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04/12/20

INTERNATIONAL TAX: OECD tax revenues fall for the first time in a decade.

04/12/20

SWITZERLAND: Central bank says wholesale digital currency trial a success.

04/12/20

CYPRUS: FinMin assures government will not reinstate passports scheme.

03/12/20

GLOBAL REGULATION: Global money laundering crackdown leads to 422 arrests.

03/12/20

UK: HMRC targeting individuals in latest offshore undeclared tax drive.

03/12/20

JERSEY: Asia’s Wealth Management Industry Needs to Ready Itself for the Great Wealth Transfer, According To Survey.

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Fact File

Fact File Supplied By:

Legacy Trust Company Limited

Location

Seychelles.

Time Zone

GMT +4.

Population

95,000.

Capital

Victoria.

Airport(s)

Seychelles International Airport.

Language

English, French, Creole.

Currency

Seychelles Rupee (SCR).

Political System

Seychelles is an independent republic, a multi-party democracy, a member of the Commonwealth and a member of the Commonwealth, COMESA, SADC and African Union.

Dialing Code

+248.

Legal System

Based on English Common Law and French Civil Law.

Centre's expertise

International Business Company (IBC), Seychelles Special License Company (CSL), Trust and Fund set up.

Personal income tax

15% PIT applies over salary of SCR 8050 and 15% for non-Seychelles employees.

Corporate Tax

Domestic Corporation Tax: Levied on taxable profits at 25% on the first SCR 1,000,000 and 30% on the remainder except for some financial institutions, telecom companies, alcohol producers, etc. at 33%. IBC: exempt if income is not sourced within Seychelles. CSL: exempt if income is not sourced within Seychelles.

Exchange Restrictions

None.

Tax Treaties

Yes.

Exchange Agreements

Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, India, Netherlands, Norway, Sweden and Swiss Confederation.

Double Taxation Agreements

Bahrain, Barbados, Belgium, Bermuda, Botswana, China, Cyprus, Ethiopia, Guernsey, Indonesia, Isle of Man, Jersey, Kenya, Luxembourg, Malaysia, Mauritius, Monaco, Oman, Qatar, San Marino, Singapore, South Africa, Sri Lanka, Swaziland, Thailand, United Arab Emirates, Vietnam and Zambia.

Permitted Currencies

All major convertible currencies.

Minimum authorised capital

IBC: US$1. CSL: No minimum.

Minimum share issue

IBC: US$1. CSL: At least 10% of all the shares the company may issue.

Type

International Business Company (IBC).

Shelf Companies

IBC: Yes. CSL: No.

Timescale for new entities

IBC: Within 24 hours. CSL: Minimum 1 month.

Incorporation fees

USD $150 as of 1st April 2020.

Annual fees

USD$ 150 as of 1st April 2020.

Minimum number

IBC: One. CSL: Two.

Residency requirements

IBC: No. CSL: No.

Corporate Directors

IBC: Yes. CSL: No.

Meetings/ frequency

IBC: Worldwide and no minimum. CSL: Worldwide but local is encouraged (At least 1 GM per year eg. AGM).

Disclosure

To Corporate Service Provider and upon request from competent authorities.

Bearer shares

IBC: No. CSL: No.

Minimum number

IBC: One. CSL: Two.

Public share registry

IBC: No. CSL: No.

Meetings/ frequency

IBC: Worldwide (no AGM requirement). CSL: Worldwide (annual AGM).

Annual return

IBC: Annual Declaration and obligation to keep account records. CSL: Yes.

Audit requirements

IBC: No. CSL: Yes.

Registered office

IBC: Yes. CSL: Yes.

Domicile issues

IBC: Tax resident.

Company naming restrictions

In line with global norms, prohibited words include, for example, 'bank', 'building society', and the registry has discretion to reject names that are indecent, offensive or misleading, etc.