Setting up a company in Seychelles could be a very good idea for business owners looking for an alternative jurisdiction. Of course, many do not even know what Seychelles is or where it is. The Republic of Seychelles features 155 islands and is located in the Indian Ocean. They are a relatively small nation with a population under 100,000. Still, the country happens to be a wonderful place to set up an offshore company, as it offers businesses a host of different benefits. Today, they are one of the the most popular places for offshore companies for all of the reasons that follow.
Top Advantages of a Seychelles Company
First, setting up the company in Seychelles is actually extremely cost effective. It costs €2.500 (including corporate and trust services) for the registration and first year fees and then €1.800 for the second year onwards. The incorporation and check of the company name usually take 3-5 working days at most, which is far speedier than other countries, where it can take longer.
Also, many find the level of privacy to be one of the main reasons to set up their company in Seychelles. They do not have a public registrar of shareholders, and the privacy of the companies is guaranteed under the country’s law. The country of Seychelles does not have any ties to the European Union or the United States, so there is no tax sharing information at all. Again, this is essential to having true privacy for a company.
Nominees can act as the shareholder or director of a company in Seychelles. Another offshore company could actually act as the nominee shareholder or director as well. There are no reporting requirements for filing accounts or annual company returns. This helps to add to the privacy mentioned earlier, as well as the lower costs. Nevertheless from 2012 onwards there is a statutory requirement for Companies to keep proper accounting records. There is no legal requirement for the accounts to be audited or submitted to the relevant authorities and the cost to keep the accounting records is relatively small.
Of course, one of the biggest benefits to setting up a Seychelles company is that there are no taxes and no stamp duty. You do not have to pay taxes when selling or transferring shares either. They guarantee this for twenty years from the time you set up the corporation. Seychelles also offers secure banking, which is obviously important for any company operating in the country.
You can also trust in the stability the country offers. Politically, they are very stable, and there is little chance that this will change anytime in the near future. They’ve been steady for decades and they have a democratically elected government. The time zone is also advantageous to many companies. The +4 GMT zone means that they should have no trouble conducting business with Europe, the UK, and Asia.
It Really Is Simple to Start the Company
Setting up a Seychelles company really is quite simple and cost effective, from the license to the taxes and more. You only need to have one shareholder and one director, and you can enjoy all of the benefits and advantages that the island country of Seychelles can offer.