The Seychelles - International Business Company

The International Business Company is the most widely used vehicle for offshore operations in the Seychelles. It normally takes the form of a private company limited by shares, but can also be a Limited Life Company. It is regulated by the International Business Companies Act. Statutory requirements are minimal, and flexible:

• Only one director and one shareholder required.
• Shareholders, directors and officers need not be resident in the Seychelles.
• No minimum capital requirement.
• Shares may be registered and issued in any currency.
• Accounts need not be kept.
• No requirement for an audit.
• No returns are needed of shareholders, directors or officers.
• Shareholders and Directors meetings need not be held in the Seychelles and can be held by telephone.
• The Memorandum and Articles of Association are the only documents to be held on the public record.

IBC Conditions

IBC status is granted subject to certain conditions:

• No business may be transacted with residents of the Seychelles.
• No ownership interest in real property in the Seychelles is permitted. Property may be leased for office use only.
• Banking or trust business may be carried on only if an appropriate license is issued.
• A licence is required to carry out insurance or re-insurance business.
• Engaging in the business of company management or providing registered agent facilities for Seychelles-incorporated companies is not permitted.

Offshore status

IBCs are permitted various activities within the Seychelles without compromising their offshore status under the Act. These include:

• Professional contacts with lawyers and accountants.
• Preparation and maintenance of books and records.
• The holding of directors' or shareholders' meetings.
• Ownership of shares in other Seychelles companies.
• Ownership of Government or Central Bank securities.
• Ownership of a vessel registered in Seychelles.