Seychelles
Company Formation With Bank Account

As a zero-tax jurisdiction, Seychelles does not levy any taxes on IBC incomes or interest.

As of Jan 2019, Seychelles changed its business tax regime to a territorial basis, under which resident and non-resident companies are subject to corporate taxation for income originating within the country. All international business companies are still exempt from income tax given that they undertake business outside Seychelles.

The current applicable profit tax rates are as follows:

• 25% on the first SR1mil taxable income
• 33% applied to the above amount.

In addition, there is no capital gains, estate, inheritance or gift tax in Seychelles.

Seychelles IBCs benefit from a territorial tax system, meaning they are only taxed on income sourced within Seychelles. Foreign-sourced income is exempt from taxation, provided the company does not conduct business within Seychelles.

Additionally, there are no capital gains taxes or stamp duties on share transfers. This favorable tax regime makes Seychelles an attractive jurisdiction for international business.

There is no obligation for an IBC to file tax return or financial account. However, all Seychelles IBCs must keep their accounting records at their registered office in the jurisdiction.

Sechelles IBCs are required to file an annual return in the prescribed form to their registered agent no later than 31st December every year. In addition, an IBC has to maintain its corporate structure, local registered agent and registered address in Seychelles.

If a company undertakes business in the country, it’s mandatory for the company to:

• Notify the Registrar within one month of deriving the first assessable income;
• File with the Registrar an annual return accompanied with supporting documents within one year of deriving the first assessable income.

For a clear overview of the basic annual compliance requirements for Seychelles IBC, check out our user-friendly ComplyMate guide.

The annual renewal fee in Seychelles must be made before the anniversary of the company, to avoid unexpected penalties for the late settlement.

We usually make a reminder of your annual renewal 2 months before the anniversary for your preparation.

The record (or registration) in Seychelles serves as a means to document and officially recognize certain actions, agreements, and events. By keeping record of these important events, the government is able to maintain an accurate record of activity within the country. In the event that the SRC audits you without proper records, you might be liable for additional tax.

The main rule of record keeping is to maintain an audit trail that can support both your annual tax return and your self-assessed monthly Business Activity Statements (BAS). You should concentrate on the following, per our advice:

• Stock Purchased (Valid Tax Invoices)
• Expenses paid (Valid Tax Invoices)
• Sales or revenue earned
• Assets acquired (Valid Tax Invoices)
• Any funds transferred from the company for personal use

Read more about Updates on Seychelles Accounting Records Keeping Obligations

The accounting records may be presented in a variety of ways:

• Bank statements
• Receipts
• Invoices
• Vouchers
• Title documents
• Contracts and agreements
• Ledgers
• Any other documentation underpinning a transaction

In Seychelles, the four most important financial statements are:

• Balance sheet
• Income statement
• Cash flow statement
• Statement of shareholders' equity

The annual renewal fee for a Seychelles offshore company with BBCIncorp is USD 799, which covers government charges, registered agent fees, and a full suite of administrative services.

This package ensures your Seychelles company stays fully compliant and operational, while saving you time and administrative effort.