05.31.06

Seychelles Special Licence companies (CSL)

Posted in Seychelles CSL at 1:41 pm by Robert Klien

There are 2 main types of offshore companies you can incorporate in the Seychelles – IBC (International Business Company) and CSL (Company Special Licence). Today let’s have a look at a less popular one – CSL introduced just 2 years ago. The Special Licence Company is an attractive vehicle because it is able to bypass international blacklisting. In contrast to Seychelles IBC company which is zero tax company, the CSL is low tax company. Seychelles Special Licence Company causes less suspicion and scrutinity and a growing number of double tax treaties open broad prospective for tax planning activities.

The Seychelles Companies (Special Licence) Act was enacted along with the Corporate Service Providers Act and the Protected Cell Companies Act in December 2003. In accordance with the act, a CSL (special licence) is to be issued to a Seychelles domestic company incorporated under the Companies Act 1972, subject to the provisions of the Companies (Special Licence) Act 2003.

Accordingly, the CSL is a domestic company, and its requirements are modified by provisions of the CSL Act, under which it is issued. Under special licence the CSL benefits from some shielding from public scrutiny, and at the same time it is fully transparent to the authorities, and benefits from various fiscal concessions.

05.27.06

Seychelles IBC share capital, financial statements, management and registered office

Posted in Seychelles IBC at 10:12 am by Robert Klien

Share Capital and Licence Fee:

Seychelles IBCs are usually incorporated with an authorised share capital in any currency, which is US$100,000 with par value. For the minimum licence fees this is the maximum. The minimum issued capital can be one share of no par value or one share of par value.

  • If an Authorised Capital is up to US$ 100,000, the annual licence fee is US$100.
  • If an Authorised Capital is over US$ 100,000, the annual licence fee is US$1,000.

Financial statements, directors, registered office and secretary:

It is not required to file financial statements, but records must be kept by a company to reveal its financial position.
There should be at least one director, who may be either a natural person or a body corporate. There are no restrictions regarding the nationality of a director and there is no need to be a resident of the Seychelles.
A Seychelles IBC must maintain the registered office at the office of a licensed Registered Agent in the Seychelles .
A Seychelles IBC does not have to appoint a company secretary, although usually it is done so. The same as a director, a secretary may be either a natural person or body corporate of any nationality, not necessarily a resident of the Seychelles.

That’s shortly about Seychelles IBCs. In the next blog we will take a closer look at Seychelles CSL companies.

05.24.06

Seychelles IBC registration procedure, restrictions and IBC name

Posted in Seychelles IBC at 3:22 pm by Robert Klien

Registration procedure:

Memorandum of Incorporation is filed at the Registry. The Articles of Association are filed either at the same time or within 30 days of incorporation.

Restrictions:

Seychelles IBC cannot trade or own real estate in the Seychelles, it cannot undertake the business of banking, insurance, reinsurance, assurance, fund management, asset management (other than the company’s own assets) or any other activity related to the banking and insurance industries, it cannot provide registered office facilities in the Seychelles as well at it cannot sell its shares to the public.

IBC name:

There is a very wide choice of suffixes to use for Seychelles IBC. These are Limited or Ltd., Incorporated or Inc., Corporation or Corp., Société Anonyme or S.A. Other suffixes as GmbH, BV and SARL may also be used.
Seychelles IBC name restrictions are as follows: There must be nothing identical or similar to a company that has already been incorporated, nothing that suggests some patronage of the Seychelles or any other government, insurance, there must be no royal, imperial or other name that may suggest company’s intention to undertake a licensable or undesirable activity.

05.22.06

Seychelles IBC incorporation dynamics

Posted in Seychelles IBC at 4:01 pm by Robert Klien

Seychelles International Business Company is an alternative to offshore companies incorporated in such jurisdictions as the British Virgin Islands, especially if you like good and fast customer service and reasonable fees. Seychelles IBC registration dynamics is very impressive. Each month around 700 new IBCs are registered in Seychelles and total number of IBCs has exceeded 23 thousand. Of course, it is less than offshore IBC company flagship in the British Virgin Islands (700 thousand in total and 5 thousand per month), however, number of new registrations in the Seychelles is higher than in most other offshore jurisdictions. To be fair, we should take into consideration that BVI IBCs were registered from 1984 but Seychelles IBC only from 1994. The dynamics of growth in the Seychelles outbeats all serious competitors. The growth close to 50% was experienced in 2005 and 40% in 2004.

The registration of International Business Companies, International Trusts and the licensing of International (free) Trade Zone Companies was enacted in the Seychelles in December 1994. More recent laws concerns the licensing of offshore banks, mutual funds activities, offshore insurance, the regulating of securities industry. The new legislation was a result of thorough studying of long established offshore jurisdictions as well as analysing of world-wide trust legislation.

The Seychelles is one of the fastest IBC registrars in the world. The registration process in the Seychelles is very straightforward as the Seychelles is considered to be one of the fastest IBC registrars in the world. There are effective systems and motivated individuals that offer same day incorporation for you to achieve Tax efficient business operations.

05.19.06

Seychelles offshore incorporation environment

Posted in Seychelles offshore jurisdiction at 3:21 am by Robert Klien

There are 2 types of offshore companies you can incorporate in the Seychelles – International Business Company (IBC) and Special Licence Company (CSL). Seychelles IBC companies are available starting from 1994, but CSL companies from 2003. Of course, there were Seychelles companies available before 1994, but this is different story, not related to offshore industry. The traditional and the most popular one (in number of registered companies) in the Seychelles is the same as in most offshore jurisdictions – International Business Company.

Seychelles International Business Companies (IBC) or, in other words, Seychelles offshore companies are incorporated in accordance with the International Business Companies Act, 1994. Seychelles IBC Law has the below-mentioned key features.

The first feature is confidentiality guaranteed by law. It is worth mentioning that the Registrar maintains only the copies of the Memorandum and Articles of Association, certificates of incorporation, good standing, change of name and other relevant certificates. As to civil matter involving a Seychelles IBC, all proceedings are to be heard by a Judge in Chambers.

The second important feature is competitive License fees fixed for life. US$ 100 annual fee if authorised share capital is less that US$ 100,000. US$ 1,000 annual fee if the authorised share capital exceeds US$ 100,000. If the annual renewal fees are increased, a company incorporated before this will not be affected by it.

The third important feature is the quality of service and speed backed by high motivation of subjects involved in the registration process.

It goes without saying that some of the most important features are zero taxation of Seychelles IBC’s, no minimum capital stipulation, no requirement to disclose the beneficial owners of an IBC. Only one director or shareholder is required and bearer shares are allowed in the Seychelles. Company directors may be elected at the first company board meeting, and register of directors may not be filed with the Registrar. It also should be noted that books and records must be kept for all companies, but there is no need to file accounts with the Registrar.

Extremely fast Seychelles IBC incorporation, real bearer shares (shouldn’t be kept at custody as with some other offshore jurisdictions) and affordable fees are those 3 whales that hold the development of the Seychelles as the offshore tax haven.