SEYCHELLES

The Republic of Seychelles or more commonly known as Seychelles is an Archipelago consisting of 115 islands which stretch over 1200 kilometers or 720 miles in the western part of the Indian Ocean. Seychelles, is 1593 kilometers or approximately 960 miles east of Kenya; 2813 kilometers or 1690 miles south west of India and 925 kilometers or 560 miles north-east of Madagascar.

Of the 115 islands, about 40 are of volcanic formation, the rest are of coral formation. The major islands are Mahe, Praslin and LaDique and all of volcanic origin. The coral islands are flat and without water. The capital which is Victoria is on the main island Mahe.

The climate of the islands is tropical and humid. It is cooler during the south-east monsoon between May and September. The north-west monsoon from March to May is warmer. The average temperatures are 24 degrees Celsius during the cooler period and 30 degrees Celsius in the warm period.

Politics and Government

The Republic of Seychelles is an Independent Democracy with its own constitution and holds free multiparty elections.

Legal System

The legal system is based on English Common Law, French Civil Law and Local Statute and custom. The Judicial Branch consists of The Court of Appeal and The Supreme Court. Judges for both courts are appointed by the President.

Infrastructure

Electrical power depends entirely on fossil fuel generators with an output of 160 million kwh. This capacity satisfies the needs of the islands.

Telephone including mainline and cellular service is effective. Internet service is also available utilizing a satellite earth station provided by Intelsat.

There is one major airport and deep sea port at the main island of Mahe. International air service is available by Air Seychelle and other international airlines. The port in the capital Victoria accepts containerized as well as break bulk cargo for domestic import and export purposes. It also serves as a transshipment port.

Economy

Since independence in 1976, the per capita output of Seychelle Islands has expanded to roughly seven times the subsistence level of the colonial days. Growth has been led by tourism, which employs approximately 30% of the labor force.

Attempts are being made by the government to reduce its dependence on tourism by diversifying the economy and promoting the expansion into farming, fishing, small-scale manufacturing and the further privatization of public enterprises. The labor force is approximately 39,000, with a low unemployment rate.

The major industries other than tourism include fishing, coconut processing, vanilla processing, production of rope from coconut fibre, boat building, printing, furniture and beverages. Agricultural products are coconut, cinnamon, vanilla, sweet potatoes, cassava, bananas, broiler chickens and tuna fish.

Seychelles main exports are canned tuna, frozen fish, cinnamon bark, copra and the re-export of petroleum products.

The offshore financial services sector is in its embryonic stage. Seychelles incorporating of a Seychelle IBC is executed under the governing legislation which is the International Companies Act 1994 and statutory requirements are minimal and flexible which makes incorporating in Seychelles uncomplicated. The Seychelle Islands look to the future growth and success of this sector.

REQUIREMENTS

Company Name

  • Must not be identical to any other registered name with Registrar.
  • The name of a company shall end with the word “Limited”, “Corporation” or “Incorporated”; or the abbreviation “Ltd.”, “Corp.” or “Inc.”.
  • Company names contains such words as follows are prohibited:

    – Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Credit Union, Government, Licensing, Municipal, Parliament, Police, Royal, Tribunal, Stock Exchange etc. or a word or abbreviation conveying a similar meaning.

    – Airline, Assurance, Bitcoin, Bureau de Change, Casino, Charity, College, Council, Foundation, Fund, Gambling, Gaming, Hospital, Insurance, Insurer, Lottery, Military, Mutual Fund, Pharmacy, Polytechnic, Reinsurance, School, Securities, Seychelles, Sovereign, State, Trust, Trustee, Union, University etc. (unless appropriate licence or permission is provided).

Business Activities
– May conduct all lawful businesses, except banking, insurance, securities, drug trafficking, arms, weapons trafficking, trading of pharmaceutical products, gambling etc. or related thereto are prohibited.

