Opportunities in the financial services/offshore sector - Seychelles

Opportunities in the financial services/offshore sector

Seychelles is an established and reputable international financial jurisdiction, offering international businesses and investors a range of sophisticated tax efficient products that meet the increasingly demanding criteria of flexibility, adaptability and security. The country benefits from government policies which actively foster and promote growth in the finance sector. The regulatory environment has been carefully developed through a partnership between the public and private sectors. This has allowed Seychelles to find the right balance between international requirements of global best practices and the needs of international businesses and investors.

This sector of the Seychelles economy is marked by the strong public/private sector partnership to ensure that all associated legislative framework are always current and responsive, so as to accommodate the changing requirements of the discerning investors.

 

The Seychelles Financial Services Authority (FSA) is the regulator for non-bank financial services in the Seychelles. Established under the Financial Services Authority Act, 2013, the Authority is responsible for the licensing, supervision and development of the non-bank financial services industry of the Seychelles.

 

The Financial Services Authority supervises and regulates:

• Fiduciary Services;
• Capital Markets;
• Collective Investment Schemes;
• Insurance;
• International Trade Zone;
• Interactive Gambling;
• Slots Machines;
• Casinos.

In discharging its regulatory and supervisory functions, the FSA has regards to compliance with international standards and best practices so as to maintain a sound and well-reputed financial center within the Indian Ocean. In addition, Seychelles operates one of the fastest IBC Registrars in the world with same day incorporations.

The Financial Service Authority also acts as the Registrar for the following:

• International Business Companies;
• Foundations;
• Limited Partnerships;
• International Trusts in the Seychelles.

Below is the list of government registration fees for the entities and legal arrangements.

International Business Companies	Incorporation fee - US$ 100
Companies (Special License)	Incorporation fee - US$ 1,000
International Trust	Declaration of an International trust under section 75 of the Act - USD $ 100
Limited Partnership	Registration fee - US$ 200
Foundation	Registration fee - US$ 200

 

The country recognizes the importance of smart technologies such as the fast development of crypto-currency as it represents a significant part of the overall innovative sector.

Investment opportunities in Financial Services include;

• International Business Companies (IBCs)
• Companies (Special Licenses)
• Foundations
• International Trusts
• Limited Partnerships
• Mutual Fund and Hedge Funds
• Protected Cell Companies
• Securities
• Non Domestic Insurance

 

As one of the most stable socio-economic regions in the world the Seychelles is a highly regarded jurisdiction in which to conduct international business activities.

The advantages of investing in the Seychelles International Business Companies are:

• No tax liabilities in Seychelles
• No minimum share capital requirement
• No nationality restrictions on Directors or Shareholders and 100% foreign ownership is permitted
• Minimum of one Director and one Shareholder required and these can be the same person
• No requirement to audit accounts
• Cost effective on-going maintenance
• No requirement for annual meeting to be held in the Seychelles; can be held anywhere in the world
• There are no foreign exchange controls and funds can move freely in an out of the country
• Seychelles International Business Companies have no tax liabilities
• There is no minimum share capital requirement
• No nationality restrictions on Directors or Shareholders and 100% foreign ownership is permitted
• Only one Director and one Shareholder is required and these can be the same person
• Minimal reporting requirements; no audit or tax returns are required
• Cost effective on-going maintenance
• No requirement for a company Secretary
• No requirement for annual meeting to be held in the Seychelles, can be held anywhere in the world
• There are no foreign exchange controls and funds can be freely in an out of the country
• Information on shareholders, beneficial owners and directors are not publicly accessible