SeychellesSource image: Seychelles - La Digue - Anse Source d'Argent  by Didier Baertschiger / CC by 2.0
The Republic of Seychelles is an island country spanning an archipelago of 115 islands in the western Indian Ocean. Mahe is the largest island and the the capital called Victoria is located here. The Seychelles gained independence from Britain in 1976 and now has a stable, democratic government. The official languages are English, French and Seychellois Creole, however English remains the language of the government and busines.
The most important industries in the Seychelles are tourism and the financial services sector. Since the introduction of the International Business Companies Act in 1994 the Seychelles has grown into a competitive location for offshore company incorporations. This has made the offshore financial and corporate sector a rapidly developing part of the Seychelles economy.
The advantages that are offered by the formation of a Seychelles International Business Company are renowned. They offer:
- Excellent tax benefits.
- Sound asset protection.
- Limited confidentiality.
The Seychelles has a good infrastructure with an international airport and exceptional telecommunications services. The main airport in Victoria is linked to a number of major European, Africa and Middle Eastern airports and with over 100 flights per week the Seychelles is very accessible. There are numerous international banks, and the local currency is the Seychelles Rupee however the official currency used in the offshore services sector is the US dollar.
As one of the most stable socio-economic regions in the world the Seychelles is a highly regarded jurisdiction in which to conduct international business activities.
Key Benefits of Seychelles Companies:
- Seychelles International Business Companies have no tax liabilities.
- There is no minimum share capital requirement.
- No nationality restrictions on Directors or Shareholders and 100% foreign ownership is permitted.
- Only one Director and one Shareholder is required and these can be the same person.
- Minimal reporting requirements; no audit or tax returns are required.
- Cost effective ongoing maintenance.
- No requirement for a company Secretary.
- No requirement for annual meeting to be held in the Seychelles, can be held anywhere in the world.
- There are no foreign exchange controls and funds can be freely in an out of the country.
Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?
The overseas banking industry is a billion-dollar business. Its no surprise that during the last decade, criminals have discovered ways to circumvent and exploit the system, ultimately giving the offshore world a bad reputation. This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.