Different Business Forms & Business Registration Costs

1. International Business Company (IBC)

International Business Companies are widespread investment choices in Seychelles. Since IBCs are tax-free they offer much flexibility and convenience for local and foreign investors. The primary purpose of IBCs is to do international business.

An IBS is subject to less regulatory bottlenecks. For instance, filling annual returns or audit reports is optional for IBCs. It is, however, required to maintain accurate internal records and conduct its commercial activities outside of Seychelles. The registration cost usually ranges between USD 100 to USD 300.

2. Domestic Company (DC)

A Domestic Company (DC) in Seychelles is structured to conduct business exclusively within the country. The registration process is straightforward, with costs ranging from USD 200 to USD 500, depending on specific requirements. This option is ideal for local entrepreneurs seeking to tap into Seychelles’ vibrant domestic market.

3. Special License Company (SLC)

A Special License Company (SLC) is a versatile business entity often established by entrepreneurs to fulfill specific strategic objectives. These companies are particularly advantageous for activities like investment management, insurance, or specialized trading. The registration process for an SLC is straightforward, with associated costs averaging around USD 1,000. 

4. Partnerships

Partnerships entail two or more people (partners) forming one business venture. The registration costs for alliances depend on the scale of intended business operations.

What is the cost of registering a business in Seychelles?

The cost of obtaining an office address, professional fees, permit renewal fees, and stamping fees are also typical when registering a business in the Seychelles. Due to fluctuating inflation and exchange rates, the price stated in this post may differ from the actual amount.

You should speak with a local corporate service provider or legal counsel in the Seychelles for accurate and current information on registration fees and procedures. 

Business Registration Requirements For Citizens

1. Completed Business Registration Application Form
2. Copy of National Identity Card or Passport
3. Proof of residential address (utility bill or lease agreement)
4. Proposed business name and activity
5. Tax Identification Number (TIN) application
6. Certificate of Good Standing (if applicable)
7. Payment of registration fees
8. Business license application (if required)
9. Registered office address in Seychelles
10. Memorandum and Articles of Association (if forming a company)

Steps

Determine your business structure

Common business forms in the Seychelles include International Business Companies, Domestic companies, partnerships, and sole proprietorships. Choose the business type you want to register.

Reserve a business name

Existing firms could bear the name you created for your business. Come up with various business name options that meet the Seychellois naming regulations. Reserve an available name with the Seychelles Registrar of Companies. 

Prepare required documents

Prepare your business’ article of association outlining its scope and internal leadership. Also, submit your memorandum of association outlining the relationship and profit-sharing policies. Moreover, the identification documents of all shareholders and their physical addresses must be submitted. 

Register your business

You can work with a registered agent during this registration process or contact the Seychelles Registrar of Companies directly. Submit all requirements, including registration fees, to the registrar. Await a certificate of incorporation once the registrar verifies your application. 

Obtain Legal permits

You should obtain all mandatory permits in your sector, such as health permits. You should also register for taxation with the Seychelles Revenue Commission. 

Open a bank account

As soon as your business is registered, open a bank account for your brand in Seychelles. 

Business Registration Requirements For Foreigners

1. Completed application form for company registration
2. Valid passport copies for all shareholders and directors
3. Proof of residential address for shareholders and directors
4. Minimum share capital as per company type (if applicable)
5. Registered office address in Seychelles
6. Memorandum and Articles of Association
7. Appointment of a local registered agent
8. Business licenses or permits (industry-specific)
9. Seychelles Tax Identification Number (TIN)
10. Payment of registration and license fees
11. Compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements

Steps of Registering Your Business

Select a business structure

There are a variety of business forms you can register, which we have already mentioned above. International Business Companies stand out, however, because they are convenient and flexible.

Contact a registered agent

Consider working with a registered agent who will help you navigate the hurdles of business registration in Seychelles.

Reserve a business name

Select and reserve a business name with the Seychelles Registrar of Companies. You can reserve the business name via your registered agent or contact the Seychelles Registrar of Companies directly.

Prepare paperwork

Ensure you carefully prepare all required documents, such as shareholders’ identification documents and residences, articles of association, proof of physical business premises, and memorandum of association. Also, prepare copies of your visa and work permits, as they are essential. 

Appoint a local representative or director.

Foreigners are mandated to appoint a local representative when registering business in Seychelles.

Register your business

After you have sent all the documents and registration fees to the Seychelles Registrar of Companies, your registration request may be approved, which may take a few days or a week.

Apply for permits and licenses.

Ensure you obtain industry-specific licenses before business operations, which may attract fines.

Open bank account

Your business will require an official bank account to manage all revenue. Besides, the bank can also be an essential credit facility for your business in the future.

Comply with all legal requirements

You are required to comply with all legal policies, especially labor laws. Also, ensure that you meet all filing requirements for the Seychelles Revenue Commission. 

Annual filing documents & requirements

1. Annual returns
   The deadline for filing annual returns is thirty-one days following the anniversary of the company's incorporation.
2. Financial statements
   The Seychelles Financial Services Authority (FSA) must receive audited financial statements within six months of the fiscal year's conclusion.
3. Tax returns
   Registered firms are required to submit their yearly tax reports to the Seychelles Revenue Commission (SRC) by the 30th of April after the end of the fiscal year.
4. License renewals
   In Seychelles, you must regularly renew licenses and work permits for your registered firm.
5. Internal change reports
   Notifying the Seychelles Registrar of Companies of significant internal changes, such as a change in directors, physical address, or capital share, is required.

Key takeaways

Your choice of business form will affect regulatory requirements, tax ramifications, and liability protection.

For many different kinds of entities, Seychelles typically does not impose stringent minimum capital requirements; however, this could change depending on the type of business.

Stay informed of any modifications to laws or market conditions that might affect your company's operations.

Seychelles provides secrecy and a tax-free environment for the founding of offshore companies. 

Frequently Asked Questions

Why is Seychelles considered a tax haven?

Seychelles is considered a tax haven and is a desirable destination for international company activities because of its cheap tax structure, which includes no corporate income tax for IBCs and CSLs. Local companies must, nevertheless, pay taxes to the Seychelles Revenue Commission.

Are local directors a requirement when registering a business in Seychelles?

No, appointing local shareholders or directors is not a requirement for registering a business in Seychelles. The minimal requirements are one director and one shareholder, who may be the same individual and of any nationality.

Are there minimum capital requirements for registering a business in Seychelles?

No, there is no minimum capital requirement for registering a business in Seychelles - whether a citizen or foreigner.