International Business Company (IBC)
International Business Company in Seychelles is an ideal solution for confidential and fully tax-exempted international business: no requirements to file annual returns, no taxes or stamp duties, no US or IRS interference, no public records. The Seychelles IBC is commonly used for international trading operations, investments and holding purposes, leasing of vehicles or aircraft, marketing and financial activities.
FORMATION AND MAINTENANCE FEE FOR THE 1ST YEAR
- Name check and approval
- Filling the incorporation documents with the Registrar of Companies
- A standard set of original corporate documents
- Payment of the Government Fee
- Provision of registered agent and registered address for one year
- Provision of company secretary for one year
- Rubber stamp
A standard set of original corporate documents:
- Certificate of Incorporation
- Memorandum & Articles of Association
- Appointment of First Directors
- Consent Actions of the Board of Directors
- Share Certificates
- Register of Directors and Members
PLUS: A apostilled set of corporate documents:
- Certificate of Incorporation
- Memorandum & Articles of Association
- Register of Directors and Members
LEGAL FORM
In December 1994 Seychelles enacted legislation enabling the registration of International Business Companies (IBC’s), International Trusts and the licensing of International (free) Trade Zone Companies. IBC’s in Seychelles are formed under the International Business Companies Act 1994 and can take the form of private companies limited by shares, companies limited by guarantee, or hybrid companies, or they can be unlimited, but that type is rarely used. Public companies can also be formed under the Act. Foreign companies can re-establish themselves in the Seychelles by way of continuation without the necessity for reciprocal arrangements in the original country of incorporation. An IBC wishing to leave the Seychelles may do so.
In 2003, the government legislated for additional types of company: Special License Companies, Protected Cell Companies and Limited Partnerships. Seychelles companies are based on English Common Law and French Civil Law. The International Business Company is the most widely used vehicle for offshore operations in the Seychelles; it normally takes the form of a private company limited by shares, but can also be a Limited Life Company. Seychelles IBC’s cannot trade within Seychelles or own real estate there. It cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, asset management (other than the company’s own assets) or any other activity that would suggest an association with the banking and insurance industries without special license. A Seychelles IBC cannot provide registered office facilities in the Seychelles, or sell its shares to the public.
COMPANY NAME
Seychelles companies’ names must end with one of the following words: Limited, Corporation, Incorporated, Société Anonyme or their abbreviations. A wide variety of other suffixes such as BV, GmbH, and SARL may also be used. The following names to be used require licensing and/or restricted: Bank, Insurance, Assurance, Re-Insurance, Trusts, Trustee, Savings, Royal, Asset Management, Funds, Foundation, Building Society, Municipal, Chartered, Finance, Healthcare, Pharmaceutical, Leasing, Lease, Forex, Broker, Brokerage, Gaming. Names denoting any connection to local, state or national governments are generally prohibited. The name can be in any language, but must be accompanied by a translation in English or French.
MEMORANDUM AND ARTICLES OF ASSOCIATION
A company is incorporated in Seychelles by application made to the Registrar of Companies. Memorandum and Articles of Association must be lodged with the Registrar along with relevant fees. Memorandum specifies the activities in which the company may engage and Articles of Association specify the rules governing the internal management of the company.
SHAREHOLDERS
A minimum of one shareholder is required which may be a physical person or a body corporate. Details of company shareholders are not part of the public record.
SHARE CAPITAL
There is no specific minimum capital requirement. The standard authorized share capital is US$ 100,000. The minimum issued capital may be one share of no par value or one share of par value. Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted. As from 1st of January 2014, IBCs are no longer permitted to issue bearer shares.
DIRECTORS
The minimum number of directors is one, who may be a physical person or a body corporate. A director may be of any nationality and need not be resident in the Seychelles. Details of the company directors are not part of the public record.
REGISTERED OFFICE AND LOCAL AGENT OR SECRETARY
Registered Office must be maintained in the Seychelles at the office of a licensed Registered Agent. A Seychelles IBC need not appoint a company secretary, although it is customary to do so. The secretary may be a natural person or body corporate, be of any nationality and need not be resident in Seychelles.
MEETINGS
The directors and the shareholders meetings need not be held in Seychelles also there is no requirement for an Annual General Meeting. All meetings may be held outside Seychelles, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy.
INCORPORATION TIME
It normally takes 5 business day to have an IBC incorporated and registered.
RECURRING AND MAINTENANCE FEE AS FROM 2ND YEAR
- Provision of registered office and registered address
- Provision of registered agent and company secretary
- Payment of annual government fee
FINANCIAL STATEMENTS AND AUDIT
Whilst there is no requirement to file audited financial statements or annual returns with local authorities, a Seychelles IBC is required to keep financial records, which should reflect the financial position of the company. As per International Business Companies Act, amended in 2012, all IBC’s are required to maintain their accounting records. Unless such records are kept at the registered office of the Company, the director must notify the registered agent in writing of the place in which account records shall be kept (it may be in or outside Seychelles). Accounting records shall be maintained for a period of 7 years (from the completion of the transactions). “Accounting records” is defined as “documents relating to assets and liabilities of the company including receipts and expenditure, sales and purchases and other transactions”.
TAXATION
A Seychelles IBC, by definition of the law, is not subject to any tax or duty on income or profits. It is also exempt from stamp duties on transfer of property and any exchange controls.
OUR SERVICES FOR THE COMPANY FORMATION IN SEYCHELLES INCLUDE:
- Name check and approval
- Filling the incorporation documents with the Registrar of Companies
- A standard set of original corporate documents
- Payment of the Government fee
- Provision of registered agent and registered address for one year
- Provision of company secretary for one year
- Rubber stamp
DOCUMENTS REQUIRED FOR THE COMPANY FORMATION
Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:
- Notarized copy of valid passport.
- Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
- Original or certified copy of Lawyer’s/Banker’s/Accountant’s reference letter (dated within 3 months).
- In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).
SHIPPING COST
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically at US$85. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.