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’s are renowned. They offer:
- excellent tax benefits
- asset protection
- high 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 Benefites 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.
- High degree of confidentiality with no public register of Shareholders or Directors and nominees can be used if required.
- 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.
Panama Law 52: Updated legislation for all legal entities
Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.
Important 2016 reporting deadlines for BVI Financial Institutions
Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.
Thinking of relocating your business to Singapore? Let us help you!
Singapore has quickly become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations in Western Europe, making it an ideal destination and potential location for Business Owners to relocate and start a new business and lifestyle.
How to register a branch in Cyprus
Overseas companies may register a branch in Cyprus, according to the Companies Law, Chapter 113, regulated by section 347. A branch will not essentially consider as being a new legal entity in Cyprus.
To Brexit or not to Brexit?
To Brexit or not to Brexit - this has been the question of the year for Britain and with the referendum taking place imminently, just two options remain: leave the EU or stay in. Why has this been such a difficult decision to decide upon?
Selecting a Management Information System
A management information system or MIS is used to assist in the analyses and formulation of business strategy, as well as facilitating operational objectives. Selection of an MIS can help increase understanding and control in an organisation and can be scaled to suit the complexity of most modern businesses. If the right MIS is selected and it is implemented correctly it can provide a competitive advantage for the organisations utilising it.
Windows 10 update: having issues with the installation?
By now you have probably about Windows 10, the latest operating system developed by Microsoft.
Accounting support for a Cyprus company located in Russia
When expanding your business overseas, not only do you have to comply with International Financial Reporting Standards (IFRS) and accounting standards, thought must also be given to the specific jurisdictions own rules and regulations.