Director

  • Minimum one (1), who can be either a natural person or a corporation
  • Must be above the age of 18 years
  • Director may be of any nationality
  • Director and shareholder can be the same person/Corporation

Shareholder

  • Minimum one (1), who can be an individual or corporation
  • Must be above the age of 18 years
  • Shareholder may be of any nationality
  • Shareholder(s) and director(s) may be the same person/Corporation

Company Secretary (Optional)

  • Can be either a natural person or a corporation
  • The same director/shareholder can act as company secretary

Share Capital

  • For Seychelles incorporation there is no minimum or maximum Authorized Share capital. The common or standard authorized capital used is US$100,000.00 divided into 100,000 Ordinary shares of US$1.00 par value each.
  • A share may be issued with a par value share or at a no-par value share in any currency but a company shall not have a share capital consisting of shares which include par value shares and no-par value shares (S. 46).
  • Bearer Shares are prohibited (S. 48).

Registered Agent and Office

  • A company shall at all times have a registered agent (S. 164) and registered office (S. 161) in Seychelles.

POST INCORPORATION:

Meetings of Shareholders and Directors

  • There is no requirement to hold Annual General Meetings.
  • Shareholders/Directors’ Meeting may be held within or outside Seychelles and by any means including by telephone or other electronic means.

Location of Books and Records

  • A company shall keep:

    – Minutes of the meeting of its shareholders and directors
    – Copies of all written resolutions by shareholders and directors

  • The records and Minutes of the meetings shall be kept at the registered office or any other place as the directors determine and the company shall inform the Registrar of the address of the other place.
  • Company shall inform its registered agent in writing of the change of location of Books and Records within 14 days.

Keeping of Accounting Records

  • All companies shall keep reliable accounting records that are sufficient to show and explain the company’s transactions; enable the financial position of the company to be determined with reasonable accuracy at any time; and allow for accounts of the company to be prepared (S. 174) at its registered office or such other place as the directors think fit but no requirement to file any accounts or financial statements.
  • All companies are required to retain its accounting records for a period of at least seven (7) years from the date of either: (i) the completion of the transaction to which the documents relate; or (ii) the termination of the business relationship to which the documents relate
  • Company shall inform its registered agent in writing of the change of location of Accounting Records within 14 days.

Annual Compliance Return Declaration (ACRD)

  • ACRD is to be furnished no later than 31st December in every year by way of a declaration in the approved form signed by or on behalf of the company.
  • It is not filed with the Registrar or any other Seychelles government office.
  • It is not a public record.

Registers

  • A company is required to keep at its registered office in Seychelles a (a) Register of Directors, (b) Register of Members and (c) Register of Beneficial Owners but the Registers are not publicly available.
  • The Registers may be in such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the company must be able to produce legible evidence of its contents.

Register of Directors

  • A copy must be filed for registration at the Registrar within thirty (30) days of the appointment of its first directors and thirty (30) days for any subsequent change in the content of its Register of Directors (S. 152)

Register of Beneficial Owners

  • A person shall within thirty (30) days, give written notice to the company the registrable particulars relating to him/her when he/she becoming a beneficial owner and thirty (30) days for any subsequent change in the content of its Register of Beneficial Owners (S. 360)

PROCEDURES

To begin with, kindly obtain a copy of our application form which acts as a guide in providing us the necessary info and documents for setting up a Seychelles IBC company. Step 1: Name Check OR Select a Name from the shelf list
  • A search will be conducted with the Company Registrar on the available of the company name for incorporation.
Step 2: Name Reservation
  • The available proposed or selected name will be reserved for 20 working days at no cost.
Step 3: Company Registration
  • Upon receipt of the completed application form, payment and all supporting information, we will proceed with the incorporation.
  • The process will take approximately 2~3 working days.
Step 4: Prepare and execute the incorporation documents
  • Allshores will assist to prepare the incorporation documents for signing by the all proposed director(s), shareholder(s) and beneficial owner(s) to complete the entire setup.

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