Company formation in Seychelles

Company formation in Seychelles is something you would like to consider first when choosing one of the best offshore jurisdictions on the market. Seychelles isn’t just a tropical paradise for holidays - it can also be the perfect haven for your business.

Why? Because Seychelles offers flexible conditions for company formation. There are no strict substance requirements, and income generated outside the country is not taxed. Seychelles IBC’s (International Business Companies) are suitable for a wide range of business activities, and they allow business owners some relative privacy – public access to company registers is still restricted for general public and available only to the company’s Registered Agent. Of course, one should note that complete 100% privacy does not exist anymore, even for classic offshore jurisdictions such as Seychelles.

Benefits of incorporating a Seychelles offshore company

Taxes & economic substance in Seychelles

Seychelles offers a zero-tax regime for International Business Companies, meaning that there is no corporate tax, capital gains tax, or withholding tax applicable to income earned outside the jurisdiction, which perfectly works for global business owners and holding companies.

However, changes under the Business Tax Amendment Act 2020 and related updates now require economic substance for IBC's tied to multinational groups or earning passive foreign income. A brief summary of what you should be awarer prior to incorporating a company in Seychelles:

• If your IBC is part of a multinational group and earns passive income like dividends or interest, you must maintain economic substance in Seychelles. That may include a local office, staff, board meeting, and expenses proportional to its income;
• Purely active companies – those trading or providing services internationally – can stay tax-exempt without local substance as long as they don’t fall under the “relevant activities” category.
• Holding companies often only require “light substance”: a registered office and local agent suffice;
• Failure to comply can lead to taxation of passive income under Seychelles-sourced rules.

Seychelles IBC's generally benefit from zero corporate tax, but be sure to consider economic substance obligations if you are a part of a multinational group or handling passive income.

Confidentiality & beneficial ownership

Seychelles has still some corporate privacy in place while aligning with global transparency standards. Under the Beneficial Ownership Act, all companies must maintain a Register of Beneficial Owners (RBO) with their Registered Agent. This register must include key details such as the beneficial owner's full name, nationality, and ownership percentage.

Whenever a person becomes a beneficial owner or there is a change in ownership structure, the register must be updated and the information submitted electronically to the Financial Intelligence Unit (FIU) within 14 days of the triggering event.

While nominee directors and shareholders are still allowed, the real beneficial owners must be disclosed privately (not publicly) to meet compliance requirements. Public anonymity remains protected, but full transparency is required at the regulatory level.

Access to the register of UBO’s – upcoming changes

Starting in 2026 (subject to final regulatory confirmation), selected financial institutions – including local banks, licensed corporate service providers, and state-owned financial institutions – are expected to gain access to the central Beneficial Ownership register.

Access will be restricted to compliance officers and used solely for due diligence under AML/CFT regulations. This remains a confidential, non-public register.

Fast and remote company formation in Seychelles

Company formation in Seychelles is incredibly easy – no need to travel or deal with piles of paperwork. The entire registration process can be completed remotely through a licensed Registered Agent, and your company can typically be registered within 1 to 3 business days after all required documents and information are received.

Simple incorporation requirements: reporting, office and directors

Seychelles IBC’s come with few formal requirements, making them easy to manage and cost-effective. There is no need for a local office, no requirement to appoint local directors, and no mandatory audits or complex reporting – as long as your business activities take place outside Seychelles.

You will still need to maintain basic financial records and accounting documents, but you will not be burdened by heavy compliance obligations. This allows you to have  a low-maintenance offshore structure. These light compliance rules are a major reason why company formation in Seychelles is such a popular choice amongst other offshore jurisdictions.

Types of companies that can be incorporated in Seychelles

Most foreign business owners opt for the International Business Company (IBC) in Seychelles. Key reasons for this:

1. A popular IBC structure. The IBC is a private company limited by shares, governed by the International Business Companies Act of 1994. It’s the perfect instrument for offshore activities, excluding a few with special licensing requirements (e.g. banking, insurance, etc.).
2. One director and one shareholder. Only one director and one shareholder are required (they can be the same person). Both may be individuals or corporate entities, of any nationality. Nominee directors/shareholders are also allowed under Seychelles laws. Note, that special requirements are imposed for Seychellois nominees to be fit and proper.
3. No residency required. There is no requirement for directors or shareholders to be resident in Seychelles – meetings can take place anywhere outside of Seychelles.
4. Flexible capital requirements. There’s no minimum paid up share capital requirement, though standard capitalization is often USD 50,000. Typically, the share capital remains unpaid.

All of these features make company formation in Seychelles simple, flexible, and affordable.

Seychelles IBC’s are easy and cost-effective to set up: just 1 director, 1 shareholder, no residency, and no minimum paid up capital. They are designed for fast, low-maintenance offshore operations.

Other company types in Seychelles

While the IBC remains the most popular choice, Seychelles also offers the Company Special Licence (CSL) for businesses planning to operate inside Seychelles or within double tax treaty countries. CSL’s are subject to local tax (at a reduced rate) and economic substance requirements, but they can access Seychelles tax treaties and are suitable for regulated activities like fund management or insurance. This option is less common but worth exploring if your structure requires a more “onshore” profile.

