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The Seychelles
The Republic of Seychelles comprises 115 islands occupying a land
area of 455 km² and an Exclusive Economic Zone of 1.4 million
km² in the western Indian Ocean. It represents an archipelago
of legendary beauty that extends from between 4 and 10 degrees south
of the equator and which lies between 480km and 1,600km from the east
coast of Africa. Of these 115 islands, 41 constitute the oldest mid-oceanic
granite islands on earth while a further 74 form the low-lying coral
atolls and reef islands of the Outer Islands.
The granitic islands of the Seychelles
archipelago cluster around the main island of Mahé, home to
the international airport and the capital, Victoria, and its satellites
Praslin and La Digue. Together, these Inner Islands form the
cultural and economic hub of the nation and contain the majority of
Seychelles’ tourism and business facilities as well as its most
stunning beaches.
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 now a significant element
of the economy.
The Port of Victoria is well equipped
with modern cargo handling equipment
and has more than 6,000 square metres
of covered storage space.
An ever-increasing number of international
banks and insurance companies have established
either branches or subsidiaries whom,
together with local management, accounting
and legal firms provide clients with
support.
The Seychelles International Airport
is one of the finest in the Indian Ocean
region. In addition to the national flag
carrier, Air Seychelles, the airport
is served by a number of other airlines.
National and international telecommunications
are provided by Cable and Wireless (Seychelles)
Limited, part of Cable and Wireless PLC,
London. |
Seychelles Facts
Full name: The Republic of Seychelles
- Population: 81,895 (UN, 2007)
- Capital: Victoria
- Area: 455 sq km (176 sq miles)
- Major languages: English, French, Creole
- Major religion: Christianity
- Life expectancy: 72.8 years
- Monetary unit: 1 Seychelles rupee = 100 cents
- Main exports: Fish, cinnamon bark, copra, petroleum
products (re-exports)
- GNI per capita: US $8,290 (World Bank, 2006)
- Internet domain: .sc
- International dialling code: +248
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Political Structure
The islands were discovered by the Portuguese explorer Vasco de
Gama. The first French settlement was established on St. Anne Island
on the 27th August 1770.
In 1814 the Seychelles, along with
Mauritius, were ceded to Great Britain under the terms of the Treaty
of Paris. It was only in 1960 that the first gradual constitutional
reforms were introduced.
The Head of State is the President
and a National Assembly of directly elected Members heads the legislative
side of Government. Seychelles is an independent republic within the
British Commonwealth.
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Language
The official languages are English, French
and Creole. Creole is spoken widely. English is the main language of
business.
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Type of
Law
Based on English Common Law and French
Civil Law.
Principal Corporate Legislation The
International Business Companies Act 1994.
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Company Information
Type of Company for International Trade and Investment:
International Business Companies(IBC).
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How to Incorporate
Filing of Memorandum of Incorporation at
the Registry and the Articles of Association.
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Trading
Cannot trade within the Seychelles or own
real estate there. Cannot undertake the business of banking, insurance,
assurance, reinsurance, fund management, asset management (other than
the company's own assets) or any other activity that would suggest an
association with the banking and insurance industries. A Seychelles
IBC cannot provide registered office facilities in the Seychelles, or
sell its shares to the public.
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Powers of Company
A Seychelles incorporated Company has the
same powers as a natural person.
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Language of Legislation and Corporate Documents
English or French. If any other language
is used it must be accompanied by a translation in either English or
French.
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Registered Office Required
Yes, must be maintained in the Seychelles
at the office of a licensed management company.
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Time to Incorporate
Same day, allowing around five days for delivery
of documentation.
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Name Restrictions
Any identical or similar companies which
are already incorporated. Anything that implies patronage of the Seychelles,
or any other government, insurance, royal, imperial or any other name
that may imply that a company intends to undertake a licensable or undesirable
activity.
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Language of Name
The name can be in any language, but must
be accompanied by a translation in English or French. The documentation
will either be in English or French.
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Suffixes to Denote Limited Liability
Limited, Corporation, Incorporated, Société Anonyme (SA) or their abbreviations.
Other suffixes such as BV, GmbH, and SARL
may also be used.
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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 licence fees. 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.
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Types of Shares Permitted
Registered shares, bearer shares(not recommended),
shares of no par value, preference shares, redeemable shares and shares
with or without voting rights.
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Taxation
None!
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Licence Fees
For an Authorised Capital of up to US$ 5,000
the licence fee is US$ 100. Between US$ 5,001 and US$ 50,000 Authorised
Capital the licence fee is US$ 300. Over US$ 50,000 Authorised Capital
the licence fee is US$ 1,000.
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Financial Statement Requirements
There is no actual requirement to file accounts,
but a company must keep records to reflect its current financial position.
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Directors
The minimum number of directors is one, who
may be a natural person or a body corporate.
They may be of any nationality and need not
be resident in the Seychelles. If you require
nominee directors the cost is £300, $600, or €375
per annum for two.
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Company Secretary
A Seychelles IBC does not need to appoint
a company secretary although many do. The
secretary may be a natural person or a corporation,
they can be of any nationality and need not
be resident in the Seychelles. If you require
a nominee secretary the cost is £100, $199, or €125
per annum.
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Shareholders
The minimum number of shareholders is two.
Nominee shareholders are available at a cost
of £100, $199, or €125
per annum.
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Incorporation
Fees
| Incorporation
Fee |
£695 |
$1395 |
€875 |
| Annual
Fees |
£495 |
$995 |
€625 |
due
on the anniversary of company's formation |
| If
you require an internet domain registration to accompany the formation click
here |
Orca Seychelles Rating
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