Register Company in Seychelles

• Tetra Consultants will first understand your business needs and recommend the entity best suited for your business. The most common business entity to set up will be an offshore company.

• We will then check for the availability of your preferred business name through a Seychelles Financial Services Authority Company search and reserve it. The name of an IBC must end with an approved suffix such as “Limited”, “LTD”, “Corporation”, “Corp”, “Incorporated” or “Inc”.

• You are required to have the following documents to complete the registration process:
  • Information about the company – Certificate of Incorporation, Article of Association, and more.
  • Business name reservation proof.
  • Passport and residential proof of the shareholders, directors, and Ultimate beneficial owners.
  • Reference from a bank showing good standing of the individual or company, if required.

• Our team will set up your company without the need for our international clients to travel.
• Once the registration process is completed, we will courier the necessary documents including the Certificate of Incorporation, Memorandum and Articles of Association, and more to you, at your preferred address.

• Tetra Consultants will proceed to open a corporate bank account for your business.
• We will take advantage of our existing banking network and help you open an account with an international reputable bank.

• Tetra Consultants will register your business with the Seychelles Revenue Commission to obtain a tax identification number.

• Following this, Tetra Consultants will ensure that your business remains compliant with the government policies. Companies registered in the Seychelles must make an annual renewal. This payment is for the maintenance of the license (government fee), registered agent, and registered office address.
• Tetra Consultants will also assist you to apply for relevant licenses needed for your business. Potential licences needed include professional funds licence, exempt foreign funds licence, private equity funds licence, public funds licence, fund administrator licence, pension funds licence, investment advisor licence, banking licence, gaming licence, payment service provider licence, captive insurance licence and securities dealer licence for firms which wish to offer forex dealer or broker services.

Steps for Ongoing Compliance Post-Registration 

Maintain corporate records 

• After registering your company, maintaining proper corporate records by keeping minutes of meetings, resolutions, and financial statements becomes important. Tetra Consultants will be there to keep your company records in compliance with the regulations of Seychelles. All documentation will be kept well-organized and periodically updated to preclude the chances of getting into a non-compliant position. 

Renewal and fee remittance 

• Companies in Seychelles need to pay an annual renewal fee to maintain good standing. Tetra Consultants will manage the renewal process for you, ensuring that all renewal fees are paid on time, and your company remains compliant with local laws. They will also send reminders to ensure that the deadlines are not missed and deal with the paperwork. 

Compliance with regulatory requirements 

• To operate lawfully, your company must observe many regulatory requirements such as tax filings and reporting obligations. Tetra Consultants services are available for this purpose including preparation and submission of tax returns and other relevant reports to the Seychelles Revenue Commission. Through them, you are assured that you will fulfill all deadlines with no penalties. 

Conduct regular audits 

• Regular audits are important to ensure compliance and integrity in your financial statements. Tetra Consultants can assist you in getting an audit by introducing you to qualified auditors who are familiar with the regulations of Seychelles. This helps you identify any potential compliance issues early on. 

Updating company information 

• If any changes occur in the structure of your company, say, changes in the directors or the shareholders, you update that information with the relevant authorities. Tetra Consultants can help file the necessary amendments and ensure that your company records reflect these changes accordingly. This service is great for maintaining transparency and compliance with local laws. 

How to Set Up a Seychelles Company as a Non-Resident 

Determining company structure  

• Tetra Consultants will first understand your business needs and recommend the entity best suited for your business. The most common business entity to set up will be an offshore company. 

Reserve preferred company name 

• We will conduct a Seychelles Financial Services Authority Company search for your preferred business name and have it reserved for you. The name of an IBC has to be concluded with any one of the accepted suffixes “Limited”, “LTD”, “Corporation”, “Corp”, “Incorporated” or “Inc.”. 

• Additionally, for protecting the company name and the brand name we provide international trademark registration services. 

