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BACKGROUND
Geographical Location
The Seychelles group of islands in the Indian Ocean comprises over one hundred named islands, most being situated
between four and five degrees South of the equator. The largest island is Mahe. Geographic coordinates: 4 35 S,
55 40 E. Total Area 455 sq km.
Climate: tropical marine; humid; cooler season during southeast monsoon (late May to September); warmer
season during northwest monsoon (March to May).
Population
The Seychelles has a population of around 79,164 (July 1999 est.) , descended primarily from French settlers,
African slaves, British sailors and traders from India, China and the Middle East.
Religions: Roman Catholic 90%, Anglican 8%, other 2%.
Political Structure
Discovery of the islands is credited to the Portuguese explorer Vasco de Gama. The first French settlement
was established on St. Anne Island on the 27th August 1770 and two years later this was followed by a settlement
on Mahe‚ on the site of what is now the capital city, Victoria. In 1814 the Seychelles, along with Mauritius, were
ceded to Great Britain under the terms of the Treaty of Paris.
It was only in 1960 that the first gradual constitutional reforms were introduced. The Seychelles had two main
political parties during the 60s, the Seychelles People's Progressive Front (SPPF) and the Seychelles Democratic
Party (SDP). The two parties formed a Coalition Government in 1975 with Sir James Mancham, Leader of the SDP, as
President and Mr Rene, Leader of the SPPF as Prime Minister.
In 1977 Mr Rene was installed as President of the Republic. Multi-party elections took place in 1992, and Presidential
elections were held later in the year with Mr Rene retaining his Presidency, heading the executive arm of Government.The
legislative side of Government is headed by a National Assembly of directly elected Members, with some proportional
representation. Seychelles is currently an Independent Republic within the British Commonwealth.
Infrastructure and Economy
The Seychelles economy is primarily tourism based, but the rapidly expanding financial sector, linked to the
establishment of the Seychelles International Business Authority and a suite of progressive laws facilitating the
establishment of offshore structures and encouraging inward investment. The Free Trade Zone is now becoming a major
element in the economic development of the area and the Industrial Fisheries Section is also increasing in importance,
based mainly on the issue of licences to foreign tuna fishing vessels. The Port of Victoria's Mahe‚ Quay has two
deep water berths extending some 370 metres, and there is adequate space for container handling. The port is well
equipped with modern cargo handling equipment and has in excess of 6,000 square metres of covering storage space.
In addition to this, up to 6 large ocean-going vessels can be accommodated in the outer harbour at any one time.
An ever increasing number of International Banks and insurance companies have established either branches or
subsidiaries who, together with local management, accounting and legal firms, provide clients with support equal
to that of any major offshore financial centre. Other contributions to the economy come from the export of coconuts
(Copra), frozen fish and cinnamon. Because of its high quality, the exporting of coconuts has increased in greatly,
despite its world price being double that of competitive grades.
The Seychelles International Airport with its 2987 metres runway, and modern passenger and cargo facilities,
is one of the finest in the Indian Ocean region. In addition to the National flag carrier, Air Seychelles, the
airport is served by five other airlines, British Airways, Emirates Airlines, Air France, Lufthansa (Condor), Kenya
Airways and Aeroflot. El-Al and Taiwan's EVA are also looking at Seychelles as a stopover destination. Regular
scheduled services are to London, Paris, Frankfurt, Zurich, Rome, Madrid, Dubai, Bahrain, Nairobi, Singapore, Johannesburg,
Reunion and Mauritius.
National and International telecommunications are provided by Cable and Wireless (Seychelles) Limited, part
of Cable and Wireless PLC., London. The company has installed a special standard "A" earth station in
Victoria and standard "D" earth stations on the other islands to give the Seychelles a state of the art
telecommunications network.
Language
The official language is English. However, Creole is spoken widely and many also speak French.
Currency
Seychelles Rupee, but the Authorised Capital and Fees relating to an International Company are expressed in
U.S. Dollars.
Exchange Control
Yes, but International Business Companies are exempted.
Type of Law
Based on English Common Law, French Civil Law and Customary Law.
Principal Corporate Legislation
The International Business Companies Act 1994
KEY FEATURES TABLE
| General |
| Political Stability |
Good |
| British Based Legal System |
Yes |
| Type of Company |
IBC |
| Disclosure of Beneficial Owner |
No |
| Migration of Domicile Permitted |
Yes |
| Tax on Offshore Profits |
Nil |
| Non-English Language Names Allowed |
Yes |
| Corporate Requirements |
| Minimum Number of Shareholders |
One |
| Minimum Number of Directors |
One |
| Bearer Shares Allowed |
Yes |
| Corporate Directors Permitted |
Yes |
| Secretary Required |
No |
| Standard Authorised Share Capital |
US$5,000 |
| Local Requirements |
| Registered Office/Agent |
Yes |
| Company Secretary |
No |
| Local Directors |
No |
| Local Meetings |
No |
| Government Register of Directors |
No |
| Government Register of Shareholders |
No |
| Annual Requirements |
| Annual Return |
No |
| Audited Accounts |
No |
| Recurring Government Costs |
| Annual Tax/Licence Fee |
US$100 |
| Annual Return Filing Fee |
Nil |
COMPANY FORMATION
Type of Company for International Trading
International Business Companies
Procedure to Incorporate
Filing of Memorandum of Incorporation at the Registry. The Articles of Association can either be filed at the
same time or within 30 days of Incorporation.
Restrictions on Trading
Cannot trade within the Seychelles. Cannot act as a Bank or Insurance Company. Cannot provide Registered Office
facilities for another Seychelles IC. Cannot solicit funds from or sell its shares to the public.
Powers of Company
A Seychelles incorporated Company has the same powers as a natural person.
Language of legislation and corporate documents
English or French. If any other language is used it must be accompanied by a translation in either English
or French.
Shelf Companies available
Yes
Time Scale to Incorporate
Same Day, but allow five days for delivery of documentation.
Name Restrictions
Anything identical or similar to a Company already incorporated. Anything that implies patronage of the Seychelles,
or any other, Government. "Bank", "Insurance", "Royal", "Imperial" etc.
Language of Name
The Name can be in any language, but must be accompanied by a translation. The documentation will either be
in English, or it is possible to have bilingual documentation in English and Chinese.
Suffixes to denote Limited Liability
"Limited", "Corporation", "Incorporated", "Societe Anonyme", Etc. or
the equivalent abbreviations.
Disclosure of Beneficial Ownership to Authorities
No
SHARE CAPITAL, TAXATION, LICENCE FEES AND COMPLIANCE MATTERS
Authorised Share Capital
Normally $5,000
Classes of Shares Permitted
- Registered Shares
- Bearer Shares
- Shares of no par value
- Preference Shares
- Redeemable shares
- Shares with or without voting rights
Bearer Shares Permitted
Yes
Taxation
An International Company is exempted from local taxation.
Licence Fees
Payable on the Anniversary of Incorporation:
- For an Authorised Capital to $5,000 - $100
- Between $5,001 and $50,000 - $300
- OVER $50,000 - $1,000
- For Company with a capital of less than $50,000 and with shares of no par value - $350
Financial Statement Requirements
There is no requirement to file Financial Statements, but a company must keep records to reflect its financial
position.
STRUCTURE OF MANAGEMENT
DIRECTORS
Minimum number of Directors
One
COMPANY SECRETARY
Company Secretary Required
No Requirement
SHAREHOLDERS
Minimum number of Shareholders
One
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