Seychelles

.

BACK - COUNTRIES

ABOUT SEYCHELLES

Seychelles at a Glance

Seychelles is one of the upper middle class economies of the world. The economy mainly depends upon tourism and the fishing sector. The employment, foreign earnings, construction, banking and commerce is mainly depended on these two sectors. The government implemented several measures to liberalize the economy in 2005 – 06.The steps taken were to liberalize the trade regime, privatization of the state owned entities and the liberalization of the restrictions on foreign trade. Though these measures were taken they were limited in their outlook and thus were insufficient to address longstanding macroeconomic imbalances and vulnerabilities.

Seychelles’ foreign trade policy aims at promoting an interdependent trade regime. Seychelles is a member of the regional tradingblocks such as COMESA, SADC,  IOC and  also the multilateral trade regime that is the WTO.

Population: 92,000
Form of government: Presidential Republic
Official languages: French, English, Creole
Currency: Seychellois Rupee (SCR)
Country code: +248
Time zone: UTC +4
Life expectancy: Female 78.98 years, Males 69.66 years
GDP (PPP): $1,427 billion (2017)
GDP (PPP)/per capita: $13,997, (2017)
Public debt: 78.8%
Unemployment: 5.5%
Average salary: $1.887/mo
Economy: Agriculture and primary production 20 %, Retail and travel 50%, Financial services 22%


Doing Business in Seychelles

Advantages of doing business in Seychelles

  • Zero or absolute minimum taxation on profits and capital gains;
  • confidentiality, due to no sensitive personal information registered on public file;
  • protection, due to secrecy provisions enshrined in the law and no information-sharing agreements;
  • corporate flexibility: no paid-up capital, no requirement to declare operational objects, minimum requirements on directors and shareholders, speedy incorporation, and so on;
  • simplicity of management – shareholders` meetings can be held anywhere, and also by electronic means, the corporate decision making process is extremely flexible;
  • minimum reporting – no audit, no tax reporting, no financial information on public file.

 Disadvantages of doing business in Seychelles

  • Small home market
  • No tax treaties
  • Well known tax haven and often black listed

How to start business in Seychelles

Who can start a new business in Seychelles:

  • Any person or legal entity who can provide documentation required by the law for incorporation

Who can own property or shares of Seychelles company:

  • Any legal entity (Companies, private individuals, trust or fund)

Who can act as a director or member of the board:

  • Any person or legal entity who can provide documentation required by the law.

Business entities in Seychelles

  • IBC (The Seychelles offshore company / International Business Company), Company tax 0%
  • CSL (The Seychelles Special Licence Company), Company tax  1.50%
  • LLC (The Seychelles Limited Liability Company), Company tax  33%
  • Limited Partnership
  • Foundation
  • Trust
  • PCC (Protected Cell Company)
  • Company registered in SITZ tradezone, Company tax  0%
  • Branch Office, Company tax  33%

Reguirements to incorporate in Seychelles:

  • At least 1 owner (Private individual or company, nominee shareholder allowed)
  • At least 1 director (Private individual or company, nominee director allowed)
  • Owner and director may be the same person and/or company.
  • Registered address on Seychelles not required but advisable for tax purposes
  • Most common paid-up share capital USD1000 payable after company registration

Opening a bank account:

  • Incorporation documents and articles of association (Certificated in Seychelles)
  • Board of directors meeting minutes
  • Proof of identity, address and skills of signatories
  • Registration certificate (Certificated in Seychelles)
  • List of shareholders and directors (Certificated in Seychelles)

Public register of shareholders and directors:

  • The identities and personal details of the beneficial owners, directors and shareholders are NOT part of public record for a Seychelles IBC.

Allowed trades:

  • It may not carry on business in Seychelles.
  • It may not own real estate in Seychelles.
  • It may not do banking, insurance and registered agent business without special license.

However

  • It may maintain Seychelles-based bank accounts and deposits.
  • It may maintain books and records within Seychelles.
  • A Seychelles IBC may maintain professional relationship in Seychelles with attorneys, accountants, trust and management companies, investment advisers or other similar persons.
  • It may hold meetings of its directors in Seychelles.
  • It may lease a property in Seychelles to use as office from which to communicate with members and where books and records can be kept.
  • It may hold shares, debt obligations or other securities in another Seychelles IBC or in a Seychelles domestic company.
  • A Seychelles IBC may also own a vessel or and aircraft registered in Seychelles.
  • Shares in a Seychelles IBC may also be held by a person resident in Seychelles.

