in Seychelles. As such, a Seychelles tax resident, including an IBC, is liable for Seychelles tax on any Seychelles-sourced income.
In a similar fashion, foreign sourced income or international profits made by an IBC are not taxable in Seychelles.
Flexible corporate structure
A Seychelles International Business Company is an independent legal personality and possesses the same powers as a natural person. A Seychelles IBC requires a minimum of only one shareholder and one director. The Shareholders and Directors can be either corporate entities or natural persons, and may be of any nationality and may be residents of any country. The shareholder´s or director´s meetings additionally need not be held in the Seychelles and there is no requirement for a regular Annual General Meeting. The name of the company may be expressed in any language together with a translation into English or French. Incorporation documents may be drafted in any language together with a translation into English or French. Additionally, IBCs may own vessels under the Merchant Shipping Act 1992.
The corporate structure of the Seychelles International Business Company can be designed in accordance with the widest variety of requirements.
Privacy and Asset Protection
The Details of Directors are filed with the Registrar but are not accessible to the public, and similarly the Details of Shareholders and Beneficial Owners are not filed with the Registrar. An IBC is required to keep Registers of its Directors, Members and Beneficial Owners at its Registered Office in Seychelles, which are not publicly accessible.
No requirement to file annual returns or financial statements.
There is no requirement under the Act for an IBC to appoint an auditor or to prepare or file annual accounts (unless the IBC earns Seychelles sourced income). There is also no requirement to hold annual general meetings of Shareholders. An IBC is required to furnish to its registered agent in Seychelles an annual compliance return stating the address at which its accounting records and minutes and resolutions are kept. An IBC is additionally required to keep accounting records for at least seven years from the date of completion of the transactions to which they relate.
Christen Consult can provide professional directors to act on the instructions of clients.
For clients seeking privacy in their affairs we provide nominee shareholders. Their sole purpose is to hold shares on behalf of clients. To protect our clients interest the nominee enter in to a contract known as a “Declaration of Trust” with the Beneficial Owners of the IBC company that prevents the nominee from acting without instructions from the clients.
For more information about Seychelles IBCs, contact us directly to find out how we can assist you.
OFFSHORE BANK ACCOUNTS
In addition to offering our clients a complete package consisting of the Offshore Company, Christen Consult is able to assist clients in the process of obtaining offshore bank accounts. We maintain relationships with several banks located in major international and offshore banking centres, and our Banking Department is able to advise our clients as to which banks can best provide banking facilities suited to their business needs. The range of Banking services include, but are not limited to, multi-currency accounts, trade finance, internet banking, cash management, credit/debit card facilities and interest bearing current accounts.
Below is a summary of some of the banking facilities offered by most banks:
Corporate Bank Account
Upon getting to know the business background of the client, we can offer bank account introductions with reputable banks in several popular offshore banking jurisdictions across the world. Our Banking Department is able to advise our clients as to which banks can provide the banking facilities best suited to their business needs, from banks suitable for start-up businesses to banks who cater to the specific needs of high-net-worth clients.
Successful opening of corporate / personal bank account is usually within 24-48 hrs (subject to receipt of all relevant documents).
Online Banking Facilities
The banks we introduce clients to offer complete online banking services allowing you to fully manage your bank account via an ordinary internet browser. There is usually a separate application form for this service which can be submitted at the same time as the bank account application. You may also apply for online banking at a later date, after the account has been opened.
Debit / Credit Card Facilities
The banks we introduce clients to offer Debit Card, Deferred Debit Card and Credit Facilities for both personal and corporate uses. There is usually a separate application form for this service which can be submitted at the same time as the bank account application. You may also apply for card facilities at a later date, after the account has been opened.
For more information about Banking Facilities, contact us directly to find out how we can assist you.
An IBC may own or operate a vessel registered in Seychelles under the Merchant Shipping Act 1992 and the vessel may visit Seychelles or be located in Seychelles' territorial waters. Christen Consult provides Seychelles yacht registration and management services for yacht owners. Owning a yacht through a Seychelles IBC Company and its registration in Seychelles has many advantages. As pioneers in the industry, we have considerable expertise in the formation and administration of Seychelles IBC Companies and Seychelles yacht registration.
Our services include:
Setting up and registration of a Seychelles IBC Company.
Setting up an offshore bank account.
Seychelles yacht registration & IBC management.
Obtaining a Telecommunications License.
Obtaining an MMSI Number.
The Registration process takes one week to obtain the registration certificate and the telecommunications with the Seychelles Maritime Safety Administration (SMSA), and a yacht does not need to be in Seychelles for the registration. A Seychelles flag will be provided upon registration of a vessel.
For more information about Seychelles Yacht Registrations, contact us directly to find out how we can assist you.
Christen Chambers, founded by Attorney-at-Law Ms. Tamara Christen, offers comprehensive corporate and legal advice and services.
Investment and Finance
The Chamber specialises in acting for and guiding entrepreneurs to set up, finance and grow their businesses. We assist with conceptualising the idea, creating the legal entity and structuring it within an existing framework or alternatively also set up the structures in anticipation of future growth. We also assist with navigating through the licensing requirements, bank account opening and guide our clients through the different financing options.
We aim to find the most appropriate way of structuring and financing any given transaction.
Company and Commercial
The Chambers has considerable experience in working with exiting businesses advising on all facets of the running of a company but specialises in advisory work relating to investments, project management, deal structuring and financing, drafting of all the required contracts and financing and security documents.
We assist with strategy for M&A's as well as draft all documentation required for the transaction and the continued success of the venture. We draft all agreements ranging from master service agreements, NDA's, consultancy agreements, agency and distribution agreements.
We work with listed companies ans well a companies seeking to list in the MERJ stock exchange in Seychelles. The Chambers is often asked to provide transactional opinions to multinational banks and regulatory authorities on the validity and enforceability of the contemplated transaction.
We also advise and assist with brand protection when the need arises.
Property and Construction
We have and continue to work with the leading property developer on the island. We try our best to offer a full service starting with the due diligence on any potential purchase, the sanction applications that may be required as well as the drafting and registration of the purchase agreements.
If the client wishes to develop the site, we also assist with drafting up all the neccesary contractual documents, conducting due diligence on the architects, contractors, engineers and seeing the project through to fruition.
This service is for both commercial and residential property.
Succession and Estate Planning
The Chambers also provides advice as to the succession laws governing the assets located in the jurisdiction so as to safeguard and grow the client's portfolio and plan how distribution will occur upon the opening of succession.
For more information about our Legal Services, contact us directly on to find out how we can assist you.