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:
