Tax and accounting regulations

A coherent offshore planning tax strategy is essential to maximise the effectiveness of offshore companies. Eltoma can assist by structuring the most tax efficient strategy to satisfy your requirements. We can provide guidance as to which jurisdictions offer the best tax structure by identifying the types of tax payable as well as applicable exemptions and incentives. Eltoma gives impartial tax planning advice that will identify which is the most favourable tax efficient jurisdiction in which to incorporate.

All IBC’s in the Seychelles are subject to zero taxation. Below is an overview of the tax and accounting regulations:

Tax system:

Seychelles IBC’s have no tax liabilities; there is a 0% tax rate. The following are tax free:

  • Capital gains.
  • Inheritance.
  • Dividends.
  • Interests.
  • Royalties.
  • Rents.

International aspects of taxation:

Double taxation treaties: The Seychelles has double taxation treaties with the following countries; Barbados, Botswana, China, Cyprus, Indonesia, Malaysia, Mauritius, Oman, Qatar, South Africa, Thailand, UAE and Vietnam. DTA Agreements have been signed but not ratified with Belgium, Monaco and Zimbabwe.

Annual reporting requirements:

  • No annual returns are required to be filed.
  • No company reports are required to be submitted to any authority.
  • Offshore company accounts are not required to be audited.
  • Records of offshore companies can be kept anywhere in the world, there is no requirement that they be stored in the Seychelles.

Take the next step, we are here to help.

Register a Seychelles company.
Open a Seychelles bank account.

  Resources:

The Tier 1 Investor Visa: are the UK government checking candidates' source of wealth? Evidently not..

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

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

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.

The Cyprus Passport by Investment scheme: at who's expense?

The Cyprus Passport by Investment scheme: at who's expense?

Cyprus Minister of Finance Mr Harris Georgiades released a statement condemning critics of the Cyprus passport by investment programme that has seen raise over €4 billion since the launch of the scheme in 2013 which was implemented to attract foreign investment to mitigate damage in light of the banking crisis.

Cyprus Variable Capital Companies: AIFs

Cyprus Variable Capital Companies: AIFs

There are two types of Variable Capital Companies in Cyprus; UCITS and AIFS. Read on to find out more about Alternative Investment Funds.

Cyprus Variable Capital Companies: Open-Type UCITS

Cyprus Variable Capital Companies: Open-Type UCITS

There are two types of VCCs in Cyprus; UCITS which we will discuss in the following article, and AIFS.

 

Protection of Nominee Directors from IRD claims for Cyprus client companies

Legislation re Cyprus Tax Residency:

Cyprus Company Law: Responsibility of Directors for the non-payment of taxes

Cyprus Company Law: Responsibility of Directors for the non-payment of taxes

A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.