Accounting and reporting regulations in Seychelles:

  • IBC company required to store accounting material at companies registered address. Auditing or final balance sheet not required
  • Bookkeeping not required
  • Financial statement not required
  • Auditing not required
  • IBC company registration is required to renew yearly

How funds can be withdrawn from company?

  • Company may transfer money to another company based on sales of services and goods.
  • Company can lend money to another company and / or person given that loan agreement with minimum interest and payment terms have been made. Owners cannot owe money for the company in the end of the book year.
  • Company can pay dividends from it´s own capital to shareholders after end of the book year
  • Company can pay salary to it´s employees given it has registered in the Tax Administration´s employer register. Employer is obliged to pay tax withheld at source from all wages paid to employees, along with making employer´s social security contributions.
  • Company can pay tax free allowance, such as kilometre allowance for using they own car, per diem and meal money, to owners in order to cover their temporary business travel expenses as defined in the official Decision of the Tax Administration on Allowances for Travel Expences
  • Company can pay meeting allowances for its directors, members of the board and owners
  • Profits may be transferred (if certain requirements are met) between group companies through group contribution system
  • Company can invest in shares, funds or real property.

Can you transfer Seychelles company to another jurisdiction?

  • Yes, given that another jurisdiction approves the transfer

How to terminate business in Seychelles?

  • Company may be sold
  • Not renewing company registration
  • Filing bankruptcy

The World Bank “Ease of doing business ranking”:

Overall rank:rank 85 (+2 since 2014)
- Starting a business: rank 127 (Average processing time 38 days)
- Dealing with construction permits:rank 48 (Average processing time 119 days)
- Getting electricity: rank 89 (Average installation time 137 days)
- Registering property:rank 78 (Average processing time 33 time)
- Getting credit:rank 171
- Protecting minority Investors:rank 56
- Paying taxes:rank 43 (Average company tax from profits 31.68%, average time used for taxation 88 hours year)
- Trading across borders:rank 42
- Enforcing contracts:rank 103 (Average 915 days, Average cost from standing amount 15.4%)
- Resolving Insolvency:rank61 (Average time processing bankcruptcy: 2 years)

New businesses registered in 2012: No public information

Residency and Moving to Seychelles

Residents Visa and Work Permit information in Seychelles

There are no visa regulations in place to enter Seychelles for up to three months; this visitor permit is renewable, not exceeding three months at each renewal, for a maximum of twelve months. Conditions state that foreigner:
– is not a prohibited immigrant; and
– is not holder of a valid permit which entitles that holder to reside in Seychelles.
– holds a valid return or onward ticket for duration of visit;
– has confirmed accommodation;
– has sufficient funds for duration of the stay. (Minimum of US$ 150.00 or equivalent per day.

Expats will have to obtain a residence permit, or a Gainful Occupation Permit GOP, to stay in the country for an extended period and also take up employment. The application can be done by the expat, in case they are self-employed, or the Seychelles employer at the Director General of Immigration. For detailed information please visit the Seychelles Ministry of Foreign Affairs Website >>

Accommodation in Seychelles

Seychelles is made of 115 islands, however only those in Inner Seychelles are inhabited. The most populated of these is Mahe. It has 90% of the population and is also where the largest aiport is located. Within Mahe, expats would definitely settle in the capital Victoria. Time has seemingly stood still in Victoria as most infrastructures are colonial.

Tour sites are plentiful in the city. Getting around is also relatively easy, and at times wouldn’t need a car. Locals here like to use bikes to get to places. Given the touristy nature of Victoria, and Seychelles in general, apartment rentals can be considered steep, with rent prices starting $400 a month for a single bedroom unit.

Driving license in Seychelles

Foreigners may use their domestic license and an international license to drive legally in Seychelles for up to 3 months. Beyond this, for legal residents, they will have to obtain a Seychelles license through the Seychelles Licensing.

