Company administration guidelines
There are no minimum capital requirements. The following shares are permitted:
- Bearer shares
- Registered shares
- Redeemable shares
- Shares of no par value
- Preference shares
- Shares with or without voting rights
Shares can be denominated in any currency and can be held by residents of the Seychelles.
- Only one shareholder required for incorporation, this can be an individual or corporate body.
- The sole shareholder can act as the director
- Nominee shareholders are permitted
- Only one director is required for incorporation, can be an individual or corporate body
- No nationality or residency restrictions exist
- The sole director can act as a sole shareholder
- Nominee shareholders are permitted
Restrictions on Name & Activity:
- It is prohibited to use a name that is identical or similar to an existing name.
- There is no requirement for a registered office to be kept in the Seychelles although registered agents must be used to incorporate the company. Appointing a company secretary is not a mandatory requirement
- There is a high level of confidentiality with nominees permitted. The Registrar retains copies of the Memorandum and Articles of Association in addition to the Certificate of Good Standing and other certificates. These documents however are not placed on public record.
OECD publishes compliance review for all non-compliant jurisdictions
The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.
EU Parliament Committee release findings & recommendations for current offshore taxation measures
A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.
2017 G20 summit: Enforcement of taxation highest priority
The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.
The EC takes action against advocates promoting tax avoidance schemes
The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.
What are the new Beneficial Ownership reporting requirements for BVI companies?
Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.
Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?
Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.
Cyprus tax department releases new guidance on CRS deadlines and the online portal
The Cyprus Tax Department has released a notification to all Cyprus based Financial Institutions & Service Providers of the new guidance notes on the Automatic Exchange of Financial Account Information and other information relating to the Common Reporting Standard (CRS).
Hong Kong establishes AEOI agreement with Indonesia
Last week, Hong Kong finalised and signed an agreement with Indonesia to allow for the automatic exchange of financial information (AEOI) regarding all tax matters.