Required documents to incorporate an offshore company in Seychelles

To register a Seychelles IBC, you will need to provide the following documents, depending on whether the founder is an individual or a legal entity:

For individuals 👤:

Individuals acting as directors, shareholders, or beneficial owners must provide a certified valid photographic proof of identity (either a passport or national identity card), along with a certified proof of residential address (such as a utility bill, telephone bill, or credit card statement issued within the last 3 months).

The person certifying these documents must confirm that:

• The original was presented in their presence by the document holder;
• The photograph is a true likeness of the individual;
• The certification includes the certifier’s full name, position, contact details, and official stamp.

Acceptable certifiers include lawyers, notaries, banks, embassies, consulates, and judges.

If any document is issued in a language other than English or French, it must be translated into one of these languages and certified as a true and accurate translation by a qualified professional.

For corporate shareholders or directors 🏢:

If a corporate entity is acting as a shareholder or director, a full set of corporate documents will typically be required. The exact composition and certification method (e.g. notarization or apostille) may vary depending on the jurisdiction where the company is registered.

This set usually includes core incorporation documents such as the Certificate of Incorporation, constitutional documents, and internal registers – but we will advise based on local standards and KYC requirements.

KYC / AML Compliance

According to Seychelles Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, all directors, shareholders, beneficial owners, and contact persons must complete a full KYC due diligence process. Your registered agent may request:

• Professional or bank references;
• CV’s / resumes;
• FATCA / CRS declarations (especially for U.S. persons or reporting entities);
• Any other documents deemed necessary to verify the identity and background of key individuals.

This ensures compliance with global AML/CFT regulations, aligning Seychelles with international financial standards and enhancing transparency in legitimate offshore business.

How to register a company in Seychelles step by step

Setting up a company in Seychelles is done entirely online through a licensed Registered Agent. We, in our capacity as professional intermediaries and so-called "clients of record" are authorized by the Registered Agent to introduce new end-clients to the Registered Agent to perform incoporation procedures. The Registered Agents generally do not deail with individual end-clients, they rather prefer cooperation with professional intermediaries.

The procedure of company formation in Seychelles is as follows:

1. Choose a company name

Select a unique company name that ends with a suffix like Limited, Corporation, Incorporated, or Ltd. We will check availability against the Seychelles company registry. Names containing restricted words (like “bank” or “insurance”) require special approval.

2. Submit required documents

Provide the necessary KYC documents for all shareholders, directors, and beneficial owners. This includes certified ID, proof of address, and, if applicable, corporate shareholder documents.

3. Registration with the Registrar

Once the documents are reviewed and approved, we will submit them to the Seychelles Registrar of Companies. The incorporation process usually takes 1 to 3 business days from the date of submission.

4. Receive the corporate documents

After successful registration, you will receive a full set of corporate documents, which typically includes:

• Certificate of Incorporation;
• Memorandum of Association;
• Articles of Association;
• Resolution of Subscriber in Writing;
• Minutes of the First Meeting;
• Register of Directors;
• Register of Members (Shareholders);
• Register of Beneficial Owner.

All documents are first delivered as scanned copies, with apostilled hard copies to follow.

Annual company renewal and ongoing compliance

Owning a Seychelles IBC is relatively low-maintenance, but there are a few key obligations to keep your company in good standing:

Annual renewal

Each year, you will need to pay a renewal fee to the Registered Agent to keep your company active and good standing. This typically includes:

• Government renewal levy;
• Registered office and Agent services;
• Nominee service fees, if your company uses nominee directors or shareholders;
• Ongoing compliance monitoring.

You will also be asked to update your KYC documents if anything has changed -such as your passport, address, or ownership structure. We may request annual reconfirmation of shareholder and director information.

Changes to company structure

If you want to appoint a new director, transfer shares, or change your company’s name or address, you must notify your Registered Agent. These updates are legally required and must be filed with the Registrar to stay compliant.

Inspections and regulatory requests

Your company may still be subject to regulatory checks by the FSA, FIU, or other authorities – especially if flagged in international compliance networks. These are rare but possible.

Reporting and financial records keeping

• No public filings or mandatory audits are required for standard Seychelles IBC's, unless they carry out local or licensed activities;
• However, following the IBC (Amendment) Act 2021, all IBCs must retain accounting records at their Seychelles registered office on a bi-annual basis (i.e., first half-year by July, second half-year by January);
• Active or non-holding companies may also be required to prepare an Annual financial summary (if turnover exceeds ~US 3.75 million) within six months after financial year-end;
• The Registered Agent is also entitled at its discretion to request statements of account from the client or other business documents for review and carrying our internal compliance procedures.