International Schools in Seychelles

International School Seychelles

ISS delivers a strong British-based curricular programme from the Early Years to the Sixth Form and a tradition of academic success; a broad range of enrichment and enhancement opportunities for students – who are incredible young people from a kaleidoscope of different nationalities and backgrounds; experienced staff who are dedicated to their students; and parents who truly care about the school and are always keen to give help and support. These combine to create a vibrant multi-national community of learners within the wonderful culture and setting that is the Seychelles.

Curriculum: British
Website: iss.sc
Address: PO Box 315, Mont Fleuri, Victoria, Mahé, Seychelles

Seychelles Polytechnic

Seychelles Polytechnic offers post-secondary education and training programmes at Certificate/Diploma/Advanced Level.

Address: P.O Box 77, Anse Royale, Mahe, Seychelles
Website: www.seypoly.edu.sc

Healthcare in Seychelles

The healthcare facilities in Seychelles is limited to the major islands; beyond these it can be few or non-existent. The government provides free healthcare to all residents. Yellow fever is prevalent, expats are urged to get precautionary vaccinations before travel.

Freedom Index – Seychelles

Overall rank: 66  (58/100 points)
- Property:50/100 points
- Taxes:77/100 points
- Speech:69/100 points
- Government:62/100 points
- Guns:50/100 points
- Drugs:20/100 points
- Corruption:54/100 points
- Inflation:75/100 points
- Business:68/100 points

Taxation in Seychelles

Corporate taxation in Gibraltar

Taxable income0% / 1,5% / 33%
Taxation of divident
VAT registration Not applicable
Rates - 
Tax at source0%
- Dividents0%
- Royalties0%
- Interest0%
- Technical services0%
Transfer tax0%
capital gains taxTreated as normal income. Taxable only on dividents
Real property tax0%
Social security-
Capital duty0%
Stamp duty0%
Vehicle tax-
Tax treatiesNo tax treaties
CFC (Controlled Foreign Company) rulenot applicable

[/b5_tab]

 

OUR OFFERS IN SEYCHELLES

  • business planning, tax consulting by Novasigma
    BUSINESS CONSULTING FROM 125€/h
  • set up company
    Seychelles - Company Formation Services from 2.900€
  • TAX PLANNING FOR PRIVATE PERSONS FROM 850€
  • TAX CONSULTING FOR CORPORATIONS FROM 2.490€

 

NOVASIGMA IN SEYCHELLES

Services for corporations interested in Seychelles

  • Consultation and advisory (business, tax, legal) services before incorporation / during your business operations in Seychelles
  • Assistance in incorporation process: Tailor made company formation or shelf companies available
  • Administration services available for new Seychelles companies incorporated through Novasigma

For corporations operating in Seychelles

  • Banking and financial solutions for a Seychelles company
  • Accounting and Audit services for a Seychelles company
  • Legal services for a Seychelles company

For individuals and families interested in Seychelles

  • Consultation and advisory (tax, legal) services before re-located to Seychelles
  • Assistance in immigration process when moving to Seychelles (residency permanent, work permit, tax residency)
  • Incorporation and administration services for your privately held Seychelles holding company

For individuals and families who hold the Seychelles residency

  • Banking services in Seychelles for private persons
  • Local and international accounting services for Seychelles tax residents
  • Local and international legal services for Seychelles residents

NEWS AND BUSINESS OPPORTUNITIES IN SEYCHELLES

  • Do you know which country is the richest in Africa?
  • THE BEST COUNTRIES TO START OR EXPAND YOUR BUSINESS IN AFRICA
  • High Net Worth Individuals immigration soars 16%
  • Offshore bank account opening with Euro Pacific Bank
    Euro Pacific Bank- New USD Route available
  • Information for Novasigma clients about Seychelles international business company act 2016
  • Use an Offshore Company for Cryptocurrency Tax Benefits

 


Interested in Seychelles? Please leave us a message and we will come back to you shortly.

