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Seychelles Overview The Seychelles, which is officially the Republic of Seychelles, is an archipelago nation made up of 155 islands in the Indian Ocean. It is situated 930 miles east of the African mainland. The Island has a land area of 176 square miles.
The population of the Seychelles is approximately 80,699. This is the smallest population of any sovereign state of Africa. As there were no indigenous people on the island, people immigrated to the island and the largest ethnic groups are therefore of French, African, Indian and Chinese descent.
The capital of the Seychelles is Victoria.
Official languages are English, French and Seychelles Creole.
The currency of is the Seychellois rupee. It is the smallest nation in the world issuing its own currency.
It was a British Colony since 1812 and gained its independence from the UK on 29 June 1976. It is a member of the Commonwealth. The country has a democratically elected government which is politically stable. The country’s legal system is based on English Common Law and French Civil Law therefore banking, trust and other financial services legislation is predominantly based on English law and notably the country has modern international financial services laws.
The Seychelles President is the Head of State and the Head of the Government, elected by popular vote for a 5 year term of office. The President presides over the Cabinet which is also appointed by the President subject to the approval of the majority of the legislature. It has a unicameral parliament which consists of a National Assembly made up of 34 members.
The economy has grown considerably since its independence. The economy is mostly based on tourism and commercial fishing however the government encourages foreign investment in a move to upgrade hotels and resorts on the island. Government incentives have therefore resulted in major developments projects in tourism and infrastructure. The government wants to reduce its dependence on tourism and fishing and promote development in other sectors, i.e. farming, manufacturing and the offshore industry.
The offshore financial services industry has therefore grown rapidly and has set records for the last 4 years in a row. This growth has been fuelled by favourable tax policies such at the Mutual Fund Act of 2007, the Seychelles Securities Act 2007 and the Insurance Act 2007 which many people in this industry believe will be a catalyst for transforming the Seychelles from an offshore jurisdiction into an offshore financial centre.
Seychelles IBC Companies Key Facts
• All company names must end with a word or abbreviation denoting a corporate body or limited liability. The most popular name-endings include "Limited", "Corporation" or "Incorporated"; the words "Societe Anonyme" or "Sociedad Anonima"; the abbreviation "Ltd", "Corp", "Inc", "GmbH", "AG", "OY" or "S.A.".
• A Seychelles IBC cannot have the same name as an existing Seychelles company. A new company name could also be rejected if it is very similar to an existing company name unless the existing company gives consent. Any names deemed by the Registrar to be indecent, offensive or misleading will also be rejected.
• The following words are restricted and cannot be used in company names: “Assurance”, “Bank”, “Building Society”, “Chamber of Commerce”, “Chartered”, “Co-operative”, “Imperial”, “Insurance”, “Municipal”, “Trust”, “Foundation”. Any names which suggest the patronage of any Government are also prohibited.
• It takes approximately 1-2 days to incorporate a company with a requested name.
• The standard authorised share capital of a Seychelles IBC is US$1,000,000 although any amount is acceptable subject to the client’s requirements.
• The standard currency is the United States Dollar, but any other convertible currencies are permitted.
• The standard minimum issued share capital is US$1. Issued shares must be paid up.
• The minimum number of Shareholders is 1.
• A Register of Shareholders must be kept by the Registered Agent. The Register of Shareholders is not filed for public record.
• Meetings of Shareholders can take place anywhere in the world. Meetings of Shareholders can also take place by proxy.
• Bearer shares are allowed but may be prohibited in the Memorandum and Articles of Association of a Seychelles IBC.
• Shares may be held by a nominee on behalf of the beneficial owner.
• The minimum number of Directors is 1. Corporate Directors are allowed.
• Meetings of Directors can take place anywhere in the world. Meetings of Directors can also take place by proxy.
• A Register of Directors must be kept by the Registered Agent. Directors details are not disclosed on public file.
• The appointment of a Company Secretary is optional.
• Keeping accounts, auditing of accounts and filing of accounts are not required.
• Company Seals are not required.
• Beneficial owners are not disclosed to the Registrar.
• Corporate Minutes and Resolutions must be kept by the Registered Agent.
• Continuation/migration of IBCs to or from the Seychelles is permitted.
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