Yes. It has always been a duty of the directors of the company to do so. Other records include minutes of meetings, and agreements between shareholders and between directors and other officers include consents for appointments and share transfer forms. An IBC must keep such records for 7 years. The registered agent will keep copies of the records it has received in Seychelles, for 7 years.
Since 2021, Seychelles IBC have been required to lodge their accounting records with their registered agent in Seychelles (that’s us – A.C.T.). IBC must lodge their transactional documents (aka substantiating documents or supporting documents) e.g. bank statements, invoices, expense vouchers, receipts, accounts ledgers, and contract and agreements etc that would be used for preparing financial statements. IBCs must also prepare a financial summary, which is a simplified form of financial statements. Small pure asset holding IBCs are exempted from the financial summary requirement, but it is recommended that they prepare it for lodgement in Seychelles.
Yes, if it earns Seychelles-sourced income. Since the 1st January 2019, a Seychelles IBCs is subject to Seychelles Business Tax on its net income (profit) for a fiscal year. If it does not have Seychelles-sourced (net) income, there would be no tax liability in Seychelles, and until an IBC does so or expects to, it does not have to register with the Seychelles Revenue Commission. Note that in certain circumstances, particularly where an IBC is part of a multi-national group, foreign-derived passive income may be deemed to be Seychelles-sourced if substance requirements have not been met. IBCs that are or will be part of a multi-national group and which will therefore be covered by Seychelles substance rules (called “covered” companies) must obtain guidance from a tax professional as early as possible e.g. during the setup phase. Seychelles business tax is charged at 15% on the first million Seychelles Rupees of net income (profit), and 25% on the remainder.
No it is not a requirement but it may be an advantage to have one, particularly if an IBC is part of a multi-national group and it earns foreign passive income.
Yes an IBC can have its own offices in Seychelles. It can lease its own offices but if it carries out income generating activities from Seychelles, it may generate Seychelles-sourced-income and be taxed on the resultant profits. Where an IBC earns foreign passive income it may still have an office in Seychelles for making or maintaining professional contact with counsel and attorneys, accountants, bookkeepers, trust companies, management companies, investment advisers or other similar persons carrying on business within Seychelles, or to prepare or maintain books and records of the company within Seychelles.
Yes. However, before an IBC may acquire an interest in land or buildings in Seychelles, government sanction (approval) must be obtained and a fee must be paid to government. Some business activities require a licence, which the IBC would have to apply for.
No. While we are always happy to meet our clients you do not have to come to Seychelles to incorporate an IBC. You can complete client registration electronically and then provide all required information to setup the IBC via email, and important original documents can follow by post or courier.However, the “best” jurisdiction will largely depend on your specific requirements. Seychelles is good if you require a general-purpose IBC, particularly if you want a low cost holding company or an special purpose vehicle. If you will have very complex financial transactions and arrangements and you will require the sophisticated services of lawyers or accountants in places like London, New York, other offshore financial centres may be more viable. It can also be more challenging in some jurisdictions to open a bank account for a Seychelles IBC.
Seychelles is a great place to form IBCs because it has a fast and reliable registry, formation and annual fees are relatively low, and the service providers are very keen to help and are very professional. Depending on your exact requirements you can have a Seychelles IBC for less than the BVI government fee and it can be ready within 1 day. However, the “best” jurisdiction will largely depend on your specific requirements. Seychelles is good if you require a general-purpose IBC, particularly if you want a low cost holding company or an special purpose vehicle. If you will have very complex financial transactions and arrangements and you will require the sophisticated services of lawyers or accountants in places like London, New York, other offshore financial centres may be more viable. It can also be more challenging in some jurisdictions to open a bank account for a Seychelles IBC.
The main advantages are lower cost, higher availability of names, fast and reliable registration, order completion and delivery. Seychelles IBCs are also subjected to a substance requirements regime that is different to those of competing jurisdictions.
A jurisdiction is a territory with its own set of laws under the control of its own system of courts and its own government which are different to other territories. We are usually referring to a country when talking about a jurisdiction but this is not always the case.