BACK - COUNTRIES

Available services

  • business planning, tax consulting by Novasigma
    TAX PLANNING & BUSINESS CONSULTING
  • How to register a company in United Kingdom
    Company Formation and Administration services
  • International Accounting & Audit services
  • Legal services for companies & business owners
  • Global Banking & Payment solutions
  • Novasigma offers citizenship programs with Caribian passports and tax residencies with a immigration service
    Tax Residencies & Citizenship programs

News and business opportunities

You can now pay with cryptocurrencies for Antigua & Barbuda Citizenship Program

You can now pay with cryptocurrencies for Antigua & Barbuda Citizenship Program

Antigua and Barbuda becomes the first country to accept Bitcoin and other cryptocurrencies as payment for citizenship by investment program (CIP). On Monday July 23, the parliament of Antigua and Barbuda amended by resolution on Citizenship by Investment Programme Act to allow payments to be made in Bitcoin and other cryptocurrencies.  The resolution also allows payments to be made in…

Product Managers Wanted – Dream Jobs in Costa del Sol

Product Managers Wanted – Dream Jobs in Costa del Sol

Novasigma is growing fast and now we are looking for new Product Managers to take care of our existing and new services. Working as the Product Manager is a part time job and ideal for candidates with excellent negotiation and computer skills and experience from B2B buying, global marketing and product management. Trainee period of…

Sweden – Company Formation Services from 2.290€

Sweden – Company Formation Services from 2.290€

Start a New Business in Sweden Sweden is located in Northern Europe between Finland and Norway. Sweden has a desirable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a highly skilled and educated work force. Timber, hydropower and…

Montenegro – Is it suitable for your Forex Business?

Montenegro – Is it suitable for your Forex Business?

MONTENEGRO – Until recently the business of FOREX trading companies was completely unregulated in Montenegro. This kind of business is carried out in Montenegro only by one bank and one company registered as a broker. By its nature, the Bank must be registered as a joint-stock company and have a license to perform financial and…

Dubai Airport Free Zone

Dubai Airport Free Zone

A world class infrastructure, with generous tax exemptions Dubai International Airport (DFZA) offers the ideal platform from which to do business. If you’re looking for a Free Zone that offers motivation, development and passion then Dubai Airport Free Zone could be just what you are looking for.   Located in the heart of Dubai, next…

Investor & Business Partner search service

Investor & Business Partner search service

INVESTOR & BUSINESS PARTNER SEARCH SERVICE Do you have ambitious plans, internationally or locally and is your bank not willing to finance your growth plans? Is your business expanding or offering franchise opportunities and you are looking for new business partners? Are you about to sell your business and looking for buyers? No worries, we…

Novasigma provides international accounting services, company formation services, legal, business and tax advisory services | Terms of Use & Terms of Business | © 2016 NOVASIGMA Global - Accounting & Law Cooperative ("NOVASIGMA LIMITED"). Member firms of the NOVASIGMA Global - Accounting & Law network of independent firms are affiliated with NOVASIGMA Global - Accounting & Law. NOVASIGMA Global - Accounting & Law provides no client services. No member firm has any authority to obligate or bind NOVASIGMA Global - Accounting & Law or any other member firm vis-à-vis third parties, nor does NOVASIGMA Global - Accounting & Law have any such authority to obligate or bind any member firm. Independent registered advisers, lawyers and accountants are not owned by, affiliated with or supervised by Novasigma or its affiliates. Novasigma provides custody, trading and operational support services for advisers, lawyers and accountants. Not all products and services available through Novasigma and its affiliates are available through advisers, lawyers or accountants. Registration does not imply a certain level of skill or training. Depending on jurisdiction there might be eligibility requirements to work with a dedicated Financial Consultant, Lawyer or Accountant. Wealth management, accounting, audit and legal services refers to products and services available through the operating subsidiaries of the Novasigma Corporation of which there are important differences including, nut not limited to, the type of advice and assistance provided, fees charged, and the rights and obligations of the parties. It is important to understand the differences when determining which product and/or services to select. Novasigma provides a full range of business, financial, banking and tax advisory, accounting and legal services through its operating subsidiaries.

All rights reserved. NOVASIGMA is a trademark of SilverFox & Co. Inc. Online services by NOVASIGMA LIMITED - Suites 41/42, Victoria House 26 Main Street, Gibraltar GX11 1AA.

bitpay
Bitpay
Latvijas Pasta Bank
NTL Immigration
CM Asesores
Blue Orange Bank