Pre-registration requirements 

• You will need the following documents to complete the registration process: 
  • Information on the company: Certificate of Incorporation, Articles of Association, and much more. 
  • Business name reservation proof. 
  • Passport and residence proof of shareholders, directors and Ultimate beneficial owners. 
  • Reference from a bank showing good standing of the individual or company, if required. 
  • A completed form detailing the directors and shareholders of the company. 
  • A recent utility bill or bank statement confirming the residential address of directors and shareholders. 
  • All documents must be submitted in English or accompanied by certified English translations if originally in another language. 

Preparation and submission of relevant documents 

• Our team will set up your company without our international clients having to travel. 

• Upon the completion of the registration process, we shall send you by courier all relevant documents, which include the Certificate of Incorporation, Memorandum and Articles of Association, and much more, to your preferred address. 

Corporate bank account opening 

• Tetra Consultants will move ahead with the corporate bank account opening for your company. 

• We take advantage of our existing banking network. We support the opening of accounts with a reputable international bank for you. 

Registering for tax 

• Tetra Consultants will register your business with the Seychelles Revenue Commission to secure a tax identification number. 

Complaint with regulatory authority 

• After that, Tetra Consultants will ensure that your business complies with government policies. Companies registered in the Seychelles have to renew yearly. This renewal payment covers the fee for maintaining the license (government fee), the registered agent, and the registered office address. 

Types of business entities in Seychelles

Prior to setting up a company in Seychelles, you must first understand the forms of business entities available in the country. This is so that you can choose the best-suited one for your business. There are multiple forms of business entities available including offshore companies, Limited Liability Company, Limited Partnerships, and more.

Our team of experts at Tetra Consultants will understand your business activities and needs and recommend a business entity most suited for you.

Seychelles offshore company

• A Seychelles offshore company is also known as an International Business Corporation (IBC). When communicating with our international clients, Tetra Consultants will use these two terms interchangeably.
• A Seychelles IBC company is incorporated under the International Business Companies Act 1994 and it is one of the most common and cost-efficient structures. As such, most of our international clients choose to set up an International Business Company for their offshore entities.
• Moreover, there is no taxation on foreign income and no stamp duty on the transfer of shares.  A Seychelles IBC is only subject to a minimum government license fee of US$100 and 7.5% tax regardless of its authorized capital.
• However, an IBC is not allowed to conduct any business activities. Moreover, foreign investors are not allowed to conduct business activities related to banking, insurance, or reinsurance. However, the free transfer of funds to and from the nation is allowed and no foreign exchange controls are imposed.
• In addition, you are required to open an overseas corporate bank account.
• Details of directors/shareholders/beneficial owners are not publicly accessible and therefore, cannot be found through the Republic of Seychelles company search. Shares of the IBC can be held by a nominee shareholder.
• Beneficial owner details are not required to be filed with Seychelles Companies Registry.
• The entity has the same powers as a natural person, including the right to sue and to be sued. It is the equivalent of a limited liability company in other jurisdictions.
• They can also be used for I.P. Holding companies, for holding structures and special purpose vehicles, or for succession planning and wealth management. IBCs are also the option if you seek international tax planning, wish to own real estate properties, or would like to undergo corporate restructuring and the domiciliation of your business. IBCs’ also feature finance transactions that are structured, as well as ring-fencing assets and securitizations for those who seek securities exchange and securities facility.

• Tetra Consultants can assist in Seychelles offshore company incorporation and offshore banking.

Limited Liability company

• This type of business entity can be incorporated under the Companies Act 1972.
• It is also known as a “proprietary company” which essentially is a private company whose shareholders have limited liability.
• This type of company can be completely owned by foreigners.
• LLC can be set up with minimum requirements:
  • Two shareholders
  • No directors needed
  • No minimum capital
  • Low registration fee
• This type of company can be used to conduct business not only outside Seychelles but also within the country. Due to this, resident LLC is subjected to income tax.
• Tetra Consultants will complete the incorporation process on your behalf by registering with the Registrar General.
• You will not be required to travel to Seychelles and we will courier the documents including the Memorandum and Article of Association to your preferred address.

