What is offshore company?

There is a current misconception that the use of offshore company means evading taxes and hiding money from the government, which is certainly not the case.

In fact, to set up an offshore company or relocate your existing business overseas is a crucial step toward internationalizing yourself and your assets.

The term Offshore Company means a company incorporated in a country outside the country of the place of residence / incorporation of beneficial owners.

Again, this is typically pursued to realize various privacy, financial, legal or tax benefits for the owners.

Read more:

Fast Fact: Incorporation of Companies in offshore jurisdictions


Background of Seychelles:

Republic of Seychelles (Seychelles) is a group of 115 islands in the Indian Ocean off East Africa. Being an independent Republic within the British Commonwealth, the government of Seychelles has been elected democratically, and has been administrating effectively in a stable political environment.

Well known for its natural scenery of beaches, coral reef and rare wildlife, tourism has been the country’s major economic activity. Over the years, government has been promoting the development of offshore financial sectors by enactment of legislation to encourage offshore investment, banking, and incorporation. Seychelles succeed in transition into offshore financial hub since it struck the balance between pleasing the needs of overseas entrepreneurship in the market and regulatory requirement.

In addition, the China Embassy in Seychelles is helpful offer apostille and certified true of the documents needed to be processed in China.

Basic Fact of Seychelles
Official Language: English, French and Creole
Legal System:British Common Law (corporate and criminal legislation).
Other legislation are based on Civil Law
Currency:Seychelles rupee
Time Zone:GMT +4

Characteristics of Seychelles Company:

Processing time

  • Brand-new company: 10 working days
  • Shelf company: 2 working days

Business entity

  • Type of Company: IBC (International Business Company) / CSL (Companies Special License); IBC is much more popular
  • Legislation: International Business Companies Act (IBC Act) 1994
  • Feature:
    • Exempt from tax on “overseas-sourced” income
    • Exempt from currency exchange controls
    • Privacy and asset protection to overseas owners
    • Ease of administration for overseas owners
  • Legal System: British Common Law (within corporate laws only)
  • Shelf company: Available
  • Corporate Tax: No
  • Annual Return: Yes

Company Name

  • English name; or
  • Both English and Chinese name.

Shareholder(s) and Director(s)

  • Minimum Number of Shareholders: 1
  • Minimum Number of Directors: 1
  • No nationality restriction
  • Shareholder and director can be same entity.
  • Corporate shareholder and director is acceptable.

Company Secretary and Registered Office Address

  • A local (Seychelles) registered office address is required.
  • Company Secretary is not required.
  • Correspondence Address can be the address for communication between the company with owners.

Capital Requirement

  • Minimum paid up share capital required is USD 1
  • Standard authorized capital is USD 1 million divided into 1,000,000 shares.

Public Disclosure

  • Beneficiary Owner(s): Not required
  • Shareholder(s): Optional
  • Director(s): Optional

Required Document

Note

EITHER FORMATION OF A BRAND-NEW COMPANY OR BUYING A SHELF COMPANY (READY-MADE COMPANY), THE REQUIRED DOCUMENT IS ALMOST IDENTICAL.

Company Name:

  • Must be unique in company registrar of Seychelles government
  • English name is compulsory, Chinese name is optional

Shareholder(s) and Director(s):

  • Full name / Company Name
  • Residential Address / Registered Office Address
  • Nationality / Place of Incorporation (passport copy / incorporation document copy)
  • Distribution of shareholdings among shareholder(s), if any
  • Shareholder(s) is can be appointed as Director(s)

Registered Office Address:

  • One local address in Seychelles
  • One corresponding address for communication with owners.

Document Certification:

  • Certificate of Incumbency or Good Standing is required.

Annual Maintenance:

Note

RENEWAL OF Seychelles IBC IS GENERALLY SIMPLE, RENEWAL OF Seychelles GOVERNMENT LICENCE IS THE MAJOR PART.


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