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.
Beginners guide to Service Level Agreements: important information & Q&A
SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met.
Crypto currencies becoming increasingly overly regulated as governments impose more guidelines
Crypto currencies have exploded in popularity in recent years, thanks to innovation in block chain, the distributed ledger technology underpinning those virtual tokens such as bitcoin. That has led to a red-hot fundraising trend where start-ups are pulling in millions of dollars in capital by issuing virtual coins to investors in exchange for money.
Initial Coin Offering, definition and regulation
Initial Coin Offerings (“ICO”) have gained increasing attention by crypto currency users, the media and the regulators. The rising price of Bitcoin, one of the most widely known and used crypto currencies, along with fraud scandals in different countries, have raised attention by the public and concern by the regulators. It is important for us that our clients and our professional team understand crypto currencies and ICOs to be able to make intelligent and well-informed decisions.
Seychelles IBC Act 2016: Action for all companies required
The requirement to file and maintain a list of Directors and Beneficial Owners for all Seychelles companies or International Business Companies “IBCs” registered under the International Business Companies Act 2016 has been introduced to as a way to increase the transparency of all Seychelles international businesses for tax and money laundering purposes
Passport schemes: countries that allow foreign nationals to acquire citizenship through investment
There are many factors that influence an investor to obtain a second citizenship in another country. Aspects such as relocation, retirement, security or even long-term plans for future generations are all benefits and considerations in the prospectus for investment. Several countries now offer this option through different investment schemes.
The Tier 1 Investor Visa: are the UK government checking candidates' source of wealth? Evidently not..
One of many legal disputes resulting from the recent infamous Kazakhstan BTA bank fraud case has shed new light on a little-known immigration scheme colloquially known as the golden visa scheme and officially called a Tier 1 Investor visa in the UK; the scheme grants investors residency in exchange for spending £2m in UK bonds or shares through a bank, with applicants eligible for to remain indefinitely, with full citizenship after five years.
EU release list of tax havens & blacklisted jurisdictions for the first time
In an attempt to recover the approximate 600B euros lost within various EU countries to tax evasion schemes each year; the European Union has released its first official blacklist naming 17 jurisdictions that have failed to meet international standards of implementing sufficient regulations and transparency measures.
A beginners guide to filing capital statements in Cyprus
This article details a beginners guide to capital statements; what to include in them, what the figures mean and how to understand and interpret them; avoiding common pitfalls many individuals experience along the way with filing their own.. Capital statements (also referred to as wealth statements) are similar to profit & loss sheets for a company except capital statements are typically used to measure and record an individual’s finances using an official document accumulated on differing dates.