How Seychelles companies are commonly used by its owners

Seychelles companies are widely used for international business. Here are the most common use cases:

a. Offshore business models

• IT & digital services. Works for software developers, marketing consultants, and digital nomads providing services globally;
• Holding structures: Effective for holding shares in other companies, managing intellectual property, or consolidating dividends from multiple jurisdictions;
• Personal investment vehicles;
• Almost any other type of business limited to, of course, possibilities of account opening for an offshore company.

b. Part of a group of companies

Seychelles companies are often used as part of a multi-jurisdictional structure:

• As a top-level holding company for subsidiaries in Europe, the UAE, or Asia;
• In combination with nominee services or offshore trusts to protect privacy and simplify succession planning;
• To implement profit distribution channels from multiple international sources into one tax-neutral hub.

c. Usage limitations and regulatory restrictions

Despite their benefits, Seychelles IBC companies cannot conduct business inside Seychelles and are prohibited from offering financial services (like banking, insurance, or fund management) unless specifically licensed.

In addition, reputation risks may arise in many banks or EMI’s where Seychelles is viewed cautiously as it is an offshore jurisdiction. Though, opening accounts with EMI's still remains possible for Seychellois companies under certain circumstances.

Account opening for a Seychelles company: Bank or EMI/PSP

Opening a bank account is an important post-registration step for any Seychelles IBC. However, due to growing international compliance pressure, traditional banks, both local and international, are not happy to onboard a Seychelles offshore company.

As a result, most business owners turn to fintech providers and Electronic Money Institutions (EMIs) have fewer restrictions comparing to classic banks.

Note that not all EMI’s risk appetites allow them onboarding Seychelles IBS’s. And those that allow account opening, usually tend to impose substantially higher fees for account maintenance.

Some EMI’s that commonly work with Seychelles IBCs:

• Payoneer - may accepts Seychelles companies with full KYC documentation subject to stric review and compliance;
• Statrys - a Hong Kong-based EMI offering multi-currency business accounts with remote setup;
• Currexie - a popular payment system in the Asian region, however does not support companies with UBO's in the structure which have certain citizenship considered as high risk (e.g. Ukraine).

Popular EMI’s that are typically unavailable for offshore entities:

• Wise - no longer supports Seychelles IBCs for business accounts. Personal accounts may still function for incoming transfers, but corporate onboarding is currently not available;
• Revolut Business - does not accept Seychelles companies at this time. Restrictions apply based on jurisdiction and residency.

Other popular alternatives:

Some business owners successfully open accounts through regional or global EMI’s like Airwallex, Aspire, Mercury, or Neat, depending on business model, ownership structure, and risk profile.

Some traditional banks in Switzerland and Hong Kong can open accounts if your Seychelles company is used as an investment vehicle and if a hefty amount of money is deposited with the bank.

Documents usually required to open account for a Seychelles company:

• Certified passport and proof of address;
• Company documents under Apostille;
• Description of business activities and source of funds;
• CV or LinkedIn profile;
• Possibly, a business plan or website.

Seychelles reputation and regulatory global compliance

Seychelles has made significant progress in recent years to align with international transparency and tax standards. This is both good (from a reputational perspective) and bad (from priavacy and secrecy perspective)

OECD, EU & BEPS compliance

• Territorial tax rules, adopted in 2019, allow Seychelles IBCs to remain tax-exempt on foreign income while in line with the OECD’s BEPS (Base Erosion and Profit Shifting) framework;
• In February 2024, the EU removed Seychelles from its blacklist and placed it on the “grey list”, recognizing its commitment to international tax transparency;
• To maintain compliance, Seychelles has introduced enhanced measures, including:
  • Bi-annual accounting record-keeping;
  • Beneficial ownership reporting;
  • Adoption of modern AML (Anti-Money Laundering) and AEoI (Automatic Exchange of Information) frameworks.

These reforms help Seychelles stay cooperative with the OECD, EU, and other regulatory bodies without imposing the heavy burdens typically found in onshore jurisdictions.

Sanctions status and financial transparency

• Seychelles is not subject to sanctions by the EU, UK, UN, or FATF;
• The country is not on the FATF grey or blacklists;
• Seychelles participates in the OECD Global Forum and continues to improve transparency in cross-border financial activities.

Comparing Seychelles to other popular offshore jurisdictions

When choosing an offshore jurisdiction, Seychelles is often compared to British Virgin Islands (BVI) and Belize — all three being long-standing players in the offshore industry.

Seychelles remains a strong, affordable alternative to BVI and Belize, especially for privacy-focused entrepreneurs. While BVI has a more established reputation with banks, Seychelles offers fast setup, competitive costs, and better compliance with international standards.

Ready to launch your Seychelles company with Taxters?

By the way, did you know that one of our company’s Partners, Pavlo Dubynskyi, has a hands-on experience working on Seychelles as corporate services administrator of a local Registered Agent? This means that we have one of the best qualifications on the market involving both professional intermediary and Registered Agent experience.

👉 Need help getting started? Our team can guide you through every step - from choosing the right structure to handling compliance and bank account setup.

Contact us today to explore how a Seychelles company can work for your business.

Writted by: Oksana Kolobanko, Head of Finance with Taxters, October 2025

Edited by: Pavlo Dubynskyi, Partner.