Seychelles

Overview

Seychelles, republic, consisting of an archipelago of some 115 islands, scattered across the western Indian Ocean northeast of the island of Madagascar, a member of the Commonwealth of Nations. The legislation to incorporate a company is the International Business Companies Act 1994. The type of company used for international trade and investment is the International Business Company (IBC). IBCs set up in the Seychelles receive a favorable treatment, being exempt on tax or duty on income or profits.

Seychelles IBC - an International Business Company - is the most popular and versatile type of offshore corporation available in Seychelles. Like other classic offshore companies, Seychelles IBC is designed to engage in international business. While being obliged to keep internal records and registries in good order, a Seychelles IBC does not nave to submit any financial reports to public file (if it conducts its business activities and generates its income abroad of Seychelles). There is also no mandatory audit requirement.

Seychelles IBC is like the most popular international business company, the BVI BC, and in some respects even exceeds that benchmark model of offshore corporation. Since the introduction of the Seychelles International Business Companies Act in 1994, over 200`000 Seychelles IBC`s have been registered, with a few hundred new offshore companies being registered every month. The formation, tax benefits and general structure of a Seychelles IBC is regulated by the International Business Companies Act, 2016 which replaces the Seychelles International Business Companies Act, 1994.

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