04.25.07
Posted in Business and Economy, Seychelles IBC at 8:42 am by Robert Klien
The Small Enterprise Promotion Agency (SEnPA) has opened offices in district administrations in various districts around Mahé in order to decentralize its services bringing them closer to the public.
This service started on April 2, 2007. It was initiated by SEnPA to improve the service offered to more than 800 businesses registered with this agency.
Maryse Berlouis, the managing director of SEnPA, commented decentralizing the following way: “Instead of sitting in an office waiting for business owners to come to us in Victoria, we can now go to them and offer our services since most of them are based and run from their own residences.”
The services provided by the agency include, but are not limited to, providing professional advice to existing and potential cottage industry businesses, providing information on facilities and support offered, assisting with queries on setting up cottage industry businesses, analyzing the businesses of entrepreneurs and developing ways of improving them.
The Small Enterprise Promotion Agency was established in August 2004 to promote and develop small enterprises, crafts and cottage industries in Seychelles. Its objectives are the promotion of small enterprises as well as development of crafts and cottage industries in collaboration with the Ministry, the implementation of the policy and strategies of the Seychellois Government related to crafts and cottage industries, the supervision of the construction and management of the infrastructure of micro enterprise centre projects, the identification of obstacles of sustainable development and proposing solutions regarding this, etc.
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02.16.07
Posted in Seychelles IBC, Seychelles banking, Seychelles offshore jurisdiction at 3:00 pm by Robert Klien
The SIBA website provides quite a complete library of Seychelles legislative acts regulating offshore financial services as well as a list of Licensed Corporate Services Provioders (CSP). Currently, there are 36 corporate Services Providers listed there, inluding also such offshore professionals known worldwide as Ocra (Seychelles), Fidelity (Seychelles), Mossack Fonseca and others.
Another important resource provided by SIBA website is various application forms and guides needed for undertaking offshore business in the Seychelles. For example, Guide to become a Corporate Services Provider in Seychelles, CSP Application form, Guide to Compliance for CSP, Application Guidelines for Special License Company (CSL), CSL – Application Form as well as various application forms for International Trade Zone business and ship and yacht registration.
For the first acquaintance with Seychelles offshore services, there is a good description about the key offshore services: International Business Companies (IBC), Mutual Funds, Offshore Banking, Offshore Insurance, International Trusts and Ship Registration.
As regards the latest updates on Double Taxation treaties, Budget Speech and latest news for whole offshore jurisdiction – sometimes this information is outdated (for example, currently the latest news are avaialble for the first half of 2006), but anyway, comparing with other Seychelles resources providing offshore business information, SIBA provides far away the most detailed and most up-to-date information about Seychelles offshore financial services.
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02.12.07
Posted in Seychelles CSL, Seychelles IBC, Seychelles banking, Seychelles offshore jurisdiction at 5:51 pm by Robert Klien
When it comes to Seychelles offshore services, the organization number 1 in Seychelles is undoubtedly the Seychelles International Business Authority (SIBA) established in February 1995.
SIBA is an organization corporate with board members who are prominent participants of both government and the private sector.
The Seychelles International Business Authority is a body that both licenses and regulates primary offshore activities. This body represents the Registrar for International Business Companies (IBCs) and trusts and a regulator of International Trade Zone activities. With its dedicated professionals and carefully worked-out systems, the Authority can provide swift name approvals, incorporation and licensing, while spending minimal periods of time on bureaucracy. As a result, certificates of incorporation, for example, may be issued within just one hour. So, SIBA is one of the fastest Registrars all over the world.
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08.14.06
Posted in Seychelles CSL, Seychelles IBC, Seychelles offshore jurisdiction at 1:41 pm by Robert Klien
This service can be obtained for free at the official website of the Republic of Seychelles. Unfortunately, the architecture of the web page does not provide a direct link to fully functional web page. Nevertheless, link can be quite easily found through the menu: go to http://www.virtualseychelles.sc/pages/vs_ie.htm, choose “business†in the upper menu and then use left menu “Company searchâ€.
If this does not work, the following link can be used: http://www.virtualseychelles.sc/busi/busi_c_list.asp, however, it will not contain a menu, but just a Seychelles company search itself.
There you can either make search or try to find the company alphabetically. Through this company search you can get company director, address, mail, fax and phone number as well as its field and a short description of company’s business activities.
For instance, let us click “Kâ€, then choose “KPMG Pool & Patel†and find the information on this audit firm. Or let us click “Fâ€, choose “Fidelity Corporate Services (Seychelles) Ltd†and find the information on this SIBA licensed offshore service provider.
So, this is a very useful source, the only drawback is that the information does not provide the web sites of these companies. However, this problem is easily solved. For example, Fidelity’s e-mail indicated in company search is fidelity@seychellesoffshore … , so let us substitute the left part before “@†by “www.†, and what we get is the precise web address of this offshore company formation services provider (www.seychellesoffshore.com).
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06.19.06
Posted in Seychelles CSL, Seychelles IBC at 7:16 am by Robert Klien
The CSL is resident in the Seychelles for tax purposes. The IBC is a non-resident for tax purposes.
Seychelles IBC is prohibited to carry on business in the Seychelles. As to the CSL, it may carry on legal business both inside and outside the Seychelles. It may have an office in the Seychelles to direct its operations from and to manage and control company. In such a case, it receives duty exemption on the furniture and office equipment imported for the office and gets social security concessions for its employees.
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05.27.06
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.
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05.24.06
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.
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05.22.06
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.
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