{"id":168,"date":"2019-11-21T16:54:37","date_gmt":"2019-11-21T16:54:37","guid":{"rendered":"https:\/\/miserve.com.cy\/?page_id=168"},"modified":"2019-11-21T16:54:38","modified_gmt":"2019-11-21T16:54:38","slug":"seychelles-corporations","status":"publish","type":"page","link":"https:\/\/miserve.com.cy\/?page_id=168","title":{"rendered":"SEYCHELLES CORPORATIONS"},"content":{"rendered":"\n

Economy and Trade<\/strong><\/p>\n\n\n\n

The Seychelles is an archipelago of 115 \ntropical islands in the Indian Ocean, about 1600 kilometre east of \nKenya. The two main islands are Mahe and Praslin. About 90% of the \nSeychellois people live on Mahe Island. Most Seychellois are descendants\n of early French settlers and the African slaves brought to the \nSeychelles in the 19th century by the British, who freed them from slave\n ships on the east African coast. The country\u2019s economy depends heavily \non a fishing industry, focused on tuna, and upmarket tourism. \nAltogether, the service sector accounts for around 70% of GDP, with \nmanufacturing accounting for a further 20%. The country is in the World \nBank\u2019s \u201cupper middle\u201d income bracket, and, consequently, it has received\n relatively little foreign aid. However, given the small size of the \neconomy and its heavy dependence on tourism, the island remains \nvulnerable to external shocks.<\/p>\n\n\n\n

Support for Inward Investment and Imports<\/strong><\/p>\n\n\n\n

The government has been consistently \nbusiness-friendly, and has actively supported the development of an \noffshore financial-services sector. There is no discrimination against \nforeigners in terms of conducting business in the country, except that \nthey need official approval to own land. The government established the \nSeychelles Investment Bureau (SIB) in 2004 to promote investment and \nsupport foreign investors. An import permit must be obtained from the \nMinistry of Finance for all imports. This is usually issued within 48 \nhours of application.<\/p>\n\n\n\n

Tax Exemptions<\/strong><\/p>\n\n\n\n

In order to encourage investment, the government has provided several incentives and tax exemptions.<\/p>\n\n\n\n

International Business Company (IBC)<\/strong><\/p>\n\n\n\n

The International Business Company (IBC)\n is the most widely used vehicle for offshore operations in the \nSeychelles. It normally takes the form of a private company limited by \nshares, but can also be a Limited Life Company. It is regulated by the \nInternational Business Companies Act 1994 (the \u2018Act\u2019).<\/p>\n\n\n\n

Main features of IBC are:<\/strong><\/p>\n\n\n\n