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Features of the Law
The International Business Company of Seychelles is governed by the International Business Companies Act 1994.
Major features of the Act provide for:
- Taxes: IBC are tax exempt in Seychelles.
- No Audits: No auditing requirements.
- Simplified Procedure: An IBC is formed by filing Articles and Memorandum of Association along with the required fees.
- Articles: Articles of Incorporation (Charter) can be adapted to meet individual needs of a company.
- Varied Capital Requirements: There is no minimum capital requirement. Shares in an IBC must be registered shares only.
- Incorporators: Subscribers may be an individual, or a corporate entity. A company may have Nominee Shareholders through local licensed registered agents.
- Directors & Secretary: An IBC must have a minimum of one director. The director may be an individual or body corporate. A secretary is not required (but you will find that in doing business, the office of secretary is helpful).
- Office: Each company must maintain a Registered Agent and a Local Registered Office through the services of licensed companies that provide such services.
- Filing Requirements: There is no requirement for filing of audits, accounts and tax return, but accounting records must be maintained.
- Meetings: No meetings are required of directors of and IBC. Any meetings held may take place anywhere or by electronic means.
- Banking: There are no exchange controls for an IBC.
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