Due to its favorable legal framework, the Seychelles has become one of the most popular offshore jurisdictions in the world since it allows businesses to easily apply for a financial service license and incorporate an International Business Company for tax and asset protection purposes. The island nation of Seychelles is a 115-island archipelago located in the Indian Ocean. Its population is just over 90,000, making it the smallest among independent African states. Its economy is mainly based on the export of agricultural products such as vanilla, copra and frozen and canned fish. It is also a popular tourist destination due to its tropical climate and wealth of abundant natural resources such as beaches with crystal-clear waters which are ideal for swimming, snorkeling, diving and other water sports. The country also hosts two UNESCO heritage sites, the Aldabra coral atoll and Vallae de Mal at Praslin Island.In addition, the Seychelles has some of the most modern facilities in the Indian Ocean region. The Seychelles International Airport is considered to be one of the best in the region, and is served by the flag carrier as well as several other airlines. The official languages are English, Creole and French, with English being the language used in business. The advantages applying for a financial service license include:Only one shareholder and director is required to incorporate an IBC, who can be the same individual. They can be either a natural person or a legal entity and may be of any nationality. In addition, the government does not require any information to be provided on the shareholders, directors and beneficial owners.The incorporator is not required to be physically present in the country when he is setting up an IBC.The confidentiality of IBCs is preserved since the Seychelles is not a signatory to any international information-sharing agreements. The Seychelles also do not have any economic ties with the US and the EU. In addition, only the Articles of Association and theMemorandum of Association are held in public files.IBCs are not subject to any reporting requirements regarding financial information such as tax returns and accounts. There is also no requirement that Annual General Meetings be held and director’s or shareholder’s meetings can be held outside of the Seychelles.Meetings may also be conducted through phone or other electronic methods and votes may be conducted through proxy.IBCs are not subject to any taxation on income derived from business activities outside of the country.IBCs are not subject to capital restrictions.IBCs are authorized to issue registered shares, which the IBC may be designated as they choose (i.e. voting or non-voting shares, no par value shares, common or preferred shares). However, the IBC is not allowed to issue bearer shares.Requests for incorporation of an IBC and applications for a financial service license are processed by the Financial Services Authority (FSA). The procedure is as follows:A request for incorporation should be submitted to the Registrar, who will issue a unique Company Number. The proposed IBC must then submit a Memorandum of Association within 72 hours.Upon receipt of the Memorandum, the Registrar will issue a Certificate of Incorporation. The Certificate can be issued on the same day if the Memorandum is delivered by 4.30 am.Once the Certificate has been issued, the IBC has 30 days to submit the Articles of Association. The IBC should also submit its proposed name for approval by the FSA, which should be the one that appears in the Certificate of Incorporation and should follow the naming guidelines set by the FSA. The name should end with an abbreviation or word denoting limited liability such as Limited, Societe Anonyme or Ltd, S.A. Restricted words are those that suggest that the IBC is enjoying the patronage of the Government of Seychelles or any other government, i.e. Chamber of Commerce, Cooperative and Chartered.In addition, the IBC should not choose a name that is identical to an already existing company registered in the Seychelles, or if the name is so close to that of another company that the intent is to deceive the public.However, there are a number of restrictions IBCs are subject to. Registered IBCs are not allowed to trade within the country or conduct financial services such as insurance, banking, reinsurance, assurance, asset management and fund management. They are also not permitted to own real estate or provide registered office facilities.The annual license fee for a financial service license is just US$100, which must be paid on or before the incorporation date anniversary.The Seychelles Financial Service Authority - http://www.fsaseychelles.sc/
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