Limited Partnership

• This business entity falls under the Limited Partnership Act 2003 which was later amended in 2011.
• Such a partnership can have a limited partner who may be a resident or a non-resident and a general partner who will be liable for the entire debt and liability of the firm.
• Business activities are not allowed to be carried out in Seychelles unless required to carry business abroad.
• Limited Partnerships can be set up with minimum requirements:
  • Two partners
  • Business name
  • Registered office address
  • Personal information of the general partners
• Tetra Consultants will complete the registration process on your behalf with the Companies Registrar so that you will not be required to travel to Seychelles.
• Once approval is received, we will courier the necessary documents including the Memorandum and Articles of Association to your preferred location.

Common Challenges When register company in Seychelles 

Understanding the legal and regulatory framework: 

• Legal requirements for company registration in Seychelles are complicated and change frequently, which can make it very challenging for a non-resident to navigate. 

• Tetra Consultants provides legal advice and guidance on the legal framework, which helps clients understand the regulations that are required and ensures compliance throughout the registration process. 

Compliance requirements: 

• When doing business in Seychelles, one has to know that the Seychelles has strict compliance obligations, such as having a registered office and observing local laws. Failure to comply will result in penalties or license revocation. 

• The consultancy also helps its clients meet such compliance requirements through services like a corporate offer including registered office facilities and on-going compliance support. 

Incomplete or incorrect documentation: 

• Submission of incomplete or incorrect documents leads to application rejection, thus delaying the registration process. 

• Tetra Consultants ensures that all documentation is prepared and submitted accurately, thereby reducing the risk of errors that may impede registration. 

Determining the right corporate structure: 

• Selecting an appropriate company structure can be challenging to determine without knowing how, though it is significant for operational success. 

• Tetra Consultants can help clients choose the most appropriate corporate structure to meet their business needs and goals. 

Corporate bank account opening: 

• It is not easy to open a corporate bank account, especially for non-residents, as not all banks are willing to work with offshore entities. 

• Tetra Consultants uses its network to open corporate bank accounts in the books of leading banks, thereby making this service easier for clients. 

Annual compliance regulations: 

• Following registration, organizations have annual obligations that ensure maintenance of good standing, this tends to be missed in new business organizations. 

• Ongoing support from Tetra Consultants guarantees completion of all annual compliance requirements to avoid penalties or legal consequences. 

Cost to setup register company in Seychelles 

• Setting up a company in Seychelles with Tetra Consultants means that the entire process is covered comprehensively, ensuring that transparency is followed at all stages. We would clearly outline the costs that would be incurred in any eventuality of expense during incorporation. 

• We prioritize clarity regarding all financial aspects associated with the company registration. Clients receive a thorough explanation of each cost component, ensuring there are no hidden fees. 

• All this will be supported by a suitable breakdown of any costs that are expected to be incurred, so our client can understand their financial commitments going forward. 

• Tetra Consultants promises clear direction, guidance throughout setting up and understanding all about being on the proper track to start doing business with us. 

Why register a company in Seychelles?

There are multiple reasons as to why one should consider setting up a company in Seychelles. There are multiple privacy and tax advantages to enjoy, as per the Seychelles International Companies Act. This is because Seychelles company information is not publicly available, offering anonymity.

Besides this, the political and economic environment of the country is also an important consideration and we have, therefore, conducted a Pestle Analysis. This will guarantee that you can operate your business safely and legally while striving to achieve your long-term business goals.

Political

• According to Transparency International’s Corruption Perceptions Index, Seychelles scores 66 out of 100 which is relatively high.
• Seychelles is labelled as a tax haven. In February 2020, Seychelles was blacklisted by European Union as the government did not timely introduce economic substance requirements for local companies. The country was stated to have a harmful preferential tax regime.

