A Handy Business Instrument: A Seychelles-Based Company

Many entrepreneurs look for ways to enter international markets in order to expand their business operations and protect their assets. They often end up registering companies in Seychelles because the country applies highly flexible policies to non-residents.

Advantages of the Republic of Seychelles

The economy of Seychelles is based on tourism but the financial sector has been rapidly growing over recent years. The growth is attributable to the passage of several laws that make it easier for foreigners to register business entities in the Republic and conduct business operations.

In some respects, Seychelles outperforms other offshore jurisdictions. Opening a company in the country means gaining several weighty advantages including the following ones:

  • Low cost of company registration;
  • English is an official country;
  • Flexible legislation based on British law with some elements of French law;
  • No need to keep accounting records;
  • Strict confidentiality;
  • No need to hire a local company secretary;
  • The right to trade in any part of the world;
  • Minimum restrictions for businesses.

It is important for many businesspeople that Seychelles is located in a time zone that is not very different from the European time zones: it’s GMT+4.

If you would like to open a company in Seychelles, you don’t have to worry about its authorized capital – it can be 1 dollar only. This is an advantage that can rarely be found in onshore jurisdictions.

Registering a company in Seychelles: some specifics of the procedure

Registering a company in Seychelles takes between a couple of days and a few weeks. The authorities of the country have simplified the company registration procedure but a foreigner may find him/ herself at a loss at certain stages of company registration. You have to do the following in order to set up a legal entity in Seychelles:

  • Learn about the requirements for company names;
  • Find out about the fees and state duties that you have to pay;
  • Prepare a neat application document package.

Even if you have visited Seychelles as a tourist before, this experience won’t help you register a company in the country. State bureaucratic machines work by different rules in different countries. Chances are that the preparatory stage may take you several month. Registering a company in Seychelles would be much simpler if you contacted specialists who know the laws of the country and have great experience in registering companies in offshore jurisdictions.

InternationalWealth experts will gladly assist you in establishing a legal entity in Seychelles. They will support you at all stages of the process. If you wish, they can also help you buy a shelf company in Seychelles: they have access to the list of companies for sale in the country and they can help you make the right choice.

General information about Seychelles

The Republic of Seychelles is an insular country lying to the east of Africa in the western part of the Indian Ocean. Seychelles consists of 115 islands but only 33 of them are inhabited.

The area of Seychelles is 455 square kilometers only and the largest island is Mahe. The population of Seychelles is less than 120,000 people. Ethnically, most of the population are Franco-African mulattoes but you can also find Europeans, Africans, Indians, the Chinese, and Arabs in Seychelles.

Victoria is the capital of the country. The official languages are French, Seychellois, and English.

The official currency is the Seychelles rupee (SCR). There are approximately 11.6 SCRs in one U.S. dollar. The climate of Seychelles is tropical maritime and it is very humid. From late May to September is the cold season of the southeast monsoon and from March to May is the warm season of the northwest monsoon. Temperatures range from 24°C to 32°C throughout the year. From December to May the average temperature is 29°C and from June to November it is around 25°C.

The literacy level is 91.8%.

The telephone code of Seychelles is +248.

History of Seychelles in brief

There is some evidence of Arab seafarers in Seychelles dating back to the 9th and 10th centuries. The archipelago was uninhabited at that time. For the next two centuries, Seychelles was just a haven for pirates.

In 1502, Vasco de Gama became the first European navigator to put Seychelles on the map. The English were the first to land on the islands in 1609. The first permanent settlements were founded by the French, who began to establish plantations of cinnamon, cloves and vanilla from 1756. In 1794, the archipelago was conquered by Britain. From the middle of the 19th century (after the abolition of slavery in 1835), the British authorities began to encourage immigration to the islands of Indians engaged in trade or working on coconut plantations. In 1814, under the Treaty of Paris, Seychelles officially became a British colony. In 1976, Seychelles was granted independence.

State structure in Seychelles

Seychelles is a Republic. The President is Head of State elected by the population for a 5-year term. Re-election for two more consecutive terms is allowed.

Executive power is exercised by the President and the Government (Cabinet of Ministers). The President appoints the members of the Cabinet with the approval of the Parliament and presides over its meetings.

Legislative power is vested in the unicameral National Assembly, which consists of 34 deputies. 25 of them are directly elected and the remaining 9 are appointed in proportion to the percentage of votes received by each party. All deputies are elected for a 5-year term.

The judiciary includes the Magistrate’s Court, the Supreme Court and the Court of Appeal (the highest court). The judges of the Supreme Court and the Court of Appeal are appointed upon recommendations from the Constitutional Appointments Authority. Almost all professional judges in the country are citizens of other countries that are members of the British Commonwealth of Nations.

Economy of Seychelles

The economy of Seychelles is based on tourism (30% of the population are employed in the industry and it brings 70% of revenues). Fishery is also an important sector: canned and frozen fish is the primary export item in Seychelles.

Contribution of different economic sectors to GDP formation: service sector 33.5%, industry 16.4%, construction 9%, trade, restaurant and hotel business 9.2%, transportation and communication 28.6%, agriculture and fishing 3.3%.

After the global financial crisis of 2008, the Government of Seychelles has been taking serious efforts to keep the budget deficit in rein. It continues to localize the costs of social security and to privatize state-owned enterprises. State intervention in economic activities is quite profound. The Government controls oil companies, banks, importers of key products, telecommunication companies, and so on.

On the other hand, research shows that the index of economic freedom has been ceaselessly improving in Seychelles since 2010. No wonder the country is becoming a more and more popular offshore zone.

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