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Benefits of
the Seychelles
The Seychelles group of islands in the
Indian Ocean comprises over one hundred named islands most being
situated between four and five degrees south of the equator. The
largest island is Mahe.
The Seychelles has a population of around
72,000 descended primarily from French settlers, African slaves,
British sailors and traders from India, China and the Middle
East.
The Seychelles economy is primarily
tourism based, but the rapidly expanding financial sector,
linked to the establishment of the Seychelles International
Business Authority and a suite of progressive laws facilitating
the establishment of offshore structures and encouraging inward
investment, is gaining an importance.
The official language is English. However,
Creole is spoken widely and many also speak French. The
Seychelles Rupee is the currency of the island.
The law is based on English Common Law,
French Civil Law and Customary Law.
The Principal Corporate Legislation is the
International Business Companies Act 1994. The type of Company
for International Trade and Investment is the International
Business Company.
Questions
&
Answers
regarding
Companies in the
Seychelles
A. The
Structure of a Company.
1. Procedure to Incorporate.
Filing of Memorandum of Incorporation at
the Registry. The Articles of Association can either be filed at
the same time or within 30 days of incorporation.
2. Authorised and Issued Share Capital.
Seychelles IBCs are normally incorporated
with an authorised share capital of US $5,000 with par value.
This being the maximum for the minimum capital duty payable at
the time of incorporation and annually thereafter. The
authorised share capital may be expressed in any currency. The
minimum issued capital is either one share of no par value or
one share of par value.
3. Which classes of Shares are permitted?
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Registered
Shares. |
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Bearer Shares. |
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Shares of no
par value. |
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Preference
Shares. |
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Redeemable
Shares. |
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Shares with or
without voting rights. |
B.
Provisions in the Act relating to the Management and
Administration of the Company.
1. Directors.
The minimum number of directors is one,
who may be natural persons or bodies corporate. They may be of
any nationality and need not be resident in the Seychelles.
2. Shareholders.
The minimum number of shareholders is one.
3. Company Secretary.
A Seychelles IBC need not appoint a
company secretary, although it is customary to do so. The
secretary may be a natural person or body corporate, be of any
nationality and need not be resident in the Seychelles.
4. Financial Statement Requirements.
There is no requirement to file financial
statements, but a company must keep records to reflect its
financial position.
5. Taxation.
An International Company is exempted from
local taxation.
Notes
(1) For a copy of a full set of documents
to be made apostille in the jurisdiction will cost a minimum US
$
We are not responsible for any forthcoming
changes concerning the rules and regulations of the
jurisdiction.
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