SEYCHELLES
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Capital:
Victoria
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Population:
81,000 (est. 2003)
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Languages:
English/French (official), Creole
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Area: 455
sq. km (land area)
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Currency:
Seychelles Rupee (SCR)
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Fiscal year:
Calender year
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Independence
status: 29/06/1976 (from U.K.)
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BACKGROUND
THE SEYCHELLES are a string of 92 small islands
that lie about 1,000 miles off the east coast
of Africa in the middle of the Indian Ocean.
The Seychelles islands have historically been
a tourist destination. In 1994, the Seychelles
announced its intention to turn the country
into a full-fledged international business centre
and announced with a number of steps taken to
promote inward bound investment by the private
sector.
Legal System
The legislative side of Government is headed
by a National Assembly of directly elected Members.
Seychelles is an independent republic within
the British Commonwealth. It is based on English
common law, French civil law, and customary
law.
Currency
Exchange controls do not apply to “offshore”
business. Local currency can be imported for
free, but export is limited to 100 Rupees. There
are no restrictions on import/export of foreign
currency. Euros, British Pounds and U.S. Dollars
are also accepted for local uses.
Confidentiality
Confidentiality is one of the key features as
details of the company beneficial owners, directors
and shareholders are NOT part of public record.
This information is kept only at the offices
of the Registered Agent in complete confidentiality.
Taxation
A Seychelles IBC is by law not subject to any
tax or duty on income or profits. It is also
exempt from stamp duties on transfer of property
and any exchange controls.
Legislations
To expand the economy, a collection of modern
business legislations modeled after other successful
havens, including the British Virgin Islands,
the Bahamas, the Cook Islands, Panama, and the
Caymans, was setting up. In 1995, the Seychelles
International Business Authority ("SIBA")
was set up to act as regulator for the new of
business legislation being introduced and it
was made up of both private sector members and
Government Statutory members. The main role
is to advance the jurisdiction as a centre,
safeguard and carry out the function of the
Authority/Registrar for International business
activities. The new legislation include:
