Success tips when doing business in Seychelles
- When pursuing Seychelles business registration, your joint venture partner or shareholder must be reliable and competent. A partner should be chosen based on experience, trust, and ability to run a business. A partner should not be nominated solely to comply with the laws of Seychelles business operations;
- For starting a company in Seychelles, Healy Consultants recommends your firm to i) complete a feasibility study ii) prepare an in depth business plan iii) liaise with the Chamber of Commerce iv) get in touch with your local embassy and v) communicate with Healy Consultants to optimize the success of your business venture;
- Important points to take note of when registering a company in Seychelles: i) statistics and market figures tend to be inaccurate, ii) transactions may be inefficient, iii) initially frequent and lengthy market visits are a norm iv) complex business procedures are typical;
- Prior to Seychelles company incorporation, analysis and research of the corporate sector you plan to invest in is a vital consideration that has to be taken into account for Seychelles business setup. Healy Consultants suggests our Client to put together an in-depth business plan including a feasibility study, market research, and competitor analysis prior to investing in a Seychelles business;
- It is advised to constantly use and sign contracts of service when trading in Seychelles, due to local companies having limited knowledge and experience with international trade.
Interesting facts about Seychelles
- Seychelles has taken considerable steps forwards towards ascension to the World Trade Organization. A meeting of the Working Party in 2012 suggests Seychelles maybe near to attaining membership in the WTO;
- The economy has seen strong growth over the past decade. While the economy entered a recession during the global downturn, it recovered quickly to grow by 6.7% in 2010;
- The government has put considerable effort into developing the financial services sector. Multiple pieces of legislation have been passed with the goal of making the financial sector the largest in Seychelles by 2017;
- Seychelles is ranked as the 97th most competitive economy in the world in the Global Competitiveness Report 2012-2013;
- Seychelles is ranked as the 95th easiest country to do business in. The International Finance Corporation study praises Seychelles for the ease of paying taxes, but penalizes Seychelles for difficulties getting credit and electricity;
- Seychelles is spread out over 1.4 million square kilometers of ocean;
- Official languages are English, French and Creole;
- Seychelles was named after the French Minister of Finance during Louis XV’s Jean Moreau de Seychelles;
- With a population of about 87,780 people, Seychelles has the smallest population among African countries;
- Regardless of the visitors’ nationalities, Seychelles does not require any visa to enter Seychelles. However, to obtain entry, the visitors need to present i) a valid passport ii) return tickets iii) proof of accommodation iv) sufficient funds for their stay in Seychelles;
- In Seychelles, changing money with any business or individual other than the authorised is regarded as a criminal offense;
- The lifestyle in Seychelles is relatively laid-back where formal clothing is barely worn.
Frequently asked questions
What makes the Seychelles an attractive jurisdiction in which to incorporate a company?If properly structured, a Seychelles Company can be a tax-free entity. The Seychelles allows 100% foreign ownership.
Are there any restrictions on the activities of a Seychelles offshore Company?A Seychelles International Business Company (IBC) cannot conduct any activities in the Seychelles, nor may it own real estate in the country.
What are the reporting requirements for a Seychelles Company?There are no annual audit or annual returns required for a Seychelles Company. Accounting records must be kept for 7 years.
Is the Seychelles viewed as a tax haven?A Seychelles IBC may be perceived as a tax haven Company.
Is the Seychelles a secure long-term jurisdiction in which to invest?The Seychelles remain committed to keeping confidential the information on Companies and bank accounts held there. It is not subject to the European Union (EU) Savings Tax Directive, unlike some of the offshore tax havens linked to EU member states such as the UK and its overseas territories.
Are there any restrictions on the number of directors and shareholders in a Seychelles Company?A Seychelles Company requires only one (non-resident) director and shareholder. Corporate directors are also allowed.
Is there any minimum capital requirement to set up a Seychelles Company?There is no minimum capital requirement.
Are Seychelles Company details made available to the public?A register of shareholders and directors must be kept with the company’s agent in the Seychelles.