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Tax Haven Seychelles

The offshore jurisdiction of Seychelles is found in the Indian Ocean, northwest of Madagascar. The Republic of Seychelles is made up of one hundred and fifteen (115) small islands. The main Island is Mahe and is home to the international airport, the capital city Victoria and other business centers. The islands have three official languages mainly English French Creole and French. The population of Seychelles is approximately 82,000 people.

The islands of Seychelles are very popular tourist destinations. Seychelles has some lovely beaches which are very inviting. The white sand beaches of Seychelles attract many visitors to the shores of the islands each year. The country is very diverse with flora and fauna in abundance. The islands have many national parks which are home to many species of bird and plant life. A true paradise Seychelles species to be found in and around the islands are flightless birds, land tortoises, frogs, the Seychelles Warbler and Seychelles Paradise flycatcher. Seychelles have many endemic species of animals and plants. Activities to be enjoyed in Seychelles are swimming, snorkeling, boat cruises, fishing trips and hikes. Nightlife in Seychelles includes visiting casinos, bars and popular nightclubs.

The economy of Seychelles once depended primarily on tourism and agriculture but the dependence on these two (2) sectors has shifted with the introduction of offshore services and the formation of an offshore services sector in the jurisdiction. Seychelles began it offshore sector in 1994 when the first set of offshore legislation was passed. Since then the offshore sector of Seychelles ahs established itself as one of the main income earners in the offshore jurisdiction. Offshore services offered in Seychelles are offshore banking, the incorporation of offshore corporations, Seychelles offshore insurance, investment fund management and registration of ships and vessels.

In the offshore tax haven of Seychelles offshore activities including the incorporation of Seychelles International Business companies, the formation of Seychelles offshore trust and other offshore activities in the offshore jurisdiction are monitored by the Seychelles International Business Authority (SIBA). This board was founded in 1994. The Seychelles International Business Authority ensures that the incorporation of offshore companies is carried out smoothly and that other offshore services in the offshore jurisdiction are done in an efficient manner. The legislation which regulates the incorporation of International Business Companies in Seychelles was passed in 1994.

Seychelles is a tax haven and this therefore means that offshore corporations formed in the jurisdiction will pay no taxes on income which is gained abroad. In the tax haven of Seychelles international Business companies with no business in the tax haven will pay no income tax, corporate, tax, capital gains tax, estate tax, and inheritance tax among others. Offshore companies incorporated in the tax haven of Seychelles must pay an annual fee to the government to keep the company in good standing order. Seychelles company owners and offshore company owners are guaranteed privacy. Offshore companies incorporated in the tax haven of Seychelles will not have the names of the rightful owners released to the public since this information is not part of public records. This information is known only by the registered agent who is responsible for incorporating the company. Offshore corporations incorporated in Seychelles can also maintain privacy since the financial records of the company is keep anywhere in the world and is not filed with any government authority in the jurisdiction.

Offshore banking in Seychelles has grown over the years. Offshore bank accounts can be established by corporations and individuals. Seychelles has well developed offshore banking networks with some of the world’s most prestigious banking institutions establishing branches and agencies in the offshore jurisdiction. Offshore bank accounts established at an offshore bank in Seychelles will not be taxed on interest gained or capital gained from abroad. Offshore bank accounts in Seychelles offshore banks are protected by banking secrecy laws in the jurisdiction. The offshore banks which operate in the offshore tax haven of Seychelles offer very efficient services and are working with the objective of preserving the privacy of clients in the offshore jurisdiction. The services offered by offshore banks in the offshore tax haven of Seychelles include online banking, debit and credit cards among other services.

The government of the Republic of Seychelles is very committed to the survival of the offshore sector in the offshore tax haven. Over the years new offshore legislations haven been introduced meanwhile older pieces of legislation has been reviewed an amended in an effort to improve the services in the tax haven. At present the government is working on broadening the existing offshore services and introducing new offshore services.

The offshore tax haven of Seychelles is a growing offshore tax haven with all the characteristics of a model tax have. The services offered are competitive and stand out to make offshore Seychelles one of the best offshore tax havens available.