Seychelles is located in the Indian Ocean with a population of eighty thousand. It has the fastest IBC (International Business Company) registers globally with the most comprehensive, ultramodern, and alluring approach to the establishment and operation of coastal companies, banking, and insurance. Seychelles thrives on its tourism and financial services sector. Since the country introduced its International Business Companies Act in 1994, Seychelles has just grown and flourished from there to the competitive position as the coastal company incorporation Mecca currently. For global investors who want to set up and register a business in a new country that’s new to them, it must be worth their time and most importantly, profitable progress. Some benefits that global investors stand to obtain by registering a company in that country are excellent tax benefits, high confidentiality offered for businesses as well as asset protection. Seychelles is also a country with a good road network system in place and exceptional telecommunications services offered, which is great news for investors because this helps to boost the success rate of the business.
Steps for company registration
Verifying the authenticity of the proposed company name before progressing with the incorporation.
Each company name must be unique and not used by another company or business.
Notarise the Memorandum of Association documents.
Although this isn’t fairly needed by Seychelles law, companies still choose to do so before submitting their documents to the Registrar of Companies for the incorporation process. documents are deposited at the Companies Division of Registrar General for stamp duty and enrollment charges assessment. Companies are needed to submit the Memorandum and Articles of Association to the Companies Registry for stamp duty assessment purposes, and this process generally takes a normal of four to six days.
Payment of stamp duties and enrollment charges
Companies need to pay for stamp duties charges which vary and also acquire the document of incorporation upon enrollment concerning the memorandum of the company at the Companies Division of Registrar General.
Train the particulars and information of the directors, company clerk, and the listing office.
Companies are needed to file the information within 14 days prior to the appointment of company directors.
Register for levies at the Revenue Commission
All new businesses are needed to do so within 14 days of the business commencing operations. They also need to acquire a business license demanded from the Seychelles Licensing Authority.
Registering as an employer inclusive of a pension fund
All new businesses are needed to do so within seven days of hiring a new worker and contribute 2 percent of the payment towards the social security payments per worker.
Seychelles also has multiple global banks and global business companies registered in Seychelles have no duty arrears to deal with. In addition to that, registering a company in Seychelles requires no minimal share capital demand. Another benefit of registering a company in that country for global investors is there are no foreign exchange controls, which allows finances to be swiftly transferred in and out of the country. There are also no inspection or duty returns needed to be submitted by companies registered.
What you need to know about Seychelles company enrollment
Registration of business gives the chance to extend the company to the territory of the African mainland. There are no periodic reporting conditions in Seychelles, still, in agreement with the amendments to the International Commercial Companies Act, if companies get income taxable (“Assessable Income”) in Seychelles, companies will be needed to submit periodic fiscal and inspection reports to the Seychelles Registry (in agreement with the Companies Act 1972). The new edition of the Companies Act abolishes the income tax benefit in the quantum of 1.5 percent and the exemption from withholding duty. Still, companies operating under a special license (CSL) registered before October 16, 2017, may enjoy these duty benefits and are exempt from duty until June 30, 2021 (other restrictions apply).
