It seems a very good site. But did you earn anything from it?

[lili521]

The vast majority of companies formed in the Seychelles for offshore purposes are incorporated under the International Business Companies Act 1994 (see below). However this law did not supersede the existing Companies Law 1972, which is based on English law and is used to form various types of company used by businesses trading in the Seychelles, and also for offshore businesses which are not permitted to use the IBC form, such as banks, insurance companies and mutual funds.

Companies formed under the Companies Act 1972 can be private companies limited by shares, by guarantee, or hybrid; or they can be unlimited, but that is rare. Public companies can also be formed under the Act. For all these types of company, Memorandum and Articles of Association must be filed at the Companies Registry, along with the registration fee.

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 Licence Companies, Protected Cell Companies and Limited Partnerships.


Seychelles International Business Company
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. The governing legislation is the International Business Companies Act 1994. Statutory requirements are minimal, and flexible:

Only one director and one shareholder are required;
Shareholders, directors and officers need not be resident in the Seychelles and there is no stipulation as to their nationality;
There is no minimum capital requirement; shares may be either registered or bearer and may be issued in any currency;
Accounts need not be kept; however, if they are kept there is no requirement for an audit.
No returns are needed of shareholders, directors or officers;
Shareholders and directors meetings need not be held in the Seychelles and can be held by telephone;
The Memorandum and Articles of Association are the only documents to be held on the public record.
IBC status is granted subject to certain conditions:

No business may be transacted with residents of the Seychelles;
No ownership interest in real property in the Seychelles is permitted; property may be leased for office use only;
Banking or trust business may be carried on only if an appropriate license is issued;
Likewise, a licence is required to carry on insurance or re-insurance business;
Engaging in the business of company management or providing registered facilities for Seychelles-incorporated companies is not permitted.
IBCs are permitted various activities within the Seychelles without compromising their offshore status under the Act; these include:

professional contacts with lawyers, accountants etc;
preparation and maintenance of books and records;
the holding of directors' or shareholders' meetings;
ownership of shares in other Seychelles companies, whether under the Act or the Companies Act 1972;
ownership of Government or Central Bank securities;
ownership of a vessel registered in Seychelles.
It is usual to use a registered agent in the Seychelles to incorporate an IBC (eventually it is obligatory to appoint one anyway). Fees for incorporation of an IBC are based on the company's authorised share capital. Normally, the incorporation process takes no more than one day; however, for banks, trust companies and insurers the process is lengthier (see Offshore Business Sectors).

Statutory incorporation fees used to be $100 for capital up to $100,000, and $1,000 for capital over $100,000. However, there is no longer any increase in licensing fees for share capital above $100,000. Share capital is unlimited.

The annual renewal fees are also set at $100, but are subject to a 7.5% tax. These fee levels are fixed for the life of the company, whatever changes may be made for new companies.

Seychelles Protected Cell Company
Protected Cell Companies (PCC) are formed under the Protected Cell Companies Act, 2003 (the Act). A PCC is a Seychelles domestic company that has the right to create one or more identifiable cells so as to segregate and protect cellular assets as permitted under the Act. While each cell created by a PCC is separately identifiable and may have its own cellular assets, no cell will constitute a legal entity separate from the company (ie. only the PCC is a separate legal entity).

The Directors of a PCC have a duty to keep cellular assets separate from non-cellular assets, and to keep the assets attributable to each cell separate from the assets attributable to other cells. Liabilities attributable to a particular cell of a PCC cannot attach the assets of other cells.

As in other jurisdictions, the PCC has particular use and appeal for captive insurance and collective investment scheme applications. It is likely that approval will be limited to these areas and for non-domestic business only.

[Admin]

What is this post about, please elaborate or get an infraction while the post get deleted!

[mervikhaums]

What is this post about, please elaborate or get an infraction while the post get deleted!

Exactly.

Hi lili, you have good posts out there. But what is the actual meaning of the above passage? an information or a query. Could you please make it clear. It will be fine if you can erase the confusion.