Economic

• According to the World Bank’s Doing Business Report, Seychelles has a rank of 100 worldwide, for ease of doing business.  This is primarily because of the difficulty in starting a business. However, with Tetra Consultants, this process will be completely seamless.
• Before the Covid-19 pandemic, Seychelles had a stable growth rate of 4.2% per annum before plummeting to negative 13.5%, primarily because of a fall in tourism. However, the economy will gradually revert from 2021.
• There are no publicly accessible records for the Ultimate Beneficial Owners (UBOs).
• A company can be registered within 1 week and there is no minimum paid-up capital required. As such, you are not required to purchase a Seychelles shelf company due to the speedy process.
• Seychelles does not offer a competitive landscape for doing business. According to the Global Competitiveness Report published by the World Economic Forum in 2018, Seychelles is ranked 76^thin the world.

Social

• The adult literacy rate is 95.87%, which is relatively high. This is advantageous for the business, which has access to a skilled labour force.
• The country has a rank of two in Africa for gender equality.

Technological

• The Central Bank is devising a National Fintech Strategy for the country. This is done in collaboration with the Ministry of Finance, Trade, and Investment, the Financial Services Authority, and international organisations like the World Bank. This is done to modernise the National Payment System to include Fintech.
• Moreover, Fintech products can be copyrighted under the new copyright law.

Environmental

• The government has developed an innovative environment financing system with the Nature Conservancy (TNC). The TNC has raised a huge fund for Seychelles in exchange for an increase in the protected area to 30% within the country.

Legal

• Seychelles has an efficient legal system that is based on both French Napoleonic Code and British common law.
• The official language in Seychelles is English. Hence, there is lesser inconvenience faced by foreign investors in setting up and conducting business activities in the country.
• As a part of the World Intellectual Property Organisation (WIPO), the government guarantees that the intellectual property rights of individuals and companies, obtained in their home country, will be well-protected. Hence asset protection is a given.

Accounting and tax considerations

• An offshore company is subject to 0% corporate tax and no tax liabilities. All overseas profits are legally tax-exempt. In addition, the offshore company is exempted from withholding taxes, capital gain taxes, inheritance taxes, and stamp study.
• Individuals and companies in Seychelles are still subjected to a personal income tax of 16%. For this, the person must live in the country for more than 180 days in one year.
• Foreigners are not subjected to tax on dividends, interests, and royalty incomes as a result of the double taxation agreements signed by the government with other nations.
• Companies are not required to file annual audited accounts but must keep their own accounting and financial records.
• The annual meeting also does not need to be held within the country and can be held in any location.
• Tetra Consultants’ team of experienced legal advisors, auditors, investment managers and fund managers will advise you on your company’s unique needs.

Is Seychelles a tax haven?

Yes, Seychelles is a tax haven. For companies that are non-resident or do not operate their business in the country, there is no tax imposed. Additionally, there are no capital gains tax, dividend tax, and more. In fact, Seychelles was blacklisted by the European Union, posing as a disadvantage for the businesses.

There are other tax haven countries that you can choose to set up your business in such as the Cayman Islands and the British Virgin Islands.

Based on our above analysis, if you are looking to register company in Seychelles for tax benefits and access to international offshore banking, Tetra Consultants you to consider other reputable solutions such as a Singapore offshore company or a Hong Kong offshore company.

How Tetra Consultants will help you to register company in Seychelles 

• Tetra Consultants specializes in providing company registration services in Seychelles, which reduces the complexity of company registration for foreign investors. Their team has extensive experience in planning strategically, local legislation compliance and in choosing the appropriate business entity for foreign entrepreneurs’ use.
• All paperwork, including company name reservations and registration with the Seychelles Registrar of Companies, is managed so that clients can freely run their business operations. The firm also offers company opening of corporate bank accounts and ensures compliance with the government’s policies on a regular basis. The efficient service availed by Tetra Consultants ensures that companies will be operational within just a week, making the incorporation process hassle-free and straightforward. 
  
• Contact us to find out more about how to complete Seychelles company formation with bank account. Our team of experts will revert within the next 24 hours.

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