Quick Guide: Bank Account Seychelles

Offshore banking is completely lawful, despite the fact that it is perceived by some people as a means to evade tax or as a way to hide illegally accumulated wealth. In fact, offshore banking in a country like Seychelles can legally diversify your political risk, since it keeps your liquid savings in a properly capitalised and sound institution. A bank account in Seychelles can either be corporate or personal, complete with bank services like IBAN, credit cards, and online banking. Refer to this quick guide to learn more about opening a bank account in Seychelles:

• Why open a bank account in Seychelles?  

This jurisdiction is among the list of thriving offshore financial centres in the world. It is a haven for offshore businesses, too, so some local banks have tailored an offering to suit offshore companies and accounts. Banks offer high level confidentiality and a wide selection of payment solutions for personal and corporate clients. Opening an account is free, too.

• How do you open one?

You can get in touch with a bank in Seychelles directly or request assistance from a reliable and reputable provider of offshore company formation and wealth protection services that is based there. The latter can be a better option especially if you want the process to go quickly and smoothly. You can rely on the company to manage your bank account in Seychelles and other treasury-related activities, too.

Note that you do NOT have to go to Seychelles to open a bank account there. The entire process can be completed remotely, so you do not have to fly to the country to make a personal appearance in the bank before your account can be approved.

• What are the requirements?

For corporate accounts, be sure to present notarised copies of basic company documents such as the articles of association and memorandum, certificate of registration, certificate of good standing, registers of shareholders and directors, and power of attorney if applicable. For personal accounts, present a notarised copy of your ID, preferably a passport or a driver’s license, armed forces identity card, or a national identity document or card, along with a proof of address and proof and source of your initial funds, which will go to your account. You can have the copies certified by a consulate, lawyer, notary public, or a reputable bank.

Most Popular Ways to Find Offshore Corporation Formation

Are you interested in offshore company formation in order to reduce taxes, increase privacy, and boost the security of your assets? Then it’s best to work with a corporate services provider that can help you set up an offshore company in a jurisdiction that is suitable to your goals and requirements. A good consultant can advise you on where to register your business so that you can enjoy all the perks of offshore corporation formation. But beware—not all consultants are the same. Here are some tips on finding a firm that can truly deliver high quality offshore corporation formation.

1.   Find an advisory firm that has a long history of successful offshore corporation formation. How many companies have they registered overseas so far? How long have they been in business? In this industry, longevity is a very good indicator that a firm knows what it’s doing.

2.   Choose a company that is licensed by the financial services authority in the jurisdiction you are interested in. This ensures that they are truly qualified to assist you in forming a corporation in your chosen jurisdiction because they know the laws and regulations thoroughly. They should be able to register your corporation quickly and cost effectively.

3. Ask exactly what services they provide. At the very least, they should assist you with document preparation to complete the formation of your offshore corporation. They should help you draft a memorandum of association, a resolution appointing your company’s directors, articles of association, etc. In case, you require a declaration of trust in the case of a nominee shareholder service being provided, a power of attorney, or other such documents, they should help you with those, too. Some of the best advisory firms or consultants can even assist you in finding a registered agent, a registered office, and a company secretary. They can likewise help you open an offshore bank account in the jurisdiction you have chosen.

Why Company Registration is an Important Step towards Offshore Formation

Registering your company and structuring it the right way is the first and most important step in offshore company formation. It’s prudent to seek the services of a consultant or offshore registration service provider that is based in the jurisdiction you are interested in. The best consultants provide not only company registration services, but also a number of complementary services like virtual offices, professional directors, company management, nominee shareholders, company secretary, fund administration, and offshore bank accounts. Look for a consultant that is licensed and regulated, with competitive fees and the ability to help you register your company in popular jurisdictions sometimes incorrectly referred to as “tax havens” including the Seychelles, Anguilla, Belize, and Panama.

The best consultants don’t just stop at company registration—they also offer ongoing support services and in some cases even management services. They can walk you through the entire registration process, giving professional consultation and guidance down to drafting your company formation documents and thereafter provide the appropriate services necessary to achieve the objectives.

Offshore company registration involves the preparation of a long list of documents, and a consultant can take care of most of them for you. They can prepare all papers necessary to register your offshore company in the jurisdiction you have chosen. They will generally use standard templates with some modifications as necessary. After your offshore company is properly registered, they will then provide domiciliary services—such as a secretary and a registered office—as well as other services you may need to ensure that your offshore company remains compliant.

Are you wondering where you should register your offshore company? That really depends on your goals and requirements. A consultant can give you expert advice as which jurisdiction is optimum for your specific situation. They can help you understand the potential benefits you can enjoy through tax treaties as well as give you guidance on structuring your offshore company to minimize potential risks.

What Do You Understand by Offshore Company Registration?

Are you interested in possibly registering an offshore company but are not sure what to expect? Talk to a professional consultant or corporate services provider to understand your options and receive guidance on the best course of action. It also helps to know some of the basic concepts discussed in this blog.

What is an offshore company and why do many business owners register one? An offshore corporation is a legal entity that is registered or incorporated in an offshore jurisdiction or financial centre, most typically with specific laws that are designed for international business. Classic offshore jurisdictions include countries such as the Cayman Islands, British Virgin Islands, and Bermuda, but the spotlight is now in emerging jurisdictions like the Seychelles which is the top alternative to the BVI company. You can also choose to register your offshore company in mid-shore jurisdictions such as Singapore and Hong Kong where certain incentives and provisions in tax law may be beneficial. However even in such cases it is often beneficial to establish a holding company in Seychelles for instance.

A good consultant can structure your offshore presence using an IBC or international business company or other suitable form of offshore company so that it becomes statutorily exempt or otherwise pays a low effective rate of tax in the jurisdiction of registration (as long as you don’t violate various terms of the special incentives). Note that the OECD continues to put pressure on countries around the world in terms of fiscal regimes that provide for special rates of tax.  So it is often necessary now to hire a offshore services provider that is able to provide sufficient services to establish a real presence (substance) in the jurisdiction. 

It’s vital that you choose the right jurisdiction with corporate laws that best serve your goals and requirements and a service provider that is competent and that you can trust. This is why it’s prudent to get professional advice from a consultant that specialises in offshore company registration and management. A solid offshore company can offer overall larger after tax profits, business flexibility, and privacy. 

Offshore Company Formations Services - What Makes Them So Special?

Forming an offshore company can be a complicated process, which is why it always makes sense to hire a consultant. Though you can technically register and set up your own offshore company in some jurisdictions, there are plenty of legitimate reasons why you should seek the help of a regulated agent. Here are some of them.

1. Form a company remotely.

Offshore company registrars prefer dealing with trusted agents. Most offshore jurisdictions will require you to go through a regulated registered agent who can do the legwork and ensure that your company will conduct its activities legally. An agent essentially ensures that your company is in good standing—and they do this by conducting preliminary interviews, collecting and checking required documents, etc. If you insist on doing everything yourself, if possible, you will need to physically (in person) go through all the requirements and documentation.

2. Breeze through complicated legal matters.

Some business owners break the law without realizing it because they insist on going without proper guidance from a consultant. There are a lot of legal complications involved in establishing an offshore company, and one small mistake can cause long delays and even fines. An offshore company formation service will make it a breeze to tread the murky path of setting up a business entity in a foreign jurisdiction. A great consultant can do everything correctly right from the start so that your offshore company supports growth and lets you face the future with all legal bases covered.

3. Do everything faster.

Hiring a good offshore company formation consultant lets you set up your company in as little as 2 days once all necessary supporting documents have been submitted. If you do everything yourself, if even possible, the process may take you a few months. Consultants can advise to ascertain the exact requirements at the time of your application and are very familiar with the process. They can see potential problems—and help you overcome them before they become real issues.

Offshore Company Formation in Seychelles - Create Your Company Now

Seychelles is a rising star in the world of offshore company formation. The republic has a lot to offer, from its well-educated population, excellent air and sea links, very good telecommunications, ideal time zone, and of course, its friendly legislation. Are you looking for a base from which to grow your international business ventures and/or your wealth? Seychelles is the place to be.

Straightforward Registration

Seychelles laws are in clear and simple English. They are extremely friendly to the needs of global citizens. Registering a company in Seychelles is quite fast; in fact, with a consultant by your side and all required documents on hand, you can form a company in as little as a few hours once all application related documents have been submitted and reviewed.

Easy Administration

One of the attractions for investors to Seychelles is the fact that this jurisdiction does not require the filing of financial statements given that the International Business Company is tax exempt. Maintaining your company on the register at the very basic level simply involves paying the fees and keeping records up to date with the registered agent.

Unbeatable Location

Seychelles has always been an ideal spot; in the olden days, ships rested and replenished here before continuing on their journey. The republic continues to be an excellent base for offshore companies because of its geographical position, its time zone, and its healthy economic and political links with other countries. And did we mention that Seychelles is a great holiday destination? Here, you can always mix business with pleasure.

High Levels of Privacy

While financial privacy is ever diminishing globally on the whole, the laws of Seychelles ensure the privacy of your accounts and financial affairs to a great extent provided that you and the structure established in Seychelles are abiding by the law. When you establish an offshore company here, you can enjoy zero taxes for certain activities and secure offshore banking. Registration fees are low, and there is no minimum share capital requirement.

Bright Future

In the recent years, the Seychelles government has encouraged growth in the tourism and hospitality industry. Infrastructure and telecommunication have never been better, and there is a lot of activity in the real estate sector—mostly funded by foreign investors.

Seychelles Company Register – A Sophisticated Way to Do Business

Seychelles is one of the countries you can consider for offshore company formation. With a Seychelles IBC (international business company), you can set up a tax-free corporation that you can use in all kinds of international investment and trading activities. Registering a Seychelles company may also help you avoid too much taxes on capital gains and profits. Do you want confidentiality? A Seychelles company register is an excellent option, since no sensitive personal information will be registered on a public file. Secrecy provisions are standard in Seychelles business law, providing an additional layer of protection for your company.

With a Seychelles company register, you gain more flexibility in setting up your corporation without paid-up capital. You are not required to declare any operational object, and the requirements on shareholders and directors are minimal. The process of incorporation is faster as well. What’s more, management is simpler; shareholders are allowed to hold meetings anywhere, even electronically or online, making corporate decision-making easier and more flexible. Reporting requirements are minimal, too. This means no tax reporting, no auditing, and no financial information to be disclosed to the public.

Seychelles company formation is a great option because of minimal obligations to keep records or report data, as well as higher levels of privacy. Unlike other conventional IBC centers, Seychelles offers a politically stable environment with its independent republic and no tax information sharing treaties. A Seychelles company will be inexpensive to operate, too, with an annual operating license fee of only a hundred dollars regardless of the amount of stated maximum authorized share capital you own.

Reputable offshore company formation services can assist you in setting up a Seychelles IBC or Seychelles PCC and CSL. Just be sure to work with a company that has multiple licenses in the country, especially the International Corporate Services Provider license, which can only be provided by the Seychelles Financial Services Authority.

Offshore Bank Account – An Escort for Your Wealth Planning

Having offshore bank accounts is perfectly legal; in fact, many people use it to grow and protect their wealth in a legitimate manner. Offshore bank accounts provide you a more flexible way to shelter your financial assets and invest your money in any way that is convenient to you. Financial institutions abroad offer a diverse selection of offshore bank accounts that may not be available in your country. Moreover, some offshore jurisdictions offer tax advantages when you open a bank account in them.

Opening an offshore bank account can help protect your assets and your wealth from individuals who might want to access them. Likewise, it prevents the government from seizing or freezing the wealth you have worked so hard for. You can minimize your political risk by placing some of your wealth offshore, away from individuals and entities who might be interested in it. Many offshore banks are in stable jurisdictions with minimal debt. Hence, they do not gamble with your money or put your wealth at risk. The banks are conservatively run, too, so you can trust then to shelter your hard-earned assets.

Asset protection is one of the major reasons to open an offshore bank account. Offshore banks may not provide complete protection, but they can make you’re a lot less attractive for government agencies and malicious individuals to go after. Interest rates may be higher for your deposits, too, so you can effectively grow your wealth within a shorter amount of time.

If you think that an offshore bank account is for you, seek help from a licensed and registered company that specializes in assisting clients with the opening and management of offshore treasury accounts and activities. This way, you can easily decide which country is best for your banking needs and get expert guidance on the process of opening an offshore account.

Seychelles Company Incorporation - Know Vital Information About This Jurisdiction

You can always seek the help of business consultants to assess your needs and suggest a jurisdiction ideal for your offshore corporation. Some of the factors that can determine which jurisdiction is best for you include your banking sophistication level requirement, where you will conduct business, what kind of assets are involved, etc. A growing number of business owners are choosing Seychelles to be the home of their offshore companies, and it’s easy to see why. This jurisdiction protective laws, a friendlier business environment, and simpler requirements.

Seychelles company incorporation offers several advantages, from the protection of the owner’s personal assets against the liabilities of their companies, quick transfer of company ownership from one party to another, lower tax rates, lenient tax restrictions, and even raising of capital through sale of stock. A protective bubble is created around the directors, shareholders, and owners of companies. This can then allow incorporated businesses to take risks for possible growth without having to expose directors, owners, and shareholders to personal financial liabilities that are outside their original investments.

It is very important to have an advisory firm or consultants behind you if you are interested in Seychelles company incorporation. They can guide you through the relevant Seychelles regulatory requirements and laws for your company’s incorporation. They can also assess your goals and key objectives to formulate the best strategy. By knowing and preparing all required documents and requirements beforehand, they can make the entire process of incorporation much smoother.

Some of the requirements you will need include the Memorandum of Association, Articles of Association, Register of Directors, Power of Attorney, Declaration or Trust, and First Resolutions of Directors as well as Resolution Appointing Directors. Your Seychelles company incorporation will be processed by Seychelles Financial Services Authority, which is for offshore companies, and Register General, Companies Division, which is for all kinds of companies. The completion of incorporation will usually take around five business days.

Protect Your Money with Simple Steps for Offshore Trust Formation

You are exposed to risks— including government wealth confiscation—when you hold assets to your name. If you want to safeguard your wealth, offshore trust formation might just be the perfect solution for you. By establishing a trust in an offshore location, you can enjoy tax benefits and other bonuses including privacy. Here are some simple steps to follow if you are interested in offshore trust formation:

1.    Research on offshore countries – You don’t need to set up a trust from one of the “Big 7” offshore financial centers. There are dozens of offshore countries where you can easily set up a trust that will best suit your requirements.

2.    Enlist the help of an offshore trust formation firm – Make sure the firm you contact is based in or specializes in the offshore country of your choice. You should also check if the firm is a licensed international trust service provider that is regulated by appropriate services authority in the offshore country.

3.    Comply with the list of requirements – For firms to be able to create the best offshore trust formation for your needs, you should be able to provide them the information and documents required. Details include the country of your residence as well as your beneficiaries, etc.

4.    Agree on terms and structure – It is important that you are comfortable with the setup the offshore trust formation provider will give you. Will the trust service provider be a nominee founder or protector? You may also request for additional services like bookkeeping or accounting as well as assistance in opening an offshore bank account.

5.    Sign and transfer – A trust of the deed, as well as other necessary documents for offshore trust formation, will be drafted. You simply need to sign and then execute the transfer of assets.

Tips on Selecting the Right Offshore Service Company

An offshore service company specializes in establishing, administering, and managing offshore company formation, private foundations, international business, funds and private foundations, offshore trusts for wealth protection, tax optimization, foreign market entry and more.   Hiring a reputable offshore service company will make it easier for you to set up an offshore company, bank account, or trust, and manage these in a more convenient and hassle-free way. Here are tips on selecting the right offshore service company:

•    Verify that it is regulated and licensed – Pick an offshore service company that is licensed and regulated by the Financial Services Authority. Find out where the company is based and make sure that it is in good standing in that country.

•    Make sure it has knowledgeable and qualified professionals – Trustees must be recognized and Licensed International Trust Services Providers who are regulated by the Seychelles Financial Services Authority. Ensure that they are qualified and existing members of STEP (Society of Trust and Estate Practitioners).

•    Look up feedback about the company – This is a good way to verify what other clients would have to say about its service. When you read feedback from other clients, look out for any complaints and other red flags that may indicate poor service. Keep in mind that you want to choose an offshore service company that is trustworthy and reliable.

•    Choose a company that is trusted by hundreds of intermediaries and private clients around the world - Reputable service providers have many different international clients from over 80 countries. This allows them to be more flexible in understanding and determining the different needs of each client, so that they can tailor their services for every individual or business.

•    Explore the services – Reputable offshore service companies offer cost-effective and efficient services and compliant solutions for global corporations, private wealth, global investors, and entrepreneurs worldwide. They should be able to provide consultation, guidance, and reliable advice. Likewise, a company must be able to assist you throughout the application process and on an ongoing basis as needs change which is where many of the assembly line corporate services firms fall short.

How to Open Offshore Company Formation in Seychelles

Seychelles is one of the countries where you can set up an offshore company such as an IBC. A Seychelles IBC is the most versatile and popular kind of offshore corporation designed to for use as an international company. If you are thinking of opening an offshore company formation in that jurisdiction, these tips and guidelines should help you get started:

•    Find a reputable offshore company registration and formation services provider – Make sure that it is based, licensed, and regulated in Seychelles, so you can be confident that you are working with professionals who have your best interests in mind. Be sure to look up the service provider's reputation and selection of services, such as guidance and consultation, company incorporation, domiciliary services, management services and drafting of documents for company formation.

•    Consult with the offshore company formation service provider – The knowledge and guidance of consultants will be valuable when learning the relevant regulatory requirements and company laws in Seychelles. Reputable companies will assign a professional advisor to determine your unique requirements and objectives so they can help the client achieve the best solution.

•    Prepare the necessary documents – Once you have decided what company to set up in Seychelles, you will need to submit due diligence documents and thereafter work with the service provider to prepare the following documents: (1) memorandum of association, (2) resolution appointing the directors, (3) articles of association, (4) share register, (5) first resolutions of the directors, (6) register of directors, (7) power of attorney and the (8) declaration of trust. Share certificates are usually optional.

•    Procedure for a setting up an offshore company in Seychelles – the documents to provide to the registrar for an IBC include the  memorandum of association and articles of association if you are setting up a Seychelles IBC. If you are forming a Seychelles CSL or PCC, you need to complete appropriate application forms to be submitted to the Seychelles Financial Services Authority and provide documents like the articles of association, memorandum of association, notice of the place of registered office, and particulars of directors and secretary.

Things to Consider Before Opening Offshore Company

Many offshore companies have notorious reputations for being tax evading tools, but, even the world’s large and most successful companies—such as Google—have offshore entities. It is legal to set up an offshore company and There are many beneficial reasons why companies choose to incorporate in foreign countries. Before you setup your offshore company, here are some things to consider:

• Privacy and confidentiality – Setting up a company in a western environment presents many risks as the proliferation of the internet and the amount of information available publicly is growing.. Is privacy important to you? There are some countries that do not make public financial information, sensitive company document and information such as  the names of all your shareholders and directors.
• Cost effectiveness – Setting up an offshore company is often cheaper than incorporating locally. For instance, there are some countries that do not require any minimum capital. You don’t even need to maintain a physical office. You can simply setup a virtual office to cut back on costs.
• Maintenance and overhead – Keeping the lights open will be easier as you don’t need to hire an entire team but rather often just one company service provider to provide all of the basic services to maintain your offshore company in good standing.  This is often a less costly and easier solution than doing same in your country of residence.
• Professional help – You will be treading on foreign land, so it is best to get help from professional offshore company specialists. The consultant can explain to you everything you need to know on what it’s like to start and run a company in the country of your choice. You will be familiarized with the regulations and requirements in the jurisdiction you are interested in. There are company service providers that can do more than just give you a consultation—they can handle everything, from the submission of all documents to managing your offshore company on your behalf.

Know About the Benefits of Offshore Company Formation

Offshore company formation can be a component of a legitimate solution for companies that are looking to save money. One such savings may be the reduction of overall tax liabilities or otherwise a deferment of payment of taxes allowing for tax free reinvestment of the money and the benefits of additional compounded returns. The benefits of offshore company formation depend on the jurisdiction of the country where you will form your offshore company as well as relevant tax laws of the residence of directors and shareholders Aside from enjoying tax advantages, here are other advantages you might enjoy when you form a company offshore:

• Freedom from Big Brother – Financial privacy is no longer a reality in many countries.  Governments are becoming larger and are searching for additional revenues which is resulting in more invasion of  privacy.. Financial enemies can locate more information about you online now than ever before.  If you want the most privacy and confidentiality legally available for you and your business partners, an offshore company is a good solution.
• Fewer risks – The trouble with a company that isn’t private due to all of the public disclosures often required is that it is prone to risks such as criminals who make take advantage of technology to steal from you, as well as the government’s third party contractors. Your company’s finances as well as other sensitive assets such as intellectual property will be safer in an offshore company.
• More options – Some territories such as Hong Kong or the British Virgin Islands are known for having millions of offshore companies registered. But there are still new countries that you can go to where there are less than 200,000 international businesses. This means there are still a lot of company names free for registration where this is important whereas in Hong Kong and BVI you must usually have at least 4 words in the name or something very unique to not already be on the register. You can also enjoy competitive pricing for offshore company formation in less crowded jurisdictions.
• Lower running costs – Running and maintaining a company is often cheaper in a foreign location. For starters, the actual formation fee is often lower. In addition  some countries don’t require any minimum capital. Ongoing support services such as accountants, legal advisors, directors and company officers with expertise in international business are often much more affordable in an offshore jurisdiction than is available in your country or residence. 

Ways to Use an Asset Protection Trust in Seychelles

Setting up an offshore trust account in Seychelles is one of the most popular asset protection solutions you can try. Aside from protecting your money from creditors and the tax man, an offshore trust account in Seychelles can also be useful in many other ways:

• Privacy - An offshore trust is a legal alternative to a will. If you have a traditional will, tax authorities in your country will require a list of all assets, including estate duties from your heirs. Set up a Seychelles trust account instead so that the government or tax authorities cannot touch your assets.
• Tax planning - To minimise the amount of taxes that can be withheld from your money, use an offshore trust account. As a non-resident, account holders can even be tax exempt, depending on the circumstances.
• Pension plans - Banks and insurances offer many products for retirement, but not all of them are able to offer sufficient solutions. Another trouble with retirement plans is they are usually fixed. Trust fund providers that can offer bespoke solutions to ensure the asset protection will meet your goals and needs.
• Unit trusts - Most investments hardly beat inflation. Trust fund providers can help you use an account in Seychelles as an investment vehicle for bigger gains.
• Spendthrift protection - If you are worried about the future of your children, setting up a protection trust in Seychelles is a good solution. It will allow you to distribute funds to your beneficiaries based solely on your terms.
• Charities. Seychelles supports charitable purpose trusts, and setting up an account in the country enables you to do your part in the eradication of illiteracy and poverty.

When you set up a trust in Seychelles, make sure to have it handled by a licensed provider. All your money will be as good as gone if the provider is unreliable and is not regulated by the Financial Services Authority.