Seychelles Info
Joined: 23 Feb 2007
Posts: 14
Home Country: seychelles
|
 Posted: Tue Mar 13, 2007 2:00 am Post subject: DOING BUSINESS IN SEYCHELLES / SEYCHELLES BUSINESS GUIDE |
 |
|
DOING BUSINESS IN SEYCHELLES
STARTING A BUSINESS
STANDARDIZED COMPANY
Legal Form: Private Limited Liability Company
Minimum Capital Requirement: 0
City: Victoria
Registration Requirements:
Procedure 1. Verify uniqueness of company name
Time to complete: 1-2 days
Cost to complete: no charge
Comment: The name is reserved for 30 days.
Procedure 2. Deposit documents at Company Registry for stamp duty assessment
Time to complete: 3-4 days
Cost to complete: see fee schedule below
Comment: The memorandum and articles of association are required. Standard articles of association are outlined in the Companies Act.
The memorandum and articles of association are required. Standard articles of association are outlined in the Companies Act.
The fee schedule is as follows:
For registration of a company whose nominal capital does not exceed Rps 25,000: 0.5% of nominal capital + Rps 250;
For registration of a company whose nominal capital exceeds Rps 25,000: 0.5% of nominal capital + Rps 250 with the following additions:
For every Rps 15,000 or part of Rps 15,000 of nominal capital in excess of Rps 25,000, not being an excess greater than Rps 45,000: Rps 15;
For every Rps 15,000 or part of Rps 15,000 of nominal capital in excess of Rps 70,000, not being an excess greater tan Rps 1,500,000: Rps 5;
For every Rps 15,000 or part of Rps 15,000 of nominal capital in excess of Rps 1,570,000: Rps
Procedure 3. Pay stamp duties at the Registry
Time to complete: 1 day
Cost to complete: included in procedure 2
Procedure 4. Obtain registration certificate
Time to complete: 7-10 days
Cost to complete: no charge
Procedure 5. File particulars of the directors and company, and registered office
Time to complete: 7 days
Cost to complete: SCR 50 per document
Procedure 6. Obtain business license
Time to complete: 7-21 days
Cost to complete: SCR 1,000 (for retail)
Comment: A business license is required from the Seychelles Licensing Authority. For the application, a proof of address (rental agreement) is required. The license is renewed annually. For certain sectors, companies also need to obtain the approval by the investment authority (generally prior to obtaining the license). This approval would take about 1 month to obtain.
The business license fee ranges from Rps 150 to Rps 10,050 depending on the nature of the business.
Procedure 7. Register for taxes at the business tax office
Time to complete: 1 day
Cost to complete: no charge
Procedure 8. Register employees with social security division
Time to complete: 1 day
Cost to complete: no charge
Comment: Social security payments are 5% of salary for the employee. The employer pays on a scale depending on the salary level of the employee.
On salaries not exceeding Rps 1,000 - 10%
Rps 1,001-2,000 - 20%
Rps 2,001 - 10,000 - 30%
Salaries exceeding Rps 10,000 - 40%
Procedure 9. Register with Employment Services Bureau
Time to complete: 1 day
Cost to complete: no charge
FORMS OF BUSINESS ORGANISATION
The vast majority of companies formed in the Seychelles for offshore purposes are incorporated under the International Business Companies Act 1994. However this law did not supersede the existing Companies Law 1972, which is based on English law and is used to form various types of company used by businesses trading in the Seychelles, and also for offshore businesses which are not permitted to use the IBC form, such as banks, insurance companies and mutual funds.
Companies formed under the Companies Act 1972 can be private companies limited by shares, by guarantee, or hybrid; or they can be unlimited, but that is rare. Public companies can also be formed under the Act. For all these types of company, Memorandum and Articles of Association must be filed at the Companies Registry, along with the registration fee.
Foreign companies can re-establish themselves in the Seychelles by way of continuation without the necessity for reciprocal arrangements in the original country of incorporation. An IBC wishing to leave the Seychelles may do so.
In 2003, the government legislated for additional types of company: Special Licence Companies, Protected Cell Companies and Limited Partnerships.
TAXATION
Income tax is levied on net income at progressive rates. Profits of foreign enterprises are taxed at a flat rate. The principal indirect taxes are customs duties and a turnover tax. In 1982, a tax on gross gaming revenue was added on top of the normal profits tax. The Seychelles operates as a tax haven. It applies a territorial basis of tax assessment to corporations, so they are taxed only on the income that is derived directly from the country. The makes it an inviting place for international companies to headquarter, because the profits made by branches are not imputed to the centre for tax purposes. Also the government imposes no personal income tax, although it does require social security contributions. |
|
Register
Log in
FAQ
Search
Memberlist
