In this thread we wanna list up the substance requirements of every each offshore jurisdiction (with source). This should give everyone an overview of what is where necessary.
I have also noticed that some information contradicts itself, this may have been caused by conflicts of interest by company mills etc.. I gonna start with Belize and Seychelles.
Belize - IBC (source)
The nature of business has a direct influence of its substance requirements.
The following business types needs to have sufficient substance:
The substance requirements of the Act do not apply to a commercial entity that is controlled
and managed outside of Belize and is tax resident in a jurisdiction other than Belize; however,
such an entity must provide the Authority with sufficient proof that is tax resident in the
jurisdiction that it asserts which is elaborated in section 5 of the Guidance Notes.
My Interpretation (it could be false)
Even if the activities of your business does not belong to the listed ones, if you cannot proof tax residence in another country your IBC becomes taxable in Belize for 25%.
Seychelles - IBC (source)
The turnover of business has a direct influence of its substance requirements.
A company who fulfil at least 2 of the following turnover/employee limits is required to build up and maintain sufficient substance in the Seychelles:
My Interpretation (it could be false)
Even if the turnover/employee limits of your business does not belong to the listed ones, if you cannot proof tax residence in another country your IBC becomes taxable in the Seychelles:
I have also noticed that some information contradicts itself, this may have been caused by conflicts of interest by company mills etc.. I gonna start with Belize and Seychelles.
Belize - IBC (source)
The nature of business has a direct influence of its substance requirements.
The following business types needs to have sufficient substance:
- banking business
- insurance business
- fund management business
- financing and leasing business
- headquarters business
- distribution and service centre business
- shipping business
- as a holding company, engaged, or where one or more of its subsidiaries is engaged in one of the activities listed under s.5 (a) to (g).
- all Regulated Entities under the IFSC Act
The substance requirements of the Act do not apply to a commercial entity that is controlled
and managed outside of Belize and is tax resident in a jurisdiction other than Belize; however,
such an entity must provide the Authority with sufficient proof that is tax resident in the
jurisdiction that it asserts which is elaborated in section 5 of the Guidance Notes.
My Interpretation (it could be false)
Even if the activities of your business does not belong to the listed ones, if you cannot proof tax residence in another country your IBC becomes taxable in Belize for 25%.
Seychelles - IBC (source)
The turnover of business has a direct influence of its substance requirements.
A company who fulfil at least 2 of the following turnover/employee limits is required to build up and maintain sufficient substance in the Seychelles:
- Balance sheet total in excess of the equivalent, in Seychelles Rupees or other currency, of 20,000,000 euros
- Net turnover in excess of the equivalent, in Seychelles Rupees or other currency, of 40,000,000 euros
- An average number of employees in excess of 250 during the financial year.
- income from activities conducted in Seychelles
- income from activities conducted outside Seychelles in the absence of a permanent establishment outside Seychelles
- all passive income
My Interpretation (it could be false)
Even if the turnover/employee limits of your business does not belong to the listed ones, if you cannot proof tax residence in another country your IBC becomes taxable in the Seychelles:
- for the first SCR 1 000 000 (USD 73 000) – 25%
- for amounts exceeding SRC 1 000 000 – 33%
