Seychelles International Business Company- How to
The advantages and characteristics of the Seychelles International Business Company are outlined below. It’s the most crucial information you need to start your Seychelles IBC.
A Seychelles International Business Company (IBC) is the most popular and adaptable offshore corporation available in Seychelles. Like other traditional offshore corporations, Seychelles IBC is intended for worldwide business and is subject to minimal red tape.
Although a Seychelles IBC is required to keep internal records and registrations in good order, it is not required to disclose financial reports to the public file. Additionally, there is no statutory audit requirement.
On January 1, 2019, the Business Tax (Amendment) Act, 2018 implemented the Territorial Tax System in Seychelles. A Seychelles IBC that does not generate taxable profit in Seychelles is exempt from all income and profit taxes and duties.
Similarly, a Seychelles IBC is immune from stamp duties on any transactions relevant to its business, including transfers of assets to or from the company and transactions involving the firm’s shares, debt obligations, or other instruments.
A Seychelles IBC is a tax-free offshore corporation, so long as it conforms to a few simple operating criteria. The primary condition is that an IBC may not conduct business within Seychelles (with the exemption of running a business with other Seychelles IBCs).
Disclosure of Information
The identities of Seychelles IBC beneficial owners, directors, and shareholders are NOT public information. The Registrar of Companies doesn’t mandate any information regarding the real helpful owner of a new IBC at the time of registration.
This information is only accessible to the company’s licensed Registered Agent, is retained in an internal file, and is kept confidential. The Registered Agent holds the IBC’s internal corporate files. The only corporate documents maintained in the public record are the Memorandum and Articles of Association.
Prohibitions on Confiscation
Where any overseas governmental authority, via nationalization, expropriation, civil forfeiture, force or extreme stress, or by the imposition of any punitive tax, assessment, or other governmental charges, seizes or confiscates any shares in an IBC, a Seychelles court may order the company to blatantly ignore the attempted seizure and continue to honor the shareholder’s rights.
Seychelles boasts one of the world’s most efficient Registries for International Business Companies. Typically, new IBCs are incorporated under 24 hours.
Competitive Government License Fees
A Seychelles IBC pays a registration fee of $100 and $100 a year after that. This government tax applies to all IBCs, regardless of their authorized capital, paid-in capital, number of shares, or any other corporate variables. This significantly outcompetes the majority of offshore nations!
Why? Because the majority of other offshore jurisdictions impose significantly higher Government dues if the authorized capital of the IBC surpasses a particular threshold – often $50,000 or $100,000. In Seychelles, such a restriction does not exist! This implies that you can form your IBC in Seychelles with a one hundred-million-dollar authorized capital and yet pay the same $100 government cost.
No Paid-Up Capital Required
To begin company operations, a Seychelles IBC is not obliged to have any required paid-up capital. The owners can specify any amount of permitted capital in the IBC creation paperwork. The amount of authorized capital could be freely set by the IBC’s owners at incorporation, and there are no fixed limits for when such capital should be paid up by the shareholders.
Overall, the asset base of a Seychelles IBC is quite adaptable and can accommodate a wide range of company circumstances and needs.
Flexible Corporate Structure
Seychelles IBCs have legal personalities and the same capabilities as natural persons. They require a minimum of only one shareholder and one director, each of whom may be the same person. A Seychelles IBC is not required to have local shareholders or directors, and foreign persons or corporations may be shareholders or directors. The firm is not required to appoint any officers besides the director.
A Seychelles Business Company’s shareholders, directors, and executives may be persons or companies of any nationality.
A Seychelles IBC may only issue registered shares, which may be classified as follows:
- Voting shares,
- Non-voting shares,
- Shares with more or less than one vote per share,
- Shares that can be voted only on particular topics or in certain events,
- Claims that can be voted only when owned by persons who meet certain requirements,
- No par value shares,
- Uncountable shares,
- Common shares,
- Preference shares,
- Redeemable shares, and
- Shares that entitle participants to dividends
A Seychelles IBC is not permitted to issue bearer stock.
Name Specifications for Seychelles IBCs
A Seychelles IBC cannot be registered with the same name as an existing Seychelles company. A new IBC’s registration may be denied if its name is too similar to another company’s to be deceptive unless the other business consents. The Registrar could also refuse registration of a given name if it is indecent, rude, otherwise undesirable, or misleading in the authorities’ view.
The Suffixes Identifying the Type of Business
A limited liability company’s name must include a word or acronym indicating a corporate entity or limited liability. Company names must end with “Limited,” “Corporation,” or “Incorporated,” or their abbreviations “Ltd,” “Corp,” or “Inc.” A protected cell company’s name must conclude with “Protected Cell Company” or the abbreviation “PCC.”
Undoubtedly, Seychelles is a great offshore jurisdiction and regional commercial center. Its pro-active and stable administration, modern corporate orientation, and modern, reliable infrastructure help offshore firms. The IBC structure facilitates all these, allowing offshore companies to flourish.
The Seychelles International Business Authority (SIBA) is a regulatory body responsible for the promotion, regulation and supervision of the Seychelles International Business Sector.