Frequently Asked Questions
What is the current corporate tax regime for international business companies in Seychelles?
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.
What activities are not allowed to undertake by an IBC?
As the passing of IBC Amendment Act 2018, an international business company (IBC) is now able to carry on business or own an interest in real property in Seychelles, but will subject to local business taxation. Moreover, an IBC would be required to be licensed by relevant financial authorities when operating in businesses such as banking, insurance, trustee or corporate services, securities business, mutual fund and gambling.
What types of business are IBCs not allowed to carry on?
As of Jan 2019, a new regime has come into effect that allows all IBCs to conduct businesses previously not permitted including:
- Doing business with Seychelles residents;
- Holding interests or own real property located in Seychelles
- Owning shares in Seychelles local companies
Any IBCs licensed under IFSC must establish a physical presence in Seychelles and submit tax return annually.
What are requirements on number of directors/shareholders of a Seychelles company?
At least one director and one shareholder are required, who can be a natural person or body corporate, resident or non-resident.
Is information of company members available for public inspection?
Registers of company directors, shareholders and beneficial owners must be kept at company’s registered office in Seychelles. An international business company is required to file register of directors with Registrar, but not so for Register of shareholders and beneficial owners. Moreover, personal details of company directors, shareholders and beneficial owners are not publicly disclosed.
What is the minimum registered capital of a company in Seychelles?
There is no minimum registered or paid-in capital requirement, and it can be expressed in any currency.
What classes of shares is permitted under the current corporate law?
Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights. Bearer shares are prohibited.
How to maintain an IBC company in Seychelles?
There is no obligation for an IBC to file its annual return, tax return or financial account, but a company must keep financial records to reflect its financial position. In addition, an IBC has to maintain its corporate structure, local registered agent and registered address in Seychelles.
If a company undertake business in the country, it’s mandatory for a 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.