What is the Right Way to Register an Offshore Company in Seychelles?

Are you a foreign business who wishes to own an offshore company but does not have enough resources? Consider Seychelles offshore company registration.

Opening a company in this Island Country is simple. Also, the requirements are very minimal. The best part is that the legal framework in this jurisdiction is very strong and complies with the stringent international standards. It even maintains the complete privacy of the business owner.

Already sounds like an excellent choice for your offshore company setup, right? Well, let us move to the next step, i.e., the list of steps involved in registering the company in Seychelles.

Initial Preparations (Day 1-2)

Pick a company name

Start off by selecting a company name for your business. It must be unique and contain no government associations or irrelevant terms. Also, the end of the name must indicate your company’s legal status.

At least one shareholder

Your company must have at least one shareholder. It can be a corporate entity or an individual. Also, there is no requirement for specific residency. Even a foreign shareholder can have 100% of the company shares in their name.

At least one director

Your company must have at least one shareholder of any nationality. It is imperative for the director to be 18 years old and have a clean record with no criminal convictions or bankruptcies.

Hire a registered agent

Even though incorporating a company in Seychelles is an easy task, there are lots of moving parts involved. Work with a registered agent who will help with incorporation and handling your IBC.

Registered address

It is imperative to have a registered company address for official registration. It helps create a professional appearance of the company and abides by Seychelles’ regulations.

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Document Collection and Verification (Day 2-3)

Key documents to make available

You will need to make available three critical documents for the process to begin. These are –

1- Certified ID proof – Make available a certified true copy of the ID for each director and shareholder.

2- Address proof – This could mean anything from utility bills to bank statements or similar documents that highlight the address.

3- Business overview (optional) – A summary of what business activity you wish to conduct.

Your registered agent will guide you through the process of necessary paperwork submission. They will cross-check each document and even prepare the documents for seamless incorporation.

If there are any issues in the paperwork (name, address details and so on), your agent will highlight the same and even request additional information. They will ensure all the copies are properly certified.

Incorporation Submission (Day3-4)

This is the stage when your company transitions from preparation to official existence.

On day 3, the agent will start the process of submitting all the necessary documents to the Seychelles Companies Registry. But before doing so, the agent will review the MOA, AOA, name, reservations and filing for compliance. This is also known as pre-submission screening.

Once the review is done, your documents are sent to ROC or FSA between the 3^rd and 4^th day.

If all the submitted documents are compliant, the ROC then issues the Certification of Incorporation within 24 to 24 hours. In case the submitted documents are incomplete or incorrect, a delay might occur.

Note: Digital certificates are sent immediately. The physical company kit is couriered to you.

Post-Incorporation Setup (Day 4-7)

The company kit couriered to you typically features –

-         Certificate of Incorporation

-         Memorandum and Articles of Association

-         Share Certificates

-         Director appointment documents

Indeed, your agent will be responsible for assembling and delivering the company kit. But, as the investor, it is imperative for you to cross-check all the documents immediately upon receiving them. The notion is to identify any accuracy concerns in them. Also, in case you come across any discrepancies in the name or other details, you can make post-incorporation changes. You can even update the new company name or appoint nominee directors services, if required.

Bank Account Opening (Week 1-2)

You can proceed with opening a Seychelles IBC bank account on receiving the Certificate of Incorporation. Your licensed agent should guide you in choosing the ideal banking partner to open a corporate bank account for your company.

Ensure to have all the necessary documents handy, including –

-         Company incorporation documents

-         Identify proof (All directors and shareholders)

-         Address proof

-         Reference letters or business plans

-         Board resolution authorising the opening of an account

The time required for opening a bank account depends on your chosen bank’s internal processing time and how accurate and complete your documents are. The review process of documents can, sometimes, take several weeks.

Note: You may not require being present physically in Seychelles for opening an account, especially if the chosen bank offers video verification instead of in-person verification.

Post-Banking Possibilities (Week 2-3)

There are a few post-banking formalities that must be taken care of. For instance,

-         To open a bank account, a minimum deposit of $10,000 is often necessary. Plus, there is $15 per month maintenance fee charged, too.

-         Maintain accounting records and prepare annual filings.

-         Remain compliant with statutory requirements.

It is best to work with a registered agent to obtain access to secretarial services. This way, you can be assured of meeting all the necessary obligations.

Note: Maintain proper records and meet the filing deadlines to keep penalties at bay.

Ongoing Requirements and Activation (Week 3-4)

With all the necessary documents in place, your Seychelles IBC Company is fully active and compliant. Even your bank account must be functional by this time.

You are now ready to conduct your business legally in Seychelles. And while at it, be sure to maintain up-to-date company records. Also, file annual returns and pay annual renewal fees wherever required.  

Ensure to be in touch with your agent to be compliant in all aspects.

Bottom Line

Tax benefits, privacy, strong jurisdiction and so on make Seychelles a highly ideal environment to set up an offshore company hassle-free.

If you are keen on experiencing the many perks this island country has to offer after your Seychelles company registration, stick to the steps listed above.