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Seychelles 9/9: International Trade Zone

Part 9: Seychelles International Trade Zone

Seychelles Mahé Island

The International Trade Zone Act 1995 and the International Trade Zone Regulations 1995 (as amended) provide for the establishment of free trade zones, which are delimited by a declaration of the Finance and Communications Minister, and can be for one company or many. The existing International Trade Zone (SITZ) on Mahé is…

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Seychelles 8/9: Insurance Part 8: Insurance In 2008, new legislation was introduced, in the form of the Insurance Act 2008; this replaced the Insurance Act 1994, which was modelled on the Insurance Act of Singapore.

Seychelles 7/9: Investment Funds Part 7: Investment Funds Enabling legislation putting in place a mutual funds sector in the Seychelles was enacted in 1997, aiming to provide a modern regulatory system in order to attract international mutual funds promoters from around the world.

Seychelles 6/9: Trusts & Foundations Part 6: Trusts and Foundations The International Trusts Act 1994 established, for the first time, a regime for international trusts in the Seychelles; it does not provide for domestic trusts.

Seychelles 5/9: Banking Part 5: Banking Banking in Seychelles is regulated by the Central Bank of Seychelles and is administered under the Financial Institutions Act 2004 (amended in 2008, 2009 and 2011).

Seychelles 4/9: Taxation Part 4: Tax The Seychelles has a territorial basis of taxation; that is, profits are taxed only if they are derived or deemed to be derived from a source in the Seychelles.

Seychelles 3/9: Offshore Company Law Part 3: Offshore Company Law The vast majority of companies formed in the Seychelles for offshore purposes are incorporated under the International Business Companies Act 1994.

Seychelles 2/9: Offshore Legislation Part 2: Offshore Legislation Offshore business in Seychelles began its development in the mid-1990s, when the government launched a series of legislative initiatives aimed at establishing the country as a thoroughly modern, world-class international offshore financial centre.

Seychelles 1/9: Its economy A tropical paradise in the centre of the Indian Ocean, the Seychelles has successfully transitioned from an agricultural to a services-based economy within which tourism dominates.

What about Authorised and Issued Share Capital?

Seychelles IBCs are normally incorporated with an authorised share capital of US$100,000 with par value.

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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How many shareholders required?

The minimum number of shareholders is one.

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Is a company secretary required?

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.

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How many directors required?

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.

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Are Financial Statements Required?

There is no requirement to file financial statements, but a company must keep records to reflect its financial position.

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What about Taxation?

An International Company is exempted from local taxation.

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How much Licence Fee applies?

Annual Licence Fee is US$100 irrespective of Authorised Capital.

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What are the suffixes to Denote Limited Liability?

The name of an IBC must end in one of the following:

Limited,

Corporation,

Incorporated,

Société Anonyme

or their abbreviations.

A wide variety of other suffixes such as BV, GmbH, and SARL